CommVault Systems (NASDAQ: CVLT) has attracted attention from analysts following a series of ratings updates. On October 31, 2023, Stephens initiated coverage on the software company, issuing an **overweight** rating and setting a target price of **$162.00**. This marks a significant endorsement for CommVault, which specializes in data protection and information management software.
Several analysts have recently updated their positions on CommVault. On October 27, 2023, **Robert W. Baird** upgraded the stock to a **strong-buy** rating, with a price target of **$215.00**. The same day, KeyCorp adjusted its target price from **$225.00** to **$185.00**, maintaining an **overweight** rating. Additionally, **Oppenheimer** began coverage on November 10, 2023, issuing an **outperform** rating. As a result of these updates, CommVault has garnered a consensus rating of **Moderate Buy** from analysts, with an average price target of **$191.92**.
CommVault Systems reported its quarterly earnings on **October 28, 2023**, revealing an earnings per share (EPS) of **$0.91**, which fell short of the consensus estimate of **$0.95** by **$0.04**. The company reported revenue of **$276.19 million**, exceeding analyst expectations of **$273.31 million**. This represents an **18.4%** increase in revenue compared to the same quarter last year, where the EPS was **$0.83**.
Insider Transactions and Institutional Investment
In addition to analyst ratings, insider trading activity has also been notable. **Sanjay Mirchandani**, the CEO of CommVault, sold **14,653** shares on November 18, 2023, at an average price of **$123.65**, totaling approximately **$1.81 million**. After this transaction, Mirchandani retained **372,369** shares, valued at around **$46 million**. This sale reflects a **3.79%** decrease in his ownership stake.
Another insider, **Gary Merrill**, sold **2,674** shares the same day at an average price of **$123.58**, totaling around **$330,452**. Following this transaction, Merrill owns **69,163** shares valued at approximately **$8.55 million**, also representing a **3.72%** decrease in ownership. Over the past three months, insiders have sold a total of **33,111** shares valued at **$4.06 million**. Currently, insiders hold **1.00%** of CommVault’s stock.
Institutional investment in CommVault has seen fluctuating activity. During the second quarter of 2023, the State of Wyoming acquired a new stake in the company worth approximately **$35,000**. Other significant investments include **Banque Cantonale Vaudoise**, which invested **$39,000** in the third quarter, and **Cullen Frost Bankers Inc.**, which increased its stake by **43.8%** during the same period. Currently, institutional investors and hedge funds own **93.50%** of the company’s stock.
Overview of CommVault Systems
CommVault Systems, based in **Tinton Falls, New Jersey**, is a global leader in data protection and information management solutions. Founded in **1996**, the company offers a range of products designed to help organizations manage, protect, and activate data across various environments, including on-premises and cloud solutions.
Key offerings include **Commvault Complete Data Protection**, **Commvault HyperScale**, and the SaaS-based **Metallic portfolio**. These solutions provide scalable and automated data management capabilities that help enterprises streamline operations and enhance data resiliency.
With a robust performance in the latest quarter and strong endorsements from analysts, CommVault Systems continues to position itself as a significant player in the data management sector.
