KeyCorp Initiates Coverage on Commvault Systems (NASDAQ:CVLT)

Analysts at KeyCorp assumed coverage on shares of Commvault Systems (NASDAQ:CVLT) in a research note issued to investors on Thursday, MarketBeat reports. The firm set an “overweight” rating and a $192.00 price target on the software maker’s stock. KeyCorp’s price objective points to a potential upside of 19.05% from the company’s previous close.

A number of other research analysts have also recently issued reports on the stock. Royal Bank of Canada lifted their price objective on shares of Commvault Systems from $164.00 to $182.00 and gave the company a “sector perform” rating in a report on Wednesday, October 30th. Guggenheim downgraded Commvault Systems from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 15th. Oppenheimer began coverage on Commvault Systems in a research note on Wednesday, November 13th. They issued an “outperform” rating and a $200.00 price objective for the company. Finally, StockNews.com cut Commvault Systems from a “strong-buy” rating to a “buy” rating in a research report on Thursday. Five research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $154.56.

Commvault Systems Stock Performance

CVLT stock opened at $161.28 on Thursday. Commvault Systems has a fifty-two week low of $77.56 and a fifty-two week high of $178.72. The stock’s 50 day simple moving average is $164.92 and its 200 day simple moving average is $151.71. The company has a market cap of $7.05 billion, a P/E ratio of 40.83 and a beta of 0.65.

Commvault Systems (NASDAQ:CVLT) last issued its earnings results on Tuesday, October 29th. The software maker reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07. Commvault Systems had a return on equity of 31.62% and a net margin of 19.75%. The company had revenue of $233.28 million for the quarter, compared to analyst estimates of $220.76 million. During the same period in the prior year, the firm earned $0.30 earnings per share. Commvault Systems’s revenue for the quarter was up 16.1% on a year-over-year basis. Equities analysts predict that Commvault Systems will post 1.66 earnings per share for the current year.

Insider Activity at Commvault Systems

In other news, insider Gary Merrill sold 1,523 shares of Commvault Systems stock in a transaction on Monday, November 18th. The stock was sold at an average price of $164.89, for a total transaction of $251,127.47. Following the sale, the insider now directly owns 93,007 shares in the company, valued at $15,335,924.23. The trade was a 1.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Allison Pickens sold 1,232 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $172.50, for a total transaction of $212,520.00. Following the transaction, the director now owns 5,899 shares of the company’s stock, valued at approximately $1,017,577.50. The trade was a 17.28 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,530 shares of company stock valued at $2,244,755. 1.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp increased its stake in shares of Commvault Systems by 1.6% during the 3rd quarter. State Street Corp now owns 1,594,045 shares of the software maker’s stock worth $245,244,000 after purchasing an additional 25,082 shares during the last quarter. AQR Capital Management LLC grew its holdings in Commvault Systems by 33.5% during the second quarter. AQR Capital Management LLC now owns 648,858 shares of the software maker’s stock valued at $78,882,000 after purchasing an additional 162,722 shares during the period. Charles Schwab Investment Management Inc. increased its position in Commvault Systems by 25.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 586,795 shares of the software maker’s stock worth $90,278,000 after buying an additional 120,779 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Commvault Systems by 0.5% in the second quarter. Dimensional Fund Advisors LP now owns 523,474 shares of the software maker’s stock valued at $63,637,000 after buying an additional 2,633 shares during the period. Finally, Congress Asset Management Co. lifted its position in shares of Commvault Systems by 29.4% during the 3rd quarter. Congress Asset Management Co. now owns 492,162 shares of the software maker’s stock valued at $75,719,000 after buying an additional 111,715 shares during the last quarter. 93.50% of the stock is currently 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.