The Manufacturers Life Insurance Company reduced its stake in Commvault Systems, Inc. (NASDAQ:CVLT) by 4.3% during the fourth quarter, according to its latest Form 13F filing with the Securities & Exchange Commission. The firm owned 304,214 shares of the software company’s stock after selling 13,827 shares during the quarter, valued at $45,909,000.
Other institutional investors have recently adjusted their holdings in Commvault Systems. Hancock Whitney Corp increased its holdings by 1.0%, now owning 5,781 shares valued at $872,000. Nisa Investment Advisors LLC raised its stake by 3.5%, holding 1,960 shares worth $296,000. CIBC Asset Management Inc boosted its position by 5.6%, now owning 1,413 shares valued at $213,000. PNC Financial Services Group Inc increased its holdings by 4.0%, holding 2,439 shares worth $368,000. Mariner LLC also raised its stake by 3.7%, now owning 3,310 shares valued at $500,000.
Institutional investors collectively own 93.50% of Commvault Systems’ stock. The company’s shares opened at $167.13 on Thursday, with a market capitalization of $7.35 billion and a price-to-earnings ratio of 43.87. Commvault Systems reported strong quarterly earnings, with $1.03 earnings per share (EPS) exceeding analysts’ consensus estimates of $0.93. The company had revenue of $275.04 million, up 23.2% year-over-year.
Several brokerages have recently commented on CVLT. Royal Bank of Canada raised its price target from $175.00 to $185.00, maintaining a “sector perform” rating. William Blair upgraded the stock from “market perform” to “outperform”. Oppenheimer lifted its price target from $180.00 to $200.00 with an “outperform” rating. The stock currently has a consensus rating of “Moderate Buy” with a consensus target price of $166.67.
