M&T Bank Corp Acquires 187 Shares of CommVault Systems, Inc. (NASDAQ:CVLT)

M&T Bank Corp increased its stake in CommVault Systems, Inc. (NASDAQ:CVLT) by 8.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,382 shares of the software maker’s stock after acquiring an additional 187 shares during the quarter. M&T Bank Corp’s holdings in CommVault Systems were worth $375,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in CommVault Systems by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 5,636,559 shares of the software maker’s stock valued at $850,613,000 after buying an additional 54,562 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of CommVault Systems by 1.3% during the fourth quarter. Renaissance Technologies LLC now owns 1,909,185 shares of the software maker’s stock worth $288,115,000 after acquiring an additional 24,900 shares in the last quarter. Invesco Ltd. increased its position in shares of CommVault Systems by 57.7% during the fourth quarter. Invesco Ltd. now owns 1,660,108 shares of the software maker’s stock valued at $250,527,000 after buying an additional 607,643 shares during the period. Geode Capital Management LLC increased its holdings in shares of CommVault Systems by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 1,288,068 shares of the software maker’s stock worth $194,681,000 after purchasing an additional 43,088 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of CommVault Systems by 9.8% in the 4th quarter. Northern Trust Corp now owns 651,973 shares of the software maker’s stock valued at $98,389,000 after acquiring an additional 58,239 shares in the last quarter. Institutional investors and hedge funds own 93.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. KeyCorp lowered their price target on shares of CommVault Systems from $195.00 to $185.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Piper Sandler lifted their price target on shares of CommVault Systems from $168.00 to $170.00 and gave the company a “neutral” rating in a research report on Monday. Oppenheimer boosted their target price on CommVault Systems from $180.00 to $200.00 and gave the stock an “outperform” rating in a report on Wednesday, April 30th. DA Davidson lowered their price objective on CommVault Systems from $215.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Wells Fargo & Company boosted their target price on shares of CommVault Systems from $180.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, April 30th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $189.13.

CommVault Systems Stock Performance

Shares of NASDAQ CVLT opened at $170.85 on Friday. CommVault Systems, Inc. has a fifty-two week low of $119.67 and a fifty-two week high of $192.01. The business has a 50-day simple moving average of $177.51 and a two-hundred day simple moving average of $167.50. The company has a market cap of $7.61 billion, a PE ratio of 101.10 and a beta of 0.73.

CommVault Systems (NASDAQ:CVLT) last announced its quarterly earnings results on Tuesday, April 29th. The software maker reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.10. The company had revenue of $275.04 million for the quarter, compared to the consensus estimate of $262.52 million. CommVault Systems had a return on equity of 32.31% and a net margin of 7.64%. The firm’s revenue for the quarter was up 23.2% compared to the same quarter last year. During the same period last year, the firm earned $0.79 EPS. On average, sell-side analysts predict that CommVault Systems, Inc. will post 1.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Gary Merrill sold 1,748 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $174.91, for a total value of $305,742.68. Following the completion of the sale, the insider owned 89,923 shares of the company’s stock, valued at approximately $15,728,431.93. This trade represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sanjay Mirchandani sold 1,709 shares of CommVault Systems stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $299,075.00. Following the completion of the sale, the chief executive officer directly owned 469,648 shares of the company’s stock, valued at $82,188,400. The trade was a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,957 shares of company stock worth $859,428. 1.00% of the stock is owned by corporate insiders.

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.