LPL Financial LLC Lowers Position in Commvault Systems, Inc. (NASDAQ:CVLT)

LPL Financial LLC cut its position in Commvault Systems, Inc. (NASDAQ:CVLT) by 4.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 17,067 shares of the software maker’s stock after selling 740 shares during the period. LPL Financial LLC’s holdings in Commvault Systems were worth $2,576,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Allspring Global Investments Holdings LLC raised its holdings in shares of Commvault Systems by 604.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 647,525 shares of the software maker’s stock worth $98,479,000 after acquiring an additional 555,656 shares in the last quarter. Congress Asset Management Co. increased its holdings in shares of Commvault Systems by 5.7% during the fourth quarter. Congress Asset Management Co. now owns 520,378 shares of the software maker’s stock valued at $78,530,000 after acquiring an additional 28,216 shares in the last quarter. Allianz Asset Management GmbH raised its stake in shares of Commvault Systems by 8.5% in the fourth quarter. Allianz Asset Management GmbH now owns 357,121 shares of the software maker’s stock worth $53,893,000 after purchasing an additional 28,016 shares during the last quarter. Sei Investments Co. raised its holdings in shares of Commvault Systems by 63.9% during the fourth quarter. Sei Investments Co. now owns 157,111 shares of the software maker’s stock worth $23,708,000 after purchasing an additional 61,243 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Commvault Systems by 1.1% during the fourth quarter. Principal Financial Group Inc. now owns 120,374 shares of the software maker’s stock worth $18,166,000 after acquiring an additional 1,340 shares during the period. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. 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. Piper Sandler lowered their target price on shares of Commvault Systems from $154.00 to $147.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. William Blair upgraded shares of Commvault Systems from a “market perform” rating to an “outperform” rating in a research note on Thursday, January 30th. Guggenheim reaffirmed a “neutral” rating on shares of Commvault Systems in a report on Wednesday, January 29th. Finally, StockNews.com upgraded Commvault Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, February 25th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Commvault Systems presently has an average rating of “Moderate Buy” and a consensus target price of $159.11.

Commvault Systems Stock Performance

Shares of CVLT opened at $152.49 on Monday. The company’s 50 day moving average price is $164.54 and its 200 day moving average price is $161.71. Commvault Systems, Inc. has a 52 week low of $93.48 and a 52 week high of $190.11. The company has a market capitalization of $6.71 billion, a PE ratio of 40.02 and a beta of 0.68.

Insider Activity

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

Commvault Systems 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.