Arizona State Retirement System Lowers Stock Holdings in Commvault Systems, Inc. (NASDAQ:CVLT)

Arizona State Retirement System reduced its stake in shares of Commvault Systems, Inc. (NASDAQ:CVLT) by 2.0% in the 4th quarter, HoldingsChannel reports. The firm owned 11,653 shares of the software maker’s stock after selling 241 shares during the quarter. Arizona State Retirement System’s holdings in Commvault Systems were worth $930,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Commvault Systems by 8.6% during the 2nd quarter. BlackRock Inc. now owns 6,019,103 shares of the software maker’s stock worth $437,107,000 after purchasing an additional 478,120 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Commvault Systems by 2.7% during the 3rd quarter. Vanguard Group Inc. now owns 5,426,814 shares of the software maker’s stock worth $366,907,000 after purchasing an additional 144,625 shares during the last quarter. Mackenzie Financial Corp raised its position in shares of Commvault Systems by 0.3% during the 3rd quarter. Mackenzie Financial Corp now owns 1,917,009 shares of the software maker’s stock worth $128,593,000 after purchasing an additional 6,130 shares during the last quarter. State Street Corp raised its position in shares of Commvault Systems by 2.8% during the 2nd quarter. State Street Corp now owns 1,577,393 shares of the software maker’s stock worth $114,550,000 after purchasing an additional 42,809 shares during the last quarter. Finally, Morgan Stanley raised its position in shares of Commvault Systems by 26.9% during the 3rd quarter. Morgan Stanley now owns 1,296,825 shares of the software maker’s stock worth $87,678,000 after purchasing an additional 274,966 shares during the last quarter. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Commvault Systems Stock Performance

Shares of CVLT opened at $95.63 on Wednesday. Commvault Systems, Inc. has a fifty-two week low of $56.76 and a fifty-two week high of $102.21. The stock has a fifty day moving average of $97.04 and a two-hundred day moving average of $82.21. The company has a market capitalization of $4.19 billion, a PE ratio of -3,180.94 and a beta of 0.62.

Commvault Systems (NASDAQ:CVLT) last announced its quarterly earnings data on Tuesday, January 30th. The software maker reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.05. Commvault Systems had a negative net margin of 0.09% and a positive return on equity of 32.27%. The company had revenue of $216.81 million during the quarter, compared to analysts’ expectations of $208.01 million. During the same period in the previous year, the company earned $0.17 EPS. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts forecast that Commvault Systems, Inc. will post 1.35 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Gary Merrill sold 822 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $97.25, for a total transaction of $79,939.50. Following the completion of the sale, the chief financial officer now directly owns 87,945 shares of the company’s stock, valued at approximately $8,552,651.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Allison Pickens sold 990 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $94.73, for a total transaction of $93,782.70. Following the completion of 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 filing with the SEC, which can be accessed through the SEC website. Also, CFO Gary Merrill sold 822 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $97.25, for a total transaction of $79,939.50. Following the sale, the chief financial officer now directly owns 87,945 shares of the company’s stock, valued at $8,552,651.25. The disclosure for this sale can be found here. Insiders sold 23,306 shares of company stock valued at $2,276,265 in the last ninety days. Company insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

CVLT has been the subject of several analyst reports. KeyCorp upgraded Commvault Systems from a “sector weight” rating to an “overweight” rating and set a $109.00 price target for the company in a report on Wednesday, January 31st. Royal Bank of Canada boosted their price target on Commvault Systems from $86.00 to $97.00 and gave the company a “sector perform” rating in a report on Wednesday, January 31st. 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. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $85.60.

About Commvault Systems

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.