Commvault Systems, Inc. (NASDAQ:CVLT – Get Rating) was the recipient of a significant drop in short interest in August. As of August 31st, there was short interest totalling 1,130,000 shares, a drop of 16.3% from the August 15th total of 1,350,000 shares. Based on an average daily trading volume, of 244,400 shares, the days-to-cover ratio is presently 4.6 days. Approximately 2.6% of the company's shares are short sold.
Insider Buying and Selling
In other Commvault Systems news, Director Allison Pickens sold 924 shares of Commvault Systems stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $56.86, for a total value of $52,538.64. Following the sale, the director now owns 9,029 shares in the company, valued at $513,388.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.99% of the stock is currently owned by company insiders.
Get Commvault Systems alerts:Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the stock. Exchange Traded Concepts LLC acquired a new position in Commvault Systems during the 1st quarter worth $29,000. Captrust Financial Advisors grew its stake in Commvault Systems by 64.0% during the 2nd quarter. Captrust Financial Advisors now owns 510 shares of the software maker's stock worth $32,000 after purchasing an additional 199 shares in the last quarter. Quantbot Technologies LP acquired a new position in Commvault Systems during the 2nd quarter worth $64,000. EverSource Wealth Advisors LLC acquired a new position in Commvault Systems during the 2nd quarter worth $65,000. Finally, Lazard Asset Management LLC grew its stake in Commvault Systems by 63.1% during the 1st quarter. Lazard Asset Management LLC now owns 1,321 shares of the software maker's stock worth $87,000 after purchasing an additional 511 shares in the last quarter. 93.97% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
CVLT has been the topic of a number of research analyst reports. Wells Fargo & Company reduced their target price on Commvault Systems to $75.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 27th. Lake Street Capital reduced their target price on Commvault Systems from $68.00 to $64.00 in a research report on Wednesday, July 27th. Finally, Piper Sandler cut Commvault Systems from an "overweight" rating to a "neutral" rating and dropped their price objective for the company from $78.00 to $69.00 in a research note on Wednesday, July 13th. Four analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Commvault Systems has a consensus rating of "Moderate Buy" and a consensus target price of $74.67.Commvault Systems Stock Performance
Shares of NASDAQ CVLT traded up $0.31 during trading on Monday, reaching $52.15. The stock had a trading volume of 294,072 shares, compared to its average volume of 256,044. Commvault Systems has a fifty-two week low of $50.26 and a fifty-two week high of $78.06. The business's 50-day moving average price is $56.42 and its 200-day moving average price is $60.60. The company has a market cap of $2.34 billion, a P/E ratio of 104.30, a PEG ratio of 8.75 and a beta of 0.51.
Commvault Systems (NASDAQ:CVLT – Get Rating) last issued its quarterly earnings data on Tuesday, July 26th. The software maker reported $0.64 earnings per share for the quarter, beating analysts' consensus estimates of $0.63 by $0.01. Commvault Systems had a return on equity of 13.33% and a net margin of 2.96%. The business had revenue of $197.90 million during the quarter, compared to analysts' expectations of $195.21 million. During the same period in the previous year, the firm posted $0.34 earnings per share. The company's revenue was up 7.9% on a year-over-year basis. Analysts forecast that Commvault Systems will post 0.59 EPS for the current fiscal year.
About Commvault Systems
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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.
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