Wedge Capital Management L L P NC Reduces Stock Holdings in Commvault Systems, Inc. (NASDAQ:CVLT)

Wedge Capital Management L L P NC lowered its position in Commvault Systems, Inc. (NASDAQ:CVLT) by 20.9% in the fourth quarter, HoldingsChannel reports. The firm owned 12,728 shares of the software maker’s stock after selling 3,356 shares during the period. Wedge Capital Management L L P NC’s holdings in Commvault Systems were worth $1,016,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of CVLT. PNC Financial Services Group Inc. boosted its stake in Commvault Systems by 28.5% during the third quarter. PNC Financial Services Group Inc. now owns 1,429 shares of the software maker’s stock worth $97,000 after buying an additional 317 shares during the period. Teza Capital Management LLC purchased a new position in Commvault Systems during the third quarter worth about $253,000. DekaBank Deutsche Girozentrale purchased a new position in Commvault Systems during the third quarter worth about $269,000. CenterBook Partners LP purchased a new position in Commvault Systems during the third quarter worth about $272,000. Finally, Duality Advisers LP acquired a new stake in shares of Commvault Systems during the third quarter worth about $273,000. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Commvault Systems Stock Performance

Shares of CVLT opened at $97.09 on Friday. The company’s 50 day simple moving average is $97.39 and its 200-day simple moving average is $83.56. Commvault Systems, Inc. has a 12-month low of $56.76 and a 12-month high of $102.21.

Commvault Systems (NASDAQ:CVLT) last posted its quarterly earnings data on Tuesday, January 30th. The software maker reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.05. Commvault Systems had a negative net margin of 0.09% and a positive return on equity of 32.27%. The firm had revenue of $216.81 million for the quarter, compared to analyst estimates of $208.01 million. During the same period last year, the firm posted $0.17 EPS. Commvault Systems’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, analysts expect that Commvault Systems, Inc. will post 1.35 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on CVLT shares. KeyCorp raised shares of Commvault Systems from a “sector weight” rating to an “overweight” rating and set a $109.00 target price on the stock in a report on Wednesday, January 31st. Royal Bank of Canada raised their target price on shares of Commvault Systems from $86.00 to $97.00 and gave the company a “sector perform” rating in a report on Wednesday, January 31st. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $85.60.

Insider Activity at Commvault Systems

In other Commvault Systems news, Director Allison Pickens sold 990 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $94.73, for a total transaction of $93,782.70. Following the sale, the director now directly owns 7,206 shares in the company, valued at approximately $682,624.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Gary Merrill sold 822 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $97.25, for a total transaction of $79,939.50. Following the completion of the sale, the chief financial officer now owns 87,945 shares in the company, valued at approximately $8,552,651.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Allison Pickens sold 990 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $94.73, for a total value of $93,782.70. Following the sale, the director now owns 7,206 shares of the company’s stock, valued at approximately $682,624.38. The disclosure for this sale can be found here. Insiders have sold a total of 23,306 shares of company stock worth $2,276,265 in the last three months. Insiders own 1.00% of the company’s stock.

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.