Summit Global Investments Purchases Shares of 19,719 Commvault Systems, Inc. (NASDAQ:CVLT)

Summit Global Investments acquired a new position in shares of Commvault Systems, Inc. (NASDAQ:CVLT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 19,719 shares of the software maker’s stock, valued at approximately $1,575,000.

A number of other hedge funds have also recently added to or reduced their stakes in CVLT. Vanguard Group Inc. grew its holdings in shares of Commvault Systems by 2.7% in the third quarter. Vanguard Group Inc. now owns 5,426,814 shares of the software maker’s stock valued at $366,907,000 after acquiring an additional 144,625 shares in the last quarter. Mackenzie Financial Corp raised its stake in shares of Commvault Systems by 0.3% during the 3rd quarter. Mackenzie Financial Corp now owns 1,917,009 shares of the software maker’s stock valued at $128,593,000 after purchasing an additional 6,130 shares during the period. Invesco Ltd. increased its position in shares of Commvault Systems by 50.9% during the third quarter. Invesco Ltd. now owns 629,282 shares of the software maker’s stock valued at $42,546,000 after buying an additional 212,325 shares during the period. AQR Capital Management LLC lifted its stake in Commvault Systems by 14.9% in the 3rd quarter. AQR Capital Management LLC now owns 345,628 shares of the software maker’s stock worth $23,368,000 after purchasing an additional 44,816 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its holdings in Commvault Systems by 7.0% in the 3rd quarter. Retirement Systems of Alabama now owns 276,195 shares of the software maker’s stock valued at $18,674,000 after purchasing an additional 18,115 shares during the period. Institutional investors and hedge funds own 93.50% of the company’s stock.

Insider Activity

In other Commvault Systems news, CEO Sanjay Mirchandani sold 21,494 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $97.82, for a total value of $2,102,543.08. Following the transaction, the chief executive officer now owns 399,356 shares in the company, valued at $39,065,003.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Sanjay Mirchandani sold 21,494 shares of Commvault Systems stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $97.82, for a total value of $2,102,543.08. Following the sale, the chief executive officer now directly owns 399,356 shares in the company, valued at approximately $39,065,003.92. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Allison Pickens sold 990 shares of the company’s stock in a transaction that occurred 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 transaction, the director now owns 7,206 shares of the company’s stock, valued at approximately $682,624.38. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,306 shares of company stock valued at $2,276,265. 1.00% of the stock is currently owned by company insiders.

Commvault Systems Price Performance

NASDAQ CVLT traded up $2.67 during trading on Friday, hitting $107.43. 511,647 shares of the company’s stock traded hands, compared to its average volume of 309,532. The stock has a fifty day moving average of $98.47 and a two-hundred day moving average of $84.99. Commvault Systems, Inc. has a 12-month low of $60.43 and a 12-month high of $109.25. The firm has a market cap of $4.70 billion, a P/E ratio of 28.57 and a beta of 0.64.

Commvault Systems (NASDAQ:CVLT) last issued its earnings results on Tuesday, January 30th. The software maker reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.05. Commvault Systems had a return on equity of 31.27% and a net margin of 20.13%. The company had revenue of $216.81 million during the quarter, compared to analysts’ expectations of $208.01 million. During the same period in the prior year, the business posted $0.17 EPS. Commvault Systems’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, analysts expect that Commvault Systems, Inc. will post 1.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CVLT shares. Lake Street Capital upped their target price on Commvault Systems from $86.00 to $98.00 and gave the stock a “hold” rating in a research note on Wednesday. Royal Bank of Canada lifted their price objective on shares of Commvault Systems from $97.00 to $112.00 and gave the stock a “sector perform” rating in a report on Wednesday. DA Davidson increased their target price on Commvault Systems from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, KeyCorp lifted their price target on Commvault Systems from $109.00 to $122.00 and gave the stock an “overweight” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $104.40.

About Commvault Systems

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.