Oppenheimer Raises Commvault Systems (NASDAQ:CVLT) Price Target to $200.00

Commvault Systems (NASDAQ:CVLT) had its price target hoisted by equities researchers at Oppenheimer from $180.00 to $200.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Oppenheimer’s price objective suggests a potential upside of 20.47% from the company’s current price.

Other analysts have also issued research reports about the stock. William Blair raised shares of Commvault Systems from a “market perform” rating to an “outperform” rating in a research report on Thursday, January 30th. Royal Bank of Canada increased their price objective on shares of Commvault Systems from $175.00 to $185.00 and gave the stock a “sector perform” rating in a research note on Wednesday. Cantor Fitzgerald lifted their target price on Commvault Systems from $159.00 to $173.00 and gave the company a “neutral” rating in a research report on Wednesday, January 29th. KeyCorp dropped their target price on Commvault Systems from $195.00 to $185.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Finally, Piper Sandler decreased their price target on Commvault Systems from $154.00 to $147.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $175.25.

Commvault Systems Stock Performance

Shares of CVLT stock opened at $166.02 on Wednesday. Commvault Systems has a 52 week low of $102.73 and a 52 week high of $190.11. The company’s 50 day moving average price is $158.41 and its two-hundred day moving average price is $161.77. The company has a market capitalization of $7.30 billion, a P/E ratio of 43.57 and a beta of 0.68.

Commvault Systems (NASDAQ:CVLT) last released its earnings results on Tuesday, April 29th. The software maker reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.10. The firm had revenue of $275.04 million during the quarter, compared to analysts’ expectations of $262.52 million. Commvault Systems had a return on equity of 28.69% and a net margin of 18.14%. The company’s revenue was up 23.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.79 EPS. Analysts forecast that Commvault Systems will post 1.65 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Gary Merrill sold 3,287 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $186.94, for a total transaction of $614,471.78. Following the completion of the sale, the insider now owns 87,316 shares in the company, valued at approximately $16,322,853.04. This trade represents a 3.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Sanjay Mirchandani sold 12,318 shares of the business’s 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 sale, the chief executive officer now 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 disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Commvault Systems

Several institutional investors and hedge funds have recently modified their holdings of the business. Securian Asset Management Inc. boosted its holdings in Commvault Systems by 3.0% in the 1st quarter. Securian Asset Management Inc. now owns 3,405 shares of the software maker’s stock valued at $537,000 after purchasing an additional 100 shares during the period. Louisiana State Employees Retirement System raised its position in shares of Commvault Systems by 1.7% in the first quarter. Louisiana State Employees Retirement System now owns 12,300 shares of the software maker’s stock valued at $1,940,000 after buying an additional 200 shares in the last quarter. Emerald Advisers LLC boosted its stake in shares of Commvault Systems by 15.7% in the first quarter. Emerald Advisers LLC now owns 81,499 shares of the software maker’s stock valued at $12,857,000 after buying an additional 11,049 shares during the period. New York State Common Retirement Fund grew its position in Commvault Systems by 13.6% during the first quarter. New York State Common Retirement Fund now owns 15,584 shares of the software maker’s stock worth $2,459,000 after buying an additional 1,871 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust lifted its position in shares of Commvault Systems by 9.7% during the 1st quarter. Emerald Mutual Fund Advisers Trust now owns 35,812 shares of the software maker’s stock valued at $5,650,000 after acquiring an additional 3,174 shares during the period. 93.50% of the stock is currently owned by institutional investors and hedge funds.

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.