Summit Partners Public Asset Management LLC Invests $67.72 Million in Commvault Systems, Inc. (NASDAQ:CVLT)

Summit Partners Public Asset Management LLC acquired a new stake in Commvault Systems, Inc. (NASDAQ:CVLT - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 440,182 shares of the software maker's stock, valued at approximately $67,722,000. Commvault Systems makes up 2.1% of Summit Partners Public Asset Management LLC's portfolio, making the stock its 9th largest position. Summit Partners Public Asset Management LLC owned about 1.01% of Commvault Systems as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in CVLT. Bayesian Capital Management LP purchased a new position in shares of Commvault Systems during the first quarter valued at about $351,000. Comerica Bank grew its holdings in Commvault Systems by 23.7% during the 1st quarter. Comerica Bank now owns 22,028 shares of the software maker's stock valued at $2,234,000 after buying an additional 4,224 shares in the last quarter. GAMMA Investing LLC increased its stake in Commvault Systems by 140.5% in the 2nd quarter. GAMMA Investing LLC now owns 529 shares of the software maker's stock worth $64,000 after acquiring an additional 309 shares during the last quarter. OLD National Bancorp IN purchased a new stake in shares of Commvault Systems during the 2nd quarter worth approximately $275,000. Finally, SG Americas Securities LLC boosted its position in shares of Commvault Systems by 504.6% during the 2nd quarter. SG Americas Securities LLC now owns 13,016 shares of the software maker's stock valued at $1,582,000 after acquiring an additional 10,863 shares during the last quarter. Institutional investors own 93.50% of the company's stock.

Commvault Systems Price Performance

Shares of NASDAQ:CVLT traded down $0.04 during trading hours on Friday, hitting $171.59. 144,938 shares of the company's stock traded hands, compared to its average volume of 357,616. The firm has a market capitalization of $7.50 billion, a P/E ratio of 43.44 and a beta of 0.59. The business has a fifty day moving average price of $158.48 and a 200-day moving average price of $140.09. Commvault Systems, Inc. has a 1 year low of $72.76 and a 1 year high of $178.72.

Commvault Systems (NASDAQ:CVLT - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The software maker reported $0.83 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts' expectations of $220.76 million. During the same quarter in the previous year, the business earned $0.30 EPS. Commvault Systems's revenue was up 16.1% compared to the same quarter last year. As a group, equities analysts predict that Commvault Systems, Inc. will post 1.66 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CVLT. Oppenheimer began coverage on shares of Commvault Systems in a research report on Wednesday, November 13th. They issued an "outperform" rating and a $200.00 price target on the stock. DA Davidson upped their target price on shares of Commvault Systems from $170.00 to $175.00 and gave the company a "buy" rating in a research report on Friday, September 6th. Royal Bank of Canada lifted their price target on 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 downgraded Commvault Systems from a "strong-buy" rating to a "buy" rating in a research report on Friday, November 1st. Finally, Guggenheim cut Commvault Systems from a "buy" rating to a "neutral" rating in a report on Tuesday, October 15th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $151.25.

Insider Transactions at Commvault Systems

In related news, insider Gary Merrill sold 1,523 shares of the business's stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $164.89, for a total value of $251,127.47. Following the completion of the sale, the insider now owns 93,007 shares in the company, valued at approximately $15,335,924.23. The trade was a 1.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sanjay Mirchandani sold 10,775 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $165.30, for a total value of $1,781,107.50. Following the completion of the transaction, the chief executive officer now directly owns 459,969 shares in the company, valued at approximately $76,032,875.70. This trade represents a 2.29 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.00% of the company's stock.

Commvault Systems Profile

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.