Commvault Systems (NASDAQ:CVLT) Given New $185.00 Price Target at KeyCorp

Commvault Systems (NASDAQ:CVLT) had its price objective reduced by stock analysts at KeyCorp from $195.00 to $185.00 in a report released on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the software maker’s stock. KeyCorp’s price target suggests a potential upside of 23.42% from the company’s previous close.

A number of other brokerages also recently weighed in on CVLT. Piper Sandler lowered their price target on Commvault Systems from $154.00 to $147.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Guggenheim reissued a “neutral” rating on shares of Commvault Systems in a report on Wednesday, January 29th. Cantor Fitzgerald raised their price target on shares of Commvault Systems from $159.00 to $173.00 and gave the company a “neutral” rating in a research note on Wednesday, January 29th. William Blair upgraded shares of Commvault Systems from a “market perform” rating to an “outperform” rating in a research report on Thursday, January 30th. Finally, StockNews.com upgraded Commvault Systems from a “hold” rating to a “buy” rating in a report on Tuesday, February 25th. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Commvault Systems presently has an average rating of “Moderate Buy” and an average price target of $158.00.

Commvault Systems Price Performance

Shares of CVLT traded down $1.16 during midday trading on Thursday, hitting $149.90. The stock had a trading volume of 34,586 shares, compared to its average volume of 403,083. The firm has a market cap of $6.60 billion, a price-to-earnings ratio of 39.37 and a beta of 0.68. The company has a 50 day simple moving average of $163.34 and a two-hundred day simple moving average of $161.60. Commvault Systems has a twelve month low of $93.48 and a twelve month high of $190.11.

Insider Activity

In other Commvault Systems news, insider Gary Merrill sold 3,287 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $186.94, for a total value of $614,471.78. Following the completion of the sale, the insider now directly owns 87,316 shares of the company’s stock, valued at approximately $16,322,853.04. This represents a 3.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Sanjay Mirchandani sold 12,318 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $185.96, for a total value of $2,290,655.28. Following the sale, the chief executive officer now directly owns 427,231 shares of the company’s stock, valued at $79,447,876.76. The trade was a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Commvault Systems

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Invesco Ltd. raised its position in Commvault Systems by 57.7% in the fourth quarter. Invesco Ltd. now owns 1,660,108 shares of the software maker’s stock worth $250,527,000 after acquiring an additional 607,643 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in Commvault Systems by 604.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 647,525 shares of the software maker’s stock valued at $98,479,000 after purchasing an additional 555,656 shares during the period. Norges Bank bought a new stake in shares of Commvault Systems in the fourth quarter valued at $79,619,000. Wedge Capital Management L L P NC increased its holdings in Commvault Systems by 1,936.0% in the 1st quarter. Wedge Capital Management L L P NC now owns 360,355 shares of the software maker’s stock worth $56,850,000 after acquiring an additional 342,656 shares during the last quarter. Finally, Polar Capital Holdings Plc raised its stake in Commvault Systems by 182.5% in the 4th quarter. Polar Capital Holdings Plc now owns 362,958 shares of the software maker’s stock valued at $54,774,000 after acquiring an additional 234,477 shares during the period. 93.50% of the stock is owned by hedge funds and other institutional investors.

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.