Commvault Systems (NASDAQ:CVLT) Price Target Increased to $82.00 by Analysts at Needham & Company LLC

Commvault Systems (NASDAQ:CVLT) had its price objective hoisted by Needham & Company LLC from $76.00 to $82.00 in a report published on Tuesday morning, Benzinga reports. They currently have a buy rating on the software maker’s stock.

A number of other research analysts also recently commented on CVLT. Lake Street Capital boosted their price objective on shares of Commvault Systems from $68.00 to $78.00 and gave the company a buy rating in a research report on Wednesday, May 5th. KeyCorp reiterated an overweight rating on shares of Commvault Systems in a research note on Thursday, April 29th. Piper Sandler upped their target price on shares of Commvault Systems from $68.00 to $70.00 and gave the company an overweight rating in a research note on Thursday, January 28th. Wells Fargo & Company increased their price objective on shares of Commvault Systems from $55.00 to $75.00 and gave the company an overweight rating in a research note on Thursday, January 28th. Finally, Zacks Investment Research lowered shares of Commvault Systems from a buy rating to a hold rating in a research note on Tuesday, March 30th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $68.63.

NASDAQ CVLT opened at $66.03 on Tuesday. The company has a 50-day simple moving average of $67.43 and a 200-day simple moving average of $59.09. The firm has a market capitalization of $3.10 billion, a PE ratio of -100.05, a price-to-earnings-growth ratio of 8.17 and a beta of 0.79. Commvault Systems has a one year low of $34.42 and a one year high of $72.33.

Commvault Systems (NASDAQ:CVLT) last posted its earnings results on Tuesday, May 4th. The software maker reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.11. Commvault Systems had a negative net margin of 4.47% and a positive return on equity of 4.52%. The firm had revenue of $191.34 million during the quarter, compared to analyst estimates of $182.37 million. During the same period in the previous year, the business posted $0.30 EPS. Commvault Systems’s revenue was up 16.1% on a year-over-year basis. Equities research analysts expect that Commvault Systems will post 0.7 earnings per share for the current year.

In other news, CEO Sanjay Mirchandani sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, March 5th. The stock was sold at an average price of $60.50, for a total transaction of $302,500.00. Following the transaction, the chief executive officer now directly owns 286,556 shares of the company’s stock, valued at $17,336,638. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO James J. Whalen sold 2,904 shares of the company’s stock in a transaction that occurred on Thursday, February 11th. The stock was sold at an average price of $70.35, for a total value of $204,296.40. Following the transaction, the chief accounting officer now directly owns 26,201 shares in the company, valued at $1,843,240.35. The disclosure for this sale can be found here. Insiders have sold 8,245 shares of company stock worth $530,963 over the last ninety days. 1.01% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC raised its position in Commvault Systems by 25.0% in the 1st quarter. Acadian Asset Management LLC now owns 977,027 shares of the software maker’s stock valued at $63,018,000 after buying an additional 195,136 shares during the last quarter. Teacher Retirement System of Texas raised its position in Commvault Systems by 22.1% in the 1st quarter. Teacher Retirement System of Texas now owns 4,921 shares of the software maker’s stock valued at $317,000 after buying an additional 892 shares during the last quarter. New York State Common Retirement Fund raised its position in Commvault Systems by 25.3% in the 1st quarter. New York State Common Retirement Fund now owns 50,120 shares of the software maker’s stock valued at $3,233,000 after buying an additional 10,125 shares during the last quarter. Davy Global Fund Management Ltd raised its position in Commvault Systems by 58.1% in the 1st quarter. Davy Global Fund Management Ltd now owns 23,883 shares of the software maker’s stock valued at $1,540,000 after buying an additional 8,772 shares during the last quarter. Finally, Vontobel Holding Ltd. raised its position in Commvault Systems by 98.2% in the 1st quarter. Vontobel Holding Ltd. now owns 31,588 shares of the software maker’s stock valued at $2,038,000 after buying an additional 15,648 shares during the last quarter. 91.39% of the stock is owned by institutional investors and hedge funds.

Commvault Systems Company Profile

Commvault Systems, Inc provides data protection and information management software applications and related services in the United States, Canada, Latin America, Europe, the Middle East, Africa, Australia, New Zealand, Southeast Asia, and China. It offers Commvault Complete Backup & Recovery, a backup and recovery solution for enterprises; and Commvault HyperScale Technology, an add-on for Commvault Complete that delivers an on-premises, cloud-like infrastructure to support scale-out secondary storage.

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Analyst Recommendations for Commvault Systems (NASDAQ:CVLT)

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