Pinnacle Associates Ltd. Has $37.37 Million Position in Commvault Systems, Inc. (NASDAQ:CVLT)

Pinnacle Associates Ltd. raised its holdings in Commvault Systems, Inc. (NASDAQ:CVLT - Free Report) by 2.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 242,873 shares of the software maker's stock after purchasing an additional 6,461 shares during the period. Pinnacle Associates Ltd. owned 0.55% of Commvault Systems worth $37,366,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of CVLT. National Bank of Canada FI acquired a new stake in shares of Commvault Systems during the 2nd quarter worth $30,000. Hexagon Capital Partners LLC lifted its stake in Commvault Systems by 124.8% during the second quarter. Hexagon Capital Partners LLC now owns 353 shares of the software maker's stock worth $43,000 after purchasing an additional 196 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of Commvault Systems by 70.8% in the 2nd quarter. Signaturefd LLC now owns 410 shares of the software maker's stock valued at $50,000 after buying an additional 170 shares during the period. Strategic Financial Concepts LLC acquired a new position in Commvault Systems in the second quarter valued at approximately $56,000. Finally, GAMMA Investing LLC boosted its position in Commvault Systems by 140.5% during the 2nd quarter. GAMMA Investing LLC now owns 529 shares of the software maker's stock valued at $64,000 after purchasing an additional 309 shares during the period. Hedge funds and other institutional investors own 93.50% of the company's stock.

Commvault Systems Stock Down 4.4 %

Shares of CVLT traded down $7.54 during mid-day trading on Wednesday, hitting $162.25. 659,874 shares of the company's stock were exchanged, compared to its average volume of 353,705. The stock has a market cap of $7.10 billion, a price-to-earnings ratio of 42.99 and a beta of 0.60. The firm has a fifty day moving average of $149.48 and a two-hundred day moving average of $129.74. Commvault Systems, Inc. has a twelve month low of $64.32 and a twelve month high of $171.26.

Commvault Systems (NASDAQ:CVLT - Get Free Report) last posted its earnings results on Tuesday, July 30th. The software maker reported $0.85 EPS for the quarter, topping the consensus estimate of $0.73 by $0.12. The firm had revenue of $224.67 million for 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%. The business's quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.29 earnings per share. On average, equities analysts predict that Commvault Systems, Inc. will post 1.66 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. StockNews.com upgraded Commvault Systems from a "buy" rating to a "strong-buy" rating in a research report on Thursday, October 24th. Royal Bank of Canada increased their price objective on Commvault Systems from $164.00 to $182.00 and gave the company a "sector perform" rating in a research report on Wednesday. Guggenheim cut Commvault Systems from a "buy" rating to a "neutral" rating in a research note on Tuesday, October 15th. Piper Sandler boosted their target price on shares of Commvault Systems from $107.00 to $123.00 and gave the company a "neutral" rating in a research note on Monday, July 15th. Finally, KeyCorp raised their price objective on Commvault Systems from $140.00 to $170.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 31st. Four research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Commvault Systems presently has an average rating of "Moderate Buy" and a consensus price target of $144.29.

Insider Activity at Commvault Systems

In related news, Director Allison Pickens sold 1,232 shares of Commvault Systems stock in a transaction on Friday, August 30th. The shares were sold at an average price of $153.89, for a total value of $189,592.48. Following the transaction, the director now owns 7,131 shares in the company, valued at $1,097,389.59. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Gary Merrill sold 17,388 shares of the company's stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $150.76, for a total transaction of $2,621,414.88. Following the completion of the transaction, the insider now owns 94,530 shares of the company's stock, valued at approximately $14,251,342.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Allison Pickens sold 1,232 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $153.89, for a total transaction of $189,592.48. Following the completion of the sale, the director now owns 7,131 shares of the company's stock, valued at approximately $1,097,389.59. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by company 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.