Summit Global Investments Takes $1.58 Million Position in Commvault Systems, Inc. (NASDAQ:CVLT)

Summit Global Investments acquired a new position in shares of Commvault Systems, Inc. (NASDAQ:CVLT) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 19,719 shares of the software maker’s stock, valued at approximately $1,575,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Headlands Technologies LLC acquired a new position in shares of Commvault Systems in the fourth quarter valued at approximately $67,000. PNC Financial Services Group Inc. increased its position in shares of Commvault Systems by 28.5% during the third quarter. PNC Financial Services Group Inc. now owns 1,429 shares of the software maker’s stock worth $97,000 after acquiring an additional 317 shares during the period. Teza Capital Management LLC acquired a new stake in shares of Commvault Systems in the third quarter valued at $253,000. DekaBank Deutsche Girozentrale purchased a new position in Commvault Systems in the third quarter valued at $269,000. Finally, CenterBook Partners LP acquired a new position in Commvault Systems during the 3rd quarter worth $272,000. Institutional investors and hedge funds own 93.50% of the company’s stock.

Insider Activity

In other news, CEO Sanjay Mirchandani sold 21,494 shares of Commvault Systems stock in a transaction on Monday, March 4th. The shares were sold at an average price of $97.82, for a total value of $2,102,543.08. Following the transaction, the chief executive officer now directly owns 399,356 shares of the company’s stock, valued at approximately $39,065,003.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Gary Merrill sold 822 shares of the stock in a transaction dated 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 owns 87,945 shares in the company, valued at $8,552,651.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sanjay Mirchandani sold 21,494 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $97.82, for a total value of $2,102,543.08. Following the completion of the transaction, the chief executive officer now owns 399,356 shares in the company, valued at approximately $39,065,003.92. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,306 shares of company stock valued at $2,276,265. 1.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CVLT. Royal Bank of Canada lifted their price objective on Commvault Systems from $97.00 to $112.00 and gave the company a “sector perform” rating in a research note on Wednesday. Lake Street Capital raised their target price on shares of Commvault Systems from $86.00 to $98.00 and gave the company a “hold” rating in a report on Wednesday. KeyCorp raised their price objective on shares of Commvault Systems from $109.00 to $122.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, DA Davidson boosted their target price on Commvault Systems from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday. 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 company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $104.40.

Commvault Systems Stock Performance

NASDAQ CVLT traded up $2.67 during trading hours on Friday, hitting $107.43. The company had a trading volume of 511,647 shares, compared to its average volume of 309,532. The business has a 50 day moving average of $98.47 and a 200-day moving average of $84.99. The company has a market cap of $4.70 billion, a PE ratio of 28.57 and a beta of 0.64. Commvault Systems, Inc. has a 1-year low of $60.43 and a 1-year high of $109.25.

Commvault Systems (NASDAQ:CVLT) last announced its earnings results on Tuesday, January 30th. The software maker reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.05. The firm had revenue of $216.81 million during the quarter, compared to analysts’ expectations of $208.01 million. Commvault Systems had a return on equity of 31.27% and a net margin of 20.13%. The business’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.17 EPS. Sell-side analysts expect that Commvault Systems, Inc. will post 1.43 earnings per share for the current fiscal year.

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.