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Merrill Gary, the Chief Commercial Officer of Commvault Systems Inc. (NASDAQ:CVLT), recently sold shares of the company’s common stock in a series of transactions. The sale comes as the company’s stock has delivered an impressive 100% return over the past year, with the current market capitalization standing at $7.5 billion. According to InvestingPro data, the company maintains excellent financial health with a "GREAT" overall score. According to a filing with the Securities and Exchange Commission, Gary disposed of a total of 4,766 shares, amounting to approximately $882,646. The sale prices ranged from $180.31 to $189.44 per share.
These transactions were executed on February 19 and February 21, 2025. Following these sales, Gary retains direct ownership of 85,837 shares of Commvault Systems stock. The shares sold were part of a plan filed under Rule 10b5-1, which allows insiders to sell a predetermined number of shares at a predetermined time, helping to avoid potential accusations of insider trading.
The transactions were primarily carried out to satisfy tax withholding obligations associated with the vesting of restricted stock.
In other recent news, CommVault Systems Inc reported its third-quarter 2024 earnings, surpassing analyst expectations with an earnings per share (EPS) of $0.94, beating the forecasted $0.87. The company also exceeded revenue projections, reporting $263 million compared to the anticipated $245.93 million. Subscription revenue saw a notable 39% increase, contributing to the overall 21% year-over-year revenue growth. CommVault ended the quarter with $241 million in cash reserves, maintaining a healthy financial position. Despite these positive results, the company’s stock experienced a decline in pre-market trading. Analysts from various firms have noted CommVault’s strong performance, with some highlighting its strategic focus on subscription services and cyber resilience offerings. The company expects continued growth, projecting fiscal 2025 total annual recurring revenue (ARR) growth of 19-20%, with subscription ARR anticipated to increase by 28-30%. CommVault’s recent acquisition of Clumio contributed $24 million in ARR, reflecting its strategic expansion efforts.
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