Piper Sandler Lowers Commvault Systems (NASDAQ:CVLT) Price Target to $60.00

Commvault Systems (NASDAQ:CVLT – Get Rating) had its target price lowered by investment analysts at Piper Sandler from $70.00 to $60.00 in a report issued on Wednesday, The Fly reports. The firm presently has a “neutral” rating on the software maker’s stock. Piper Sandler’s price objective suggests a potential upside of 9.25% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. Royal Bank of Canada lifted their target price on Commvault Systems from $63.00 to $66.00 and gave the stock a “sector perform” rating in a report on Wednesday, November 2nd. StockNews.com began coverage on Commvault Systems in a report on Wednesday, October 12th. They issued a “strong-buy” rating for the company. Finally, William Blair reiterated a “market perform” rating on shares of Commvault Systems in a report on Wednesday, November 2nd. Three equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $66.25.

Commvault Systems Price Performance

NASDAQ:CVLT opened at $54.92 on Wednesday. Commvault Systems has a 1 year low of $50.26 and a 1 year high of $70.60. The stock’s 50 day simple moving average is $64.11 and its two-hundred day simple moving average is $59.73. The company has a market cap of $2.45 billion, a price-to-earnings ratio of 98.07, a PEG ratio of 7.64 and a beta of 0.57.

Commvault Systems (NASDAQ:CVLT – Get Rating) last released its quarterly earnings data on Tuesday, November 1st. The software maker reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.10. Commvault Systems had a return on equity of 14.36% and a net margin of 3.28%. The business had revenue of $188.06 million for the quarter, compared to the consensus estimate of $186.53 million. As a group, analysts anticipate that Commvault Systems will post 0.86 EPS for the current year.

Insider Activity at Commvault Systems

In related news, CAO James J. Whalen sold 526 shares of the business’s stock in a transaction on Monday, November 28th. The stock was sold at an average price of $66.04, for a total transaction of $34,737.04. Following the completion of the transaction, the chief accounting officer now owns 17,524 shares in the company, valued at approximately $1,157,284.96. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.99% of the stock is owned by company insiders.

Institutional Investors Weigh In On Commvault Systems

Hedge funds have recently made changes to their positions in the company. Captrust Financial Advisors lifted its holdings in shares of Commvault Systems by 64.0% in the 2nd quarter. Captrust Financial Advisors now owns 510 shares of the software maker’s stock worth $32,000 after buying an additional 199 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Commvault Systems in the 2nd quarter worth $64,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Commvault Systems in the 2nd quarter worth $65,000. Lazard Asset Management LLC lifted its holdings in shares of Commvault Systems by 63.1% in the 1st quarter. Lazard Asset Management LLC now owns 1,321 shares of the software maker’s stock worth $87,000 after buying an additional 511 shares during the period. Finally, Pacer Advisors Inc. lifted its holdings in shares of Commvault Systems by 6,466.7% in the 3rd quarter. Pacer Advisors Inc. now owns 1,970 shares of the software maker’s stock worth $104,000 after buying an additional 1,940 shares during the period. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

Commvault Systems Company Profile

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Commvault Systems, Inc provides data protection and information management software applications and related services 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; and Commvault Complete Data Protection, a data protection solution.