Royal Bank of Canada Boosts Commvault Systems (NASDAQ:CVLT) Price Target to $112.00

Commvault Systems (NASDAQ:CVLT) had its price objective upped by Royal Bank of Canada from $97.00 to $112.00 in a research report released on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the software maker’s stock.

Separately, KeyCorp increased their price objective on Commvault Systems from $109.00 to $122.00 and gave the company an overweight rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Commvault Systems presently has an average rating of Moderate Buy and an average target price of $114.25.

Commvault Systems Stock Up 2.5 %

Shares of CVLT opened at $107.43 on Wednesday. Commvault Systems has a fifty-two week low of $60.43 and a fifty-two week high of $109.25. The company has a market cap of $4.69 billion, a P/E ratio of 28.57 and a beta of 0.64. The firm’s 50 day moving average price is $98.47 and its 200 day moving average price is $85.11.

Insider Buying and Selling

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

Institutional Trading of Commvault Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Simplicity Solutions LLC raised its stake in Commvault Systems by 7.6% during the 3rd quarter. Simplicity Solutions LLC now owns 5,642 shares of the software maker’s stock worth $381,000 after acquiring an additional 397 shares in the last quarter. Bailard Inc. increased its position in shares of Commvault Systems by 14.0% during the third quarter. Bailard Inc. now owns 4,900 shares of the software maker’s stock worth $331,000 after purchasing an additional 600 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Commvault Systems by 0.3% in 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 last quarter. Strs Ohio boosted its position in shares of Commvault Systems by 1.8% in the 3rd quarter. Strs Ohio now owns 16,600 shares of the software maker’s stock valued at $1,122,000 after purchasing an additional 300 shares during the period. Finally, Inspire Investing LLC grew its stake in Commvault Systems by 5.4% during the 3rd quarter. Inspire Investing LLC now owns 4,548 shares of the software maker’s stock worth $307,000 after buying an additional 231 shares during the last quarter. 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.