Wells Fargo & Company Forecasts Strong Price Appreciation for Commvault Systems (NASDAQ:CVLT) Stock

Commvault Systems (NASDAQ:CVLT) had its price objective upped by analysts at Wells Fargo & Company from $180.00 to $190.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the software maker’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 14.44% from the company’s previous close.

Several other equities research analysts have also recently weighed in on CVLT. DA Davidson increased their price target on shares of Commvault Systems from $185.00 to $200.00 and gave the company a “buy” rating in a research report on Tuesday. KeyCorp reduced their price target on Commvault Systems from $195.00 to $185.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. William Blair upgraded Commvault Systems from a “market perform” rating to an “outperform” rating in a report on Thursday, January 30th. Royal Bank of Canada lifted their price objective on Commvault Systems from $175.00 to $185.00 and gave the stock a “sector perform” rating in a research report on Wednesday. Finally, Piper Sandler decreased their target price on Commvault Systems from $154.00 to $147.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Commvault Systems has a consensus rating of “Moderate Buy” and an average price target of $175.25.

Commvault Systems Stock Down 0.7 %

Commvault Systems stock opened at $166.02 on Wednesday. The firm has a fifty day simple moving average of $158.41 and a two-hundred day simple moving average of $161.77. Commvault Systems has a twelve month low of $102.73 and a twelve month high of $190.11. The company has a market capitalization of $7.30 billion, a PE 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 for the quarter, beating analysts’ consensus estimates of $0.93 by $0.10. The company had revenue of $275.04 million during the quarter, compared to analyst estimates of $262.52 million. Commvault Systems had a return on equity of 28.69% and a net margin of 18.14%. Commvault Systems’s revenue for the quarter was up 23.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.79 EPS. As a group, equities analysts expect that Commvault Systems will post 1.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Gary Merrill sold 3,287 shares of the 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 transaction, the insider now directly owns 87,316 shares in the company, valued at $16,322,853.04. This trade represents a 3.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sanjay Mirchandani sold 12,318 shares of Commvault Systems stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $185.96, for a total transaction of $2,290,655.28. Following 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 trade represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Commvault Systems

Institutional investors have recently modified their holdings of the stock. Quarry LP raised its position in shares of Commvault Systems by 888.2% in the 4th quarter. Quarry LP now owns 168 shares of the software maker’s stock worth $25,000 after purchasing an additional 151 shares during the last quarter. Whipplewood Advisors LLC raised its holdings in Commvault Systems by 584.0% in the first quarter. Whipplewood Advisors LLC now owns 171 shares of the software maker’s stock worth $27,000 after buying an additional 146 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Commvault Systems by 208.3% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 185 shares of the software maker’s stock worth $29,000 after buying an additional 125 shares in the last quarter. NBC Securities Inc. purchased a new stake in shares of Commvault Systems during the first quarter valued at approximately $43,000. Finally, Versant Capital Management Inc increased its position in shares of Commvault Systems by 183.7% during the first quarter. Versant Capital Management Inc now owns 295 shares of the software maker’s stock valued at $47,000 after acquiring an additional 191 shares in the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

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.