CommVault Systems Receives New Ratings from Analysts

CommVault Systems (NASDAQ: CVLT) has recently attracted the attention of several brokerage firms, with Stephens initiating coverage on the software company. In a research note issued on October 31, 2023, Stephens assigned an **overweight** rating and a target price of **$162.00** for CommVault’s stock. This marks a positive outlook for the firm, which specializes in data protection and information management solutions.

Other analysts have also weighed in on CommVault’s performance. On **October 27, 2023**, Robert W. Baird upgraded the company to a **strong-buy** rating, setting a price target of **$215.00**. Oppenheimer began their coverage with an **outperform** rating on **November 10, 2023**. Meanwhile, KeyCorp adjusted its target price from **$225.00** to **$185.00**, maintaining an **overweight** rating. Guggenheim reiterated a **buy** rating with a target of **$220.00** on **October 16, 2023**.

The consensus among analysts is notably optimistic. According to MarketBeat, CommVault Systems holds a consensus rating of **Moderate Buy** with an average price target of **$191.92**. Currently, two analysts have rated the stock as a **strong buy**, ten as a **buy**, and four as a **hold**.

Recent Financial Performance

CommVault Systems recently released its quarterly earnings report on **October 28, 2023**. The company reported **$0.91** earnings per share, which fell short of the consensus estimate of **$0.95** by **$0.04**. Despite this, CommVault achieved a **net margin of 7.32%** and a **return on equity of 31.53%** for the quarter. The firm’s revenue stood at **$276.19 million**, surpassing analysts’ expectations of **$273.31 million**. This figure represents an **18.4% increase** in revenue compared to the same period last year.

Looking ahead, analysts predict that CommVault Systems will report an earnings per share (EPS) of **1.65** for the current year.

Insider Transactions and Institutional Holdings

In related news, CEO **Sanjay Mirchandani** sold **14,653 shares** of CommVault stock on **November 18, 2023**, at an average price of **$123.65**, amounting to a total value of approximately **$1.81 million**. Following this transaction, Mirchandani retains **372,369 shares** valued at around **$46.04 million**, reflecting a **3.79%** decrease in ownership. This sale was disclosed in a filing with the **Securities and Exchange Commission (SEC)**.

Additionally, insider **Gary Merrill** sold **2,674 shares** on the same day for approximately **$330,453**. Post-sale, Merrill holds **69,163 shares** valued at **$8.55 million**, marking a **3.72%** decrease in ownership. Over the last three months, insiders have sold a total of **33,111 shares** valued at **$4.06 million**, with insiders collectively owning **1.00%** of the company’s stock.

Institutional interest in CommVault is significant, as recent data indicates that a number of institutional investors and hedge funds have adjusted their positions in the company. Notably, the **State of Wyoming** acquired a new stake worth approximately **$35,000** in the second quarter. **Banque Cantonale Vaudoise** and **Cullen Frost Bankers Inc.** also established new positions during the third quarter, with Cullen Frost increasing its stake by **43.8%**.

Overall, **93.50%** of CommVault’s stock is held by institutional investors and hedge funds, indicating strong institutional confidence in the company’s future.

CommVault Systems, founded in **1996** and headquartered in **Tinton Falls, New Jersey**, provides a range of data protection and information management software designed to assist organizations in managing and safeguarding data across both on-premises and cloud environments. Its flagship products, including **Commvault Complete Data Protection** and the **SaaS-based Metallic portfolio**, are integral to the company’s strategy of delivering scalable and automated data management solutions.