CommVault Systems, Inc. (CVLT) Shares Sold by Comerica Bank
Comerica Bank lessened its stake in CommVault Systems, Inc. (NASDAQ:CVLT) by 1.9% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 50,908 shares of the software maker’s stock after selling 988 shares during the quarter. Comerica Bank’s holdings in CommVault Systems were worth $2,792,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in CVLT. Bank of New York Mellon Corp lifted its holdings in shares of CommVault Systems by 36.9% in the third quarter. Bank of New York Mellon Corp now owns 1,779,168 shares of the software maker’s stock worth $108,173,000 after buying an additional 479,659 shares in the last quarter. Hood River Capital Management LLC purchased a new position in shares of CommVault Systems in the third quarter worth $10,599,000. Cambiar Investors LLC purchased a new position in shares of CommVault Systems in the fourth quarter worth $8,695,000. Victory Capital Management Inc. lifted its holdings in shares of CommVault Systems by 21.1% in the fourth quarter. Victory Capital Management Inc. now owns 819,388 shares of the software maker’s stock worth $43,018,000 after buying an additional 142,611 shares in the last quarter. Finally, Ashford Capital Management Inc. purchased a new position in shares of CommVault Systems in the third quarter worth $8,306,000. 93.77% of the stock is currently owned by hedge funds and other institutional investors.
Shares of CommVault Systems, Inc. (NASDAQ:CVLT) opened at $52.55 on Wednesday. CommVault Systems, Inc. has a 1 year low of $48.08 and a 1 year high of $64.60.
CommVault Systems declared that its board has authorized a share buyback plan on Wednesday, January 24th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the software maker to buy shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
In other CommVault Systems news, Director Gary B. Smith sold 7,500 shares of the business’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $53.50, for a total transaction of $401,250.00. Following the transaction, the director now owns 44,212 shares in the company, valued at $2,365,342. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Gary Merrill sold 3,335 shares of the business’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $54.40, for a total transaction of $181,424.00. Following the transaction, the insider now owns 18,771 shares in the company, valued at approximately $1,021,142.40. The disclosure for this sale can be found here. Insiders have sold 17,235 shares of company stock worth $934,839 in the last quarter. Company insiders own 13.40% of the company’s stock.
CVLT has been the topic of several research reports. Zacks Investment Research cut shares of CommVault Systems from a “hold” rating to a “strong sell” rating in a research report on Friday, October 27th. BidaskClub cut shares of CommVault Systems from a “sell” rating to a “strong sell” rating in a research report on Thursday, January 18th. Mizuho restated a “buy” rating and issued a $75.00 price target on shares of CommVault Systems in a research report on Tuesday, January 23rd. Mitsubishi UFJ Financial Group cut shares of CommVault Systems from an “overweight” rating to a “neutral” rating in a research report on Wednesday, October 25th. Finally, UBS Group cut shares of CommVault Systems from an “overweight” rating to a “neutral” rating in a research report on Tuesday, October 24th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $69.78.
CommVault Systems Profile
Commvault Systems, Inc (Commvault) is a provider of data and information management software applications and related services. The Company develops, markets and sells a suite of software applications and services, primarily in North America, Europe, Australia and Asia, that provides its customers with data protection solutions supporting all operating systems, applications, and databases on virtual and physical servers, Network Attached Storage (NAS) shares, cloud-based infrastructures, and mobile devices; management through a single console; multiple protection methods, including backup and archive, snapshot management, replication, and content indexing for eDiscovery; storage management using deduplication for disk, tape and cloud; integration with the storage arrays; complete virtual infrastructure management supporting multiple hypervisors; security capabilities to limit access to critical data, and policy-based data management.
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