Evanson Asset Management LLC Reduces Stock Holdings in Commvault Systems, Inc. (NASDAQ:CVLT)

Evanson Asset Management LLC cut its holdings in Commvault Systems, Inc. (NASDAQ:CVLT) by 7.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,860 shares of the software maker’s stock after selling 240 shares during the quarter. Evanson Asset Management LLC’s holdings in Commvault Systems were worth $348,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CVLT. Vanguard Group Inc. increased its position in shares of Commvault Systems by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 5,531,703 shares of the software maker’s stock valued at $561,081,000 after acquiring an additional 43,333 shares during the period. Acadian Asset Management LLC raised its stake in shares of Commvault Systems by 16.3% in the first quarter. Acadian Asset Management LLC now owns 1,596,635 shares of the software maker’s stock worth $161,914,000 after purchasing an additional 223,347 shares during the last quarter. Champlain Investment Partners LLC lifted its holdings in shares of Commvault Systems by 58.5% during the first quarter. Champlain Investment Partners LLC now owns 825,236 shares of the software maker’s stock worth $83,704,000 after purchasing an additional 304,459 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Commvault Systems by 2.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 472,291 shares of the software maker’s stock worth $37,712,000 after purchasing an additional 12,624 shares during the period. Finally, Norges Bank purchased a new stake in Commvault Systems in the fourth quarter valued at approximately $24,134,000. Institutional investors and hedge funds own 93.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CVLT shares. Royal Bank of Canada raised their price target on shares of Commvault Systems from $121.00 to $152.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 31st. StockNews.com downgraded Commvault Systems from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 31st. Lake Street Capital boosted their price objective on Commvault Systems from $86.00 to $98.00 and gave the company a “hold” rating in a report on Wednesday, May 1st. KeyCorp raised their target price on Commvault Systems from $140.00 to $170.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, Piper Sandler boosted their price target on Commvault Systems from $107.00 to $123.00 and gave the company a “neutral” rating in a report on Monday, July 15th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $134.29.

Commvault Systems Stock Performance

Shares of NASDAQ CVLT traded up $2.89 during mid-day trading on Friday, reaching $151.41. The company’s stock had a trading volume of 469,306 shares, compared to its average volume of 355,620. The stock has a market capitalization of $6.63 billion, a P/E ratio of 40.27 and a beta of 0.61. Commvault Systems, Inc. has a 1-year low of $63.70 and a 1-year high of $155.33. The stock has a 50-day moving average of $124.41 and a two-hundred day moving average of $107.98.

Commvault Systems (NASDAQ:CVLT) last released its quarterly earnings data on Tuesday, July 30th. The software maker reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.12. The company had revenue of $224.67 million during the quarter, compared to the consensus estimate of $215.54 million. Commvault Systems had a net margin of 20.19% and a return on equity of 32.16%. Commvault Systems’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 EPS. Analysts predict that Commvault Systems, Inc. will post 1.71 EPS for the current fiscal year.

Insider Activity

In other news, Director Vivie Lee sold 2,500 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $112.19, for a total value of $280,475.00. Following the completion of the sale, the director now owns 13,589 shares of the company’s stock, valued at approximately $1,524,549.91. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Vivie Lee sold 2,500 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $112.19, for a total transaction of $280,475.00. Following the completion of the transaction, the director now directly owns 13,589 shares in the company, valued at approximately $1,524,549.91. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Gary Merrill sold 661 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $110.58, for a total value of $73,093.38. Following the sale, the chief financial officer now directly owns 114,373 shares of the company’s stock, valued at $12,647,366.34. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,816 shares of company stock valued at $6,613,874. 1.00% of the stock is currently owned by insiders.

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.