BidaskClub upgraded shares of Commvault (NASDAQ:CVLT) from a sell rating to a hold rating in a research report released on Wednesday, March 21st.
Several other equities analysts have also recently weighed in on CVLT. Zacks Investment Research raised Commvault from a strong sell rating to a hold rating in a research note on Tuesday, December 26th. Mizuho reaffirmed a buy rating and set a $75.00 target price on shares of Commvault in a research note on Wednesday, January 17th. Finally, Lake Street Capital reaffirmed a buy rating and set a $58.00 target price (down previously from $60.00) on shares of Commvault in a research note on Thursday, January 25th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company has a consensus rating of Buy and an average price target of $72.44.
NASDAQ CVLT traded up $0.05 on Wednesday, hitting $68.50. 519,200 shares of the company were exchanged, compared to its average volume of 655,723. Commvault has a twelve month low of $48.35 and a twelve month high of $68.90.
Commvault (NASDAQ:CVLT) last posted its quarterly earnings data on Wednesday, January 24th. The software maker reported $0.04 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.01). The company had revenue of $180.37 million for the quarter, compared to analyst estimates of $182.01 million. Commvault had a positive return on equity of 0.32% and a negative net margin of 8.30%. Commvault’s quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.28 EPS. sell-side analysts expect that Commvault will post 0.03 earnings per share for the current year.
Commvault announced that its Board of Directors has approved a stock buyback plan on Wednesday, January 24th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the software maker to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
In related news, Director David F. Walker sold 5,500 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $55.48, for a total value of $305,140.00. Following the completion of the sale, the director now owns 42,850 shares of the company’s stock, valued at approximately $2,377,318. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Al Bunte sold 70,000 shares of the business’s stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $50.74, for a total value of $3,551,800.00. The disclosure for this sale can be found here. In the last three months, insiders sold 433,843 shares of company stock valued at $24,207,091. 13.40% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in Commvault by 2.2% during the fourth quarter. BlackRock Inc. now owns 4,424,276 shares of the software maker’s stock worth $232,274,000 after purchasing an additional 96,629 shares during the period. Bank of New York Mellon Corp boosted its position in Commvault by 9.7% during the fourth quarter. Bank of New York Mellon Corp now owns 1,951,363 shares of the software maker’s stock worth $102,446,000 after purchasing an additional 172,195 shares during the period. Champlain Investment Partners LLC boosted its position in Commvault by 7.8% during the fourth quarter. Champlain Investment Partners LLC now owns 1,496,415 shares of the software maker’s stock worth $78,562,000 after purchasing an additional 108,140 shares during the period. Mackenzie Financial Corp boosted its position in Commvault by 7.3% during the fourth quarter. Mackenzie Financial Corp now owns 1,459,688 shares of the software maker’s stock worth $76,634,000 after purchasing an additional 99,800 shares during the period. Finally, Victory Capital Management Inc. boosted its position in Commvault by 21.1% during the fourth quarter. Victory Capital Management Inc. now owns 819,388 shares of the software maker’s stock worth $43,018,000 after purchasing an additional 142,611 shares during the period. 90.07% of the stock is owned by institutional investors and hedge funds.
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Commvault Company Profile
Commvault Systems, Inc provides data and information management software applications and related services in the United States and internationally. The company's software suite contains solutions that are built on a single unified code base and platform to protect, manage, and access data and information.
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