Short Interest in Commvault Systems, Inc. (NASDAQ:CVLT) Rises By 13.2%

Commvault Systems, Inc. (NASDAQ:CVLT) saw a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 849,100 shares, an increase of 13.2% from the October 15th total of 750,300 shares. Based on an average daily volume of 246,300 shares, the days-to-cover ratio is currently 3.4 days. Approximately 2.0% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

CVLT has been the topic of a number of analyst reports. Lake Street Capital raised their target price on Commvault Systems from $62.00 to $72.00 and gave the company a “hold” rating in a research report on Wednesday, August 2nd. StockNews.com assumed coverage on Commvault Systems in a research report on Thursday, October 5th. They issued a “strong-buy” rating for the company. DA Davidson started coverage on Commvault Systems in a research note on Wednesday, August 16th. They set a “buy” rating and a $85.00 target price for the company. Finally, Royal Bank of Canada lifted their price target on shares of Commvault Systems from $68.00 to $80.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 2nd. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $77.60.

Commvault Systems Price Performance

Shares of NASDAQ:CVLT opened at $69.10 on Friday. Commvault Systems has a 1 year low of $53.20 and a 1 year high of $78.80. The firm has a market capitalization of $3.03 billion, a PE ratio of -164.52 and a beta of 0.55. The business’s 50 day moving average price is $67.84 and its 200-day moving average price is $69.17.

Insider Buying and Selling at Commvault Systems

In other Commvault Systems news, Director Vivie Lee sold 1,848 shares of Commvault Systems stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $68.71, for a total transaction of $126,976.08. Following the completion of the transaction, the director now owns 16,089 shares in the company, valued at approximately $1,105,475.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Allison Pickens sold 990 shares of the stock in a transaction on Friday, August 25th. The shares were sold at an average price of $67.98, for a total transaction of $67,300.20. Following the sale, the director now directly owns 6,049 shares of the company’s stock, valued at $411,211.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Vivie Lee sold 1,848 shares of Commvault Systems stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $68.71, for a total transaction of $126,976.08. Following the completion of the transaction, the director now directly owns 16,089 shares of the company’s stock, valued at approximately $1,105,475.19. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,127 shares of company stock valued at $902,501. 1.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in shares of Commvault Systems by 8.6% in the 2nd quarter. BlackRock Inc. now owns 6,019,103 shares of the software maker’s stock worth $437,107,000 after acquiring an additional 478,120 shares during the last quarter. Vanguard Group Inc. raised its position in Commvault Systems by 1.3% in the third quarter. Vanguard Group Inc. now owns 4,834,113 shares of the software maker’s stock valued at $256,402,000 after purchasing an additional 64,372 shares during the period. Mackenzie Financial Corp lifted its stake in shares of Commvault Systems by 0.3% in the 3rd quarter. Mackenzie Financial Corp now owns 1,917,009 shares of the software maker’s stock valued at $128,593,000 after purchasing an additional 6,130 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Commvault Systems by 4.0% during the 2nd quarter. Renaissance Technologies LLC now owns 1,616,129 shares of the software maker’s stock worth $117,363,000 after purchasing an additional 61,742 shares during the period. Finally, Starboard Value LP increased its position in shares of Commvault Systems by 2.8% during the 1st quarter. Starboard Value LP now owns 1,588,554 shares of the software maker’s stock worth $90,135,000 after purchasing an additional 42,554 shares during the last quarter. 91.56% of the stock is currently owned by institutional investors and hedge funds.

Commvault Systems Company 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.