Commvault Systems (NASDAQ:CVLT) Price Target Increased to $98.00 by Analysts at Lake Street Capital

Commvault Systems (NASDAQ:CVLT) had its price objective boosted by Lake Street Capital from $86.00 to $98.00 in a research note published on Wednesday morning, Benzinga reports. They currently have a hold rating on the software maker’s stock.

Other analysts have also issued reports about the company. Royal Bank of Canada lifted their price target on Commvault Systems from $97.00 to $112.00 and gave the stock a sector perform rating in a research note on Wednesday. KeyCorp boosted their price objective on Commvault Systems from $109.00 to $122.00 and gave the stock an overweight rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $104.40.

Commvault Systems Price Performance

Shares of NASDAQ:CVLT opened at $102.71 on Wednesday. The business’s 50 day moving average price is $98.00 and its 200-day moving average price is $84.57. The firm has a market capitalization of $4.50 billion, a PE ratio of -3,422.53 and a beta of 0.62. Commvault Systems has a 1 year low of $58.67 and a 1 year high of $107.46.

Commvault Systems (NASDAQ:CVLT) last issued its quarterly earnings results on Tuesday, January 30th. The software maker reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.05. The firm had revenue of $216.81 million for the quarter, compared to analyst estimates of $208.01 million. Commvault Systems had a positive return on equity of 32.27% and a negative net margin of 0.09%. The business’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.17 earnings per share. As a group, analysts expect that Commvault Systems will post 1.35 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Allison Pickens sold 990 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $94.73, for a total value of $93,782.70. Following the transaction, the director now owns 7,206 shares of the company’s stock, valued at approximately $682,624.38. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CFO Gary Merrill sold 822 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $97.25, for a total value of $79,939.50. Following the transaction, the chief financial officer now owns 87,945 shares of the company’s stock, valued at approximately $8,552,651.25. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Allison Pickens sold 990 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $94.73, for a total value of $93,782.70. Following the completion of the transaction, the director now directly owns 7,206 shares in the company, valued at approximately $682,624.38. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,306 shares of company stock valued at $2,276,265. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Commvault Systems

Several large investors have recently modified their holdings of CVLT. BNP Paribas Financial Markets raised its holdings in shares of Commvault Systems by 44.9% in the 1st quarter. BNP Paribas Financial Markets now owns 78,281 shares of the software maker’s stock valued at $7,940,000 after buying an additional 24,243 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Commvault Systems by 7.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,379 shares of the software maker’s stock valued at $2,168,000 after buying an additional 1,540 shares during the period. Marks Group Wealth Management Inc purchased a new stake in shares of Commvault Systems in the 1st quarter valued at $219,000. Ulland Investment Advisors LLC purchased a new stake in shares of Commvault Systems in the 1st quarter valued at $180,000. Finally, Louisiana State Employees Retirement System raised its holdings in shares of Commvault Systems by 2.4% in the 1st quarter. Louisiana State Employees Retirement System now owns 12,600 shares of the software maker’s stock valued at $1,278,000 after buying an additional 300 shares during the period. Institutional investors and hedge funds own 93.50% of the company’s stock.

Commvault Systems Company Profile

Commvault Systems, Inc provides data protection platform that helps customers to secure, defend, and recover their data in the United States and internationally. The company offers Commvault Backup and Recovery, a backup and recovery solution; Commvault Disaster Recovery, a replication and disaster recovery solution; Commvault Complete Data Protection, a data protection solution; and Metallic Data Protection as-a-service, which delivers enterprise-grade data protection as a service on a cloud platform, with advanced built-in security controls.