Connor Clark & Lunn Investment Management Ltd. Sells 261,022 Shares of Commvault Systems, Inc. (NASDAQ:CVLT)

Connor Clark & Lunn Investment Management Ltd. lowered its position in Commvault Systems, Inc. (NASDAQ:CVLT - Free Report) by 94.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,220 shares of the software maker's stock after selling 261,022 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Commvault Systems were worth $2,188,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. AQR Capital Management LLC increased its holdings in shares of Commvault Systems by 33.5% during the 2nd quarter. AQR Capital Management LLC now owns 648,858 shares of the software maker's stock worth $78,882,000 after acquiring an additional 162,722 shares during the last quarter. Renaissance Technologies LLC boosted its position in Commvault Systems by 7.5% during the second quarter. Renaissance Technologies LLC now owns 1,813,487 shares of the software maker's stock worth $220,466,000 after purchasing an additional 126,800 shares during the period. Congress Asset Management Co. boosted its position in Commvault Systems by 29.4% during the third quarter. Congress Asset Management Co. now owns 492,162 shares of the software maker's stock worth $75,719,000 after purchasing an additional 111,715 shares during the period. M&G Plc bought a new position in Commvault Systems during the second quarter worth $10,265,000. Finally, Allspring Global Investments Holdings LLC boosted its position in Commvault Systems by 365.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 91,869 shares of the software maker's stock worth $14,134,000 after purchasing an additional 72,146 shares during the period. Institutional investors own 93.50% of the company's stock.

Commvault Systems Trading Up 1.1 %

NASDAQ CVLT traded up $2.00 during trading on Tuesday, hitting $177.60. 279,846 shares of the company's stock were exchanged, compared to its average volume of 358,998. The company has a market cap of $7.77 billion, a PE ratio of 44.46 and a beta of 0.59. Commvault Systems, Inc. has a fifty-two week low of $70.72 and a fifty-two week high of $178.72. The stock's 50 day moving average price is $156.68 and its two-hundred day moving average price is $138.74.

Commvault Systems (NASDAQ:CVLT - Get Free Report) last issued its earnings results on Tuesday, October 29th. The software maker reported $0.83 EPS for the quarter, topping the consensus estimate of $0.76 by $0.07. The firm had revenue of $233.28 million during the quarter, compared to the consensus estimate of $220.76 million. Commvault Systems had a return on equity of 31.62% and a net margin of 19.75%. The business's quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.30 earnings per share. Analysts forecast that Commvault Systems, Inc. will post 1.66 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. KeyCorp lifted their price objective on shares of Commvault Systems from $140.00 to $170.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 31st. Royal Bank of Canada lifted their price objective on shares of Commvault Systems from $164.00 to $182.00 and gave the stock a "sector perform" rating in a research report on Wednesday, October 30th. StockNews.com cut shares of Commvault Systems from a "strong-buy" rating to a "buy" rating in a research report on Friday, November 1st. DA Davidson lifted their price objective on shares of Commvault Systems from $170.00 to $175.00 and gave the stock a "buy" rating in a research report on Friday, September 6th. Finally, Guggenheim cut shares of Commvault Systems from a "buy" rating to a "neutral" rating in a research report on Tuesday, October 15th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Commvault Systems has an average rating of "Moderate Buy" and a consensus target price of $151.25.

Insiders Place Their Bets

In other news, Director Allison Pickens sold 1,232 shares of the company's stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $153.89, for a total value of $189,592.48. Following the completion of the transaction, the director now owns 7,131 shares of the company's stock, valued at $1,097,389.59. This represents a 14.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Gary Merrill sold 1,523 shares of the company's stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $164.89, for a total value of $251,127.47. Following the completion of the transaction, the insider now directly owns 93,007 shares of the company's stock, valued at $15,335,924.23. This represents a 1.61 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,530 shares of company stock valued at $2,221,827. 1.00% of the stock is currently owned by corporate 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.