CommVault Systems, Inc. $CVLT Shares Bought by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. boosted its stake in CommVault Systems, Inc. (NASDAQ:CVLT) by 5.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 134,577 shares of the software maker’s stock after acquiring an additional 7,020 shares during the period. Pinnacle Associates Ltd.’s holdings in CommVault Systems were worth $20,176,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Transamerica Financial Advisors LLC acquired a new stake in CommVault Systems during the 2nd quarter valued at approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in CommVault Systems during the 2nd quarter worth approximately $27,000. Silvant Capital Management LLC bought a new position in CommVault Systems during the 2nd quarter worth approximately $30,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of CommVault Systems in the 2nd quarter worth approximately $53,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of CommVault Systems in the 2nd quarter worth approximately $55,000. 93.50% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. FBN Securities initiated coverage on shares of CommVault Systems in a research note on Thursday, September 10th. They issued an “outperform” rating and a $155.00 price objective on the stock. Mizuho increased their price objective on shares of CommVault Systems from $175.00 to $185.00 and gave the stock an “outperform” rating in a research report on Thursday, October 15th. KeyCorp lifted their target price on shares of CommVault Systems from $125.00 to $175.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Wall Street Zen raised shares of CommVault Systems from a “hold” rating to a “buy” rating in a research note on Sunday. Finally, DA Davidson set a $175.00 target price on shares of CommVault Systems in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $158.25.

Insider Activity

In other CommVault Systems news, Director A. Shane Sanders sold 476 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $134.19, for a total transaction of $63,874.44. Following the transaction, the director directly owned 8,696 shares in the company, valued at approximately $1,166,916.24. This represents a 5.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Sanjay Mirchandani sold 12,437 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $143.98, for a total transaction of $1,790,679.26. Following the sale, the chief executive officer directly owned 269,373 shares of the company’s stock, valued at approximately $38,784,324.54. This trade represents a 4.41% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 29,348 shares of company stock worth $4,202,441. Company insiders own 0.86% of the company’s stock.

CommVault Systems Stock Up 2.0%

Shares of CommVault Systems stock opened at $155.85 on Wednesday. CommVault Systems, Inc. has a one year low of $71.75 and a one year high of $177.81. The company has a debt-to-equity ratio of 16.94, a current ratio of 2.04 and a quick ratio of 2.04. The stock’s 50-day moving average is $143.84 and its 200 day moving average is $127.53. The firm has a market cap of $6.46 billion, a price-to-earnings ratio of 61.12 and a beta of 0.79.

CommVault Systems (NASDAQ:CVLT) last released its earnings results on Tuesday, July 28th. The software maker reported $1.42 EPS for the quarter, topping the consensus estimate of $1.16 by $0.26. The business had revenue of $314.13 million during the quarter, compared to analysts’ expectations of $310.43 million. CommVault Systems had a return on equity of 88.75% and a net margin of 5.62%. The firm’s revenue was up 11.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.01 earnings per share. Equities research analysts anticipate that CommVault Systems, Inc. will post 2.84 EPS for the current year.

CommVault Systems Profile

Commvault Systems, Inc develops data protection and cyber resilience software and services for businesses, government organizations and other institutions. Its platform is designed to help customers back up, recover, manage and secure data across on-premises infrastructure, private and public clouds, software-as-a-service applications and other distributed IT environments.

The company’s offerings include backup and recovery, disaster recovery, data security, ransomware protection, cyber-recovery capabilities and data management tools.