Commvault Systems, Inc. (NASDAQ:CVLT – Get Rating) was down 15.4% on Wednesday after Piper Sandler lowered their price target on the stock from $70.00 to $60.00. The stock traded as low as $54.79 and last traded at $54.79. Approximately 1,242 shares traded hands during trading, a decline of 99% from the average daily volume of 163,117 shares. The stock had previously closed at $64.74.
A number of other equities analysts have also recently issued reports on the company. William Blair restated a “market perform” rating on shares of Commvault Systems in a report on Wednesday, November 2nd. StockNews.com started coverage on Commvault Systems in a report on Wednesday, October 12th. They set a “strong-buy” rating for the company. Finally, Royal Bank of Canada boosted their price objective on Commvault Systems from $63.00 to $66.00 and gave the company a “sector perform” rating in a report on Wednesday, November 2nd. Three equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.25.
Insiders Place Their Bets
In other Commvault Systems news, CAO James J. Whalen sold 526 shares of the company’s stock in a transaction on Monday, November 28th. The stock was sold at an average price of $66.04, for a total value of $34,737.04. Following the completion of the sale, the chief accounting officer now directly owns 17,524 shares in the company, valued at approximately $1,157,284.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.99% of the company’s stock.
Institutional Investors Weigh In On Commvault Systems
Hedge funds have recently made changes to their positions in the stock. Louisiana State Employees Retirement System acquired a new position in Commvault Systems during the 3rd quarter valued at about $631,000. Strengthening Families & Communities LLC increased its holdings in shares of Commvault Systems by 3.1% in the second quarter. Strengthening Families & Communities LLC now owns 8,074 shares of the software maker’s stock valued at $534,000 after purchasing an additional 246 shares during the period. American Trust increased its holdings in shares of Commvault Systems by 5.9% in the first quarter. American Trust now owns 4,424 shares of the software maker’s stock valued at $294,000 after purchasing an additional 247 shares during the period. Alpha Paradigm Partners LLC acquired a new position in shares of Commvault Systems in the second quarter valued at about $406,000. Finally, FCF Advisors LLC increased its holdings in shares of Commvault Systems by 69.1% in the second quarter. FCF Advisors LLC now owns 13,352 shares of the software maker’s stock valued at $840,000 after purchasing an additional 5,454 shares during the period. 88.30% of the stock is currently owned by hedge funds and other institutional investors.
Commvault Systems Price Performance
The business has a fifty day moving average price of $64.45 and a two-hundred day moving average price of $59.79. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of 95.89, a price-to-earnings-growth ratio of 7.64 and a beta of 0.57.
Commvault Systems (NASDAQ:CVLT – Get Rating) last announced its quarterly earnings data on Tuesday, November 1st. The software maker reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.10. Commvault Systems had a return on equity of 14.36% and a net margin of 3.28%. The business had revenue of $188.06 million for the quarter, compared to analyst estimates of $186.53 million. On average, research analysts predict that Commvault Systems, Inc. will post 0.86 earnings per share for the current year.
About Commvault Systems
Commvault Systems, Inc provides data protection and information management software applications and related services 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; and Commvault Complete Data Protection, a data protection solution.