Suffolk Capital Management LLC lessened its position in shares of CommVault Systems, Inc. (NASDAQ:CVLT) by 23.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,913 shares of the software maker’s stock after selling 4,967 shares during the period. Suffolk Capital Management LLC’s holdings in CommVault Systems were worth $835,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of CVLT. Magnetar Financial LLC bought a new stake in shares of CommVault Systems during the third quarter worth approximately $201,000. Teacher Retirement System of Texas bought a new stake in shares of CommVault Systems during the third quarter worth approximately $215,000. Virtu KCG Holdings LLC bought a new stake in shares of CommVault Systems during the second quarter worth approximately $278,000. Stoneridge Investment Partners LLC bought a new stake in shares of CommVault Systems during the fourth quarter worth approximately $291,000. Finally, Crossmark Global Holdings Inc. bought a new stake in shares of CommVault Systems during the third quarter worth approximately $307,000. Institutional investors own 91.21% of the company’s stock.
Shares of CommVault Systems, Inc. (NASDAQ:CVLT) opened at $52.50 on Friday. CommVault Systems, Inc. has a 12 month low of $48.08 and a 12 month high of $64.60.
CommVault Systems announced that its board has authorized a stock repurchase program on Wednesday, January 24th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the software maker to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.
In related news, Director Gary B. Smith sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $53.50, for a total value of $401,250.00. Following the completion of the sale, the director now directly owns 44,212 shares in the company, valued at $2,365,342. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director David F. Walker sold 5,500 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $55.48, for a total value of $305,140.00. Following the completion of the sale, the director now owns 42,850 shares of the company’s stock, valued at $2,377,318. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,235 shares of company stock valued at $934,839. 13.40% of the stock is currently owned by corporate insiders.
CVLT has been the subject of a number of research analyst reports. Lake Street Capital restated a “buy” rating and set a $58.00 price objective (down previously from $60.00) on shares of CommVault Systems in a report on Thursday, January 25th. Mizuho restated a “buy” rating and set a $75.00 price objective on shares of CommVault Systems in a report on Tuesday, January 23rd. Jefferies Group restated a “buy” rating on shares of CommVault Systems in a report on Thursday, October 26th. Zacks Investment Research upgraded CommVault Systems from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 26th. Finally, Mitsubishi UFJ Financial Group cut CommVault Systems from an “overweight” rating to a “neutral” rating in a report on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $69.78.
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CommVault Systems Profile
Commvault Systems, Inc (Commvault) is a provider of data and information management software applications and related services. The Company develops, markets and sells a suite of software applications and services, primarily in North America, Europe, Australia and Asia, that provides its customers with data protection solutions supporting all operating systems, applications, and databases on virtual and physical servers, Network Attached Storage (NAS) shares, cloud-based infrastructures, and mobile devices; management through a single console; multiple protection methods, including backup and archive, snapshot management, replication, and content indexing for eDiscovery; storage management using deduplication for disk, tape and cloud; integration with the storage arrays; complete virtual infrastructure management supporting multiple hypervisors; security capabilities to limit access to critical data, and policy-based data management.
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