Piper Sandler Cuts Commvault Systems (NASDAQ:CVLT) Price Target to $147.00

Commvault Systems (NASDAQ:CVLT) had its target price lowered by stock analysts at Piper Sandler from $154.00 to $147.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Piper Sandler’s price objective would indicate a potential downside of 0.44% from the stock’s current price.

A number of other research analysts have also recently commented on the company. KeyCorp upped their price objective on Commvault Systems from $192.00 to $195.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. William Blair upgraded shares of Commvault Systems from a “market perform” rating to an “outperform” rating in a report on Thursday, January 30th. Guggenheim reiterated a “neutral” rating on shares of Commvault Systems in a research report on Wednesday, January 29th. StockNews.com upgraded shares of Commvault Systems from a “hold” rating to a “buy” rating in a report on Tuesday, February 25th. Finally, Cantor Fitzgerald lifted their target price on shares of Commvault Systems from $159.00 to $173.00 and gave the company a “neutral” rating in a report on Wednesday, January 29th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $159.11.

Commvault Systems Stock Performance

Shares of CVLT stock traded up $5.58 on Tuesday, hitting $147.66. 60,742 shares of the stock traded hands, compared to its average volume of 399,125. Commvault Systems has a twelve month low of $93.48 and a twelve month high of $190.11. The firm’s 50-day moving average price is $165.55 and its two-hundred day moving average price is $161.89. The stock has a market capitalization of $6.50 billion, a PE ratio of 38.91 and a beta of 0.68.

Insider Activity at Commvault Systems

In other Commvault Systems news, CEO Sanjay Mirchandani sold 12,318 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $185.96, for a total value of $2,290,655.28. Following the completion of the transaction, the chief executive officer now owns 427,231 shares in the company, valued at $79,447,876.76. This represents a 2.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Gary Merrill sold 3,287 shares of Commvault Systems stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $186.94, for a total value of $614,471.78. Following the sale, the insider now owns 87,316 shares in the company, valued at $16,322,853.04. This trade represents a 3.63 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Institutional Trading of Commvault Systems

A number of large investors have recently made changes to their positions in CVLT. Benjamin Edwards Inc. purchased a new stake in Commvault Systems in the third quarter valued at approximately $268,000. HighTower Advisors LLC increased its holdings in shares of Commvault Systems by 478.1% in the 3rd quarter. HighTower Advisors LLC now owns 13,238 shares of the software maker’s stock valued at $2,032,000 after acquiring an additional 10,948 shares during the period. Point72 Asset Management L.P. purchased a new stake in Commvault Systems in the 3rd quarter valued at $354,000. Point72 DIFC Ltd acquired a new stake in Commvault Systems during the 3rd quarter worth $71,000. Finally, Stifel Financial Corp boosted its stake in Commvault Systems by 27.2% during the 3rd quarter. Stifel Financial Corp now owns 6,753 shares of the software maker’s stock worth $1,039,000 after purchasing an additional 1,445 shares during the period. 93.50% of the stock is owned by institutional investors and hedge funds.

About Commvault Systems

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.