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Sanjay Mirchandani, President and CEO of Commvault Systems Inc. (NASDAQ:CVLT), recently executed a series of stock sales amounting to a total of $4.78 million. These transactions took place on February 19, 2025, with the shares sold at prices ranging from $180.00 to $189.44 per share. The sales come as Commvault, now valued at $7.5 billion, has delivered impressive returns of over 100% in the past year, with the stock trading near its 52-week high of $190.11.
The sales included multiple transactions of Commvault’s common stock, with notable sales of 7,318 shares at $186.04 each, 2,018 shares at $184.53, and 1,472 shares at $186.50. Following these transactions, Mirchandani’s direct ownership of Commvault shares stands at 414,451 shares. The company maintains strong fundamentals with industry-leading gross profit margins of 82%.
The transactions were part of a pre-arranged trading plan, as indicated by the filing, and were executed to satisfy tax withholding obligations on the vesting of restricted stock. The proceeds from these sales were submitted to the Internal Revenue Service. According to InvestingPro analysis, Commvault appears slightly overvalued at current levels, though analysts have recently revised earnings expectations upward. For deeper insights into Commvault’s valuation and 15+ additional ProTips, explore the comprehensive Pro Research Report available on InvestingPro.
In other recent news, CommVault Systems Inc reported its third-quarter 2024 financial results, revealing a stronger-than-expected performance. The company achieved earnings per share (EPS) of $0.94, surpassing the anticipated $0.87, and total revenue reached $263 million, exceeding the forecasted $245.93 million. This marks a 21% increase in revenue year-over-year, with subscription revenue growing by 39%. Despite this positive financial outcome, the company’s stock experienced a decline in pre-market trading. CommVault also highlighted its strategic growth in subscription-based services, adding over 1,000 new subscription customers during the quarter. The company’s annual recurring revenue (ARR) showed significant improvement, with SaaS ARR increasing by 75% in constant currency. Analysts from firms such as Wells Fargo (NYSE:WFC) and KeyBanc Capital Markets engaged with CommVault executives during the earnings call, focusing on the company’s SaaS growth and its recent acquisition of Clumio, which contributed $24 million in ARR.
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