Commvault Systems (NASDAQ:CVLT) Shares Gap Up – Here’s Why

Commvault Systems, Inc. (NASDAQ:CVLT) gapped up prior to trading on Tuesday . The stock had previously closed at $136.97, but opened at $150.00. Commvault Systems shares last traded at $151.27, with a volume of 141,864 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CVLT. StockNews.com raised shares of Commvault Systems from a “buy” rating to a “strong-buy” rating in a research report on Thursday, October 24th. Guggenheim lowered shares of Commvault Systems from a “buy” rating to a “neutral” rating in a research report on Tuesday, October 15th. Royal Bank of Canada boosted their target price on shares of Commvault Systems from $121.00 to $152.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 31st. DA Davidson boosted their target price on shares of Commvault Systems from $170.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, Piper Sandler boosted their target price on shares of Commvault Systems from $107.00 to $123.00 and gave the stock a “neutral” rating in a research report on Monday, July 15th. Four research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Commvault Systems presently has an average rating of “Moderate Buy” and a consensus price target of $140.00.

Commvault Systems Trading Up 17.3 %

The business has a 50 day moving average of $149.09 and a 200-day moving average of $129.22. The firm has a market capitalization of $7.03 billion, a P/E ratio of 41.41 and a beta of 0.60.

Commvault Systems (NASDAQ:CVLT) last released its quarterly earnings data on Tuesday, July 30th. The software maker reported $0.85 EPS for the quarter, beating the consensus estimate of $0.73 by $0.12. Commvault Systems had a return on equity of 32.16% and a net margin of 20.19%. The company had revenue of $224.67 million during the quarter, compared to the consensus estimate of $215.54 million. During the same quarter in the prior year, the firm posted $0.29 EPS. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. On average, analysts anticipate that Commvault Systems, Inc. will post 1.66 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Gary Merrill sold 17,388 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $150.76, for a total value of $2,621,414.88. Following the sale, the insider now directly owns 94,530 shares of the company’s stock, valued at $14,251,342.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Commvault Systems news, insider Gary Merrill sold 17,388 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $150.76, for a total transaction of $2,621,414.88. Following the transaction, the insider now directly owns 94,530 shares in the company, valued at approximately $14,251,342.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Allison Pickens sold 1,232 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $153.89, for a total value of $189,592.48. Following the transaction, the director now directly owns 7,131 shares in the company, valued at $1,097,389.59. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Farther Finance Advisors LLC boosted its position in shares of Commvault Systems by 117.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,025 shares of the software maker’s stock valued at $158,000 after acquiring an additional 553 shares during the last quarter. Congress Asset Management Co. increased its stake in Commvault Systems by 29.4% in the 3rd quarter. Congress Asset Management Co. now owns 492,162 shares of the software maker’s stock worth $75,719,000 after purchasing an additional 111,715 shares during the period. Petra Financial Advisors Inc. purchased a new position in Commvault Systems in the 3rd quarter worth approximately $559,000. Diversify Wealth Management LLC bought a new stake in shares of Commvault Systems in the 3rd quarter worth approximately $520,000. Finally, Pinnacle Associates Ltd. grew its position in shares of Commvault Systems by 2.7% in the 3rd quarter. Pinnacle Associates Ltd. now owns 242,873 shares of the software maker’s stock worth $37,366,000 after buying an additional 6,461 shares during the last quarter. Institutional investors 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.