Exploring Commvault Systems, Inc. (CVLT) Investor Profile: Who’s Buying and Why?

You're looking at Commvault Systems, Inc. (CVLT) and wondering why the stock is moving, especially when the institutional money holds such a tight grip; honestly, that's the right question to ask.

The short answer is that the big players-like BlackRock, Inc. and The Vanguard Group, Inc.-are driving the bus, collectively owning roughly 93.5% of the company, so their moves are the market. For the 2025 fiscal year, Commvault Systems, Inc. reported strong fundamentals, hitting total revenues of $996 million, largely fueled by a powerful 37% jump in subscription revenue, which is what the market rewards.

But here's the quick math: while the company generated a solid $204 million in full-year free cash flow, you also saw insiders selling about 30,843 shares worth roughly $5.55 million in the last three months, which creates a tension every investor needs to defintely understand.

Are the institutions buying for the cyber-resilience story, or are they simply rotating capital? What does that insider selling tell us about near-term price action, and how do you position your portfolio against the consensus when the biggest whales are making their moves?

Who Invests in Commvault Systems, Inc. (CVLT) and Why?

You're looking at Commvault Systems, Inc. (CVLT), and the first thing to understand is that this stock is overwhelmingly controlled by professional money. The investor profile is dominated by large institutions betting on the company's shift to a high-growth, subscription-based model in the critical data protection space.

As of the third quarter of 2025, institutional investors and hedge funds collectively own a staggering 93.50% of Commvault Systems' stock. This level of concentration means retail investors (individual investors) have a small float to trade, and the stock's price movements are heavily influenced by the buy and sell decisions of these large, sophisticated players. Insider ownership, by comparison, is only about 1.00%.

Key Investor Types: The Institutional Giants

The institutional base is a who's who of global asset managers, indicating a long-term, index-linked, or large-cap growth mandate for many holders. The investment is often passive (tracking an index) or a core holding in a technology-focused portfolio. Leading institutional shareholders include BlackRock, Inc., Vanguard Group Inc, Invesco Ltd., and State Street Corp. These firms hold Commvault Systems as part of broad market or sector-specific exchange-traded funds (ETFs) and mutual funds.

Hedge funds, on the other hand, represent the more active, tactical money. In the third quarter of 2025, we saw new positions from funds like Woodline Partners LP, which bought in with a position valued at $18,304,000, and Alyeska Investment Group L.P., which added a position valued at $5,893,000. These are typically short-term, event-driven, or momentum-based bets on the company's near-term performance. You can see the constant re-evaluation in the market.

• Institutional Investors: Core holdings for passive funds (BlackRock, Vanguard).
• Hedge Funds: Tactical, high-conviction bets on growth momentum (Woodline Partners, Alyeska).
• Retail Investors: Smallest segment, trading the public float.

Investment Motivations: Cyber Resilience and SaaS Growth

The primary attraction for investors is Commvault Systems' successful transition to a subscription-first model, which is delivering strong, predictable revenue growth in the high-demand area of cyber resilience. For the fiscal year 2025, which ended March 31, 2025, the company reported total revenues of $996 million, an increase of 19% year-over-year. The real story is the quality of that revenue.

Subscription revenue for FY2025 was $590 million, marking a 37% year-over-year jump. This growth is a clear signal to the market that the 'land-and-expand' Software-as-a-Service (SaaS) strategy is working, especially with the launch of the AI-driven Commvault Cloud Unity platform. The company's focus on cloud-first data protection and cyber recovery is a major tailwind. Honesty, the shift to recurring revenue is what matters most to the street right now. We also see that the company is not a dividend payer (yield is 0.00% as of November 2025), meaning all cash flow is reinvested for growth or returned via buybacks, like the $165 million in share repurchases in FY2025. This is a classic growth stock profile.

Here's a quick look at the FY2025 financial performance that drives investor interest:

For more on the strategic direction, read the Mission Statement, Vision, & Core Values of Commvault Systems, Inc. (CVLT).

Investment Strategies: Growth and Momentum

Given the company's financial profile, the prevailing investment strategy is growth investing and momentum trading. Growth investors are attracted to the high subscription revenue growth rate and the expansion of the total addressable market (TAM) through cloud-based solutions. They are willing to pay a higher multiple for earnings, betting on future cash flows. Analysts reflect this, with an average price target of $191.44 from a consensus of brokerage firms as of November 2025, suggesting a significant upside from the current price.

Momentum traders, including many hedge funds, are looking for continuation of the strong Annual Recurring Revenue (ARR) trend. The company hitting the $1 billion ARR mark two quarters earlier than expected, as announced in October 2025, is a major momentum catalyst. They are executing a 'growth at a reasonable price' (GARP) strategy, provided the non-GAAP operating margin of 21.1% holds up, which shows profitability alongside growth. What this estimate hides, though, is the margin pressure tied to the SaaS transition, which is a near-term risk to watch. Still, the overwhelming strategy is to ride the wave of the company's leadership in enterprise data protection.

Institutional Ownership and Major Shareholders of Commvault Systems, Inc. (CVLT)

You're looking at Commvault Systems, Inc. (CVLT) and wondering who controls the stock and why they're buying. The direct takeaway is this: Commvault is a highly institutional-owned company, meaning its stock price and strategic direction are heavily influenced by a small group of massive asset managers. Institutional investors own roughly 92% to 93.50% of the outstanding shares, which is a significant concentration.

This high level of institutional ownership signals confidence in the company's core business-cyber resiliency and data protection-but it also means you need to watch the quarterly 13F filings closely. Large block trades from these firms can create volatility, so defintely keep an eye on that.

Top Institutional Investors: Who's Holding the Bulk of CVLT?

The largest shareholders in Commvault Systems, Inc. are the titans of the index fund world. These firms hold shares primarily through their massive index and mutual funds, making their positions largely passive, but their sheer size gives them immense influence on corporate governance matters.

As of September 30, 2025, the top two institutional holders alone control over a fifth of the company's stock. Here's the quick math on the top holders:

• The Vanguard Group, Inc.: Holds 5,424,772 shares, representing 12.30% of shares outstanding.
• BlackRock Institutional Trust Company, N.A.: Holds 5,313,369 shares, accounting for 12.05% of shares outstanding.

The concentration is real. Other major players include State Street Investment Management (US) and Renaissance Technologies LLC, rounding out the top-tier ownership. This kind of ownership structure is common for established mid-cap technology firms that have demonstrated a stable, recurring revenue stream.

Recent Changes in Ownership: Institutional Buying on Balance

The trend for the 2025 fiscal year has been net accumulation, meaning institutional investors have been buying Commvault Systems, Inc. stock on balance. This is a strong signal that the smart money sees value in the company's strategic pivot toward subscription-based data management and cyber resilience.

For the quarter ending September 30, 2025, we saw significant activity. The Vanguard Group, Inc. added 111,354 shares, increasing its stake, and First Trust Advisors L.P. made a huge bet, boosting its holdings by 1,139,547 shares. That's a clear vote of confidence from a major ETF sponsor.

But it's not all one-way traffic. Some firms are taking profits or reallocating, which is normal. For example, Renaissance Technologies LLC trimmed its position by 192,900 shares in the same period. Still, the overall institutional activity, which includes buying on balance every quarter in 2024 and early 2025, suggests a positive long-term outlook tied to the company's growth story.

Impact of Institutional Investors on Stock and Strategy

The high institutional ownership is a strong tailwind for the stock price. This concentration provides a layer of stability; these large, long-term holders are less likely to panic-sell on minor news than retail investors. In fact, analyst sentiment, echoed by this institutional buying, suggests a potential price target range of $190 to $200 in 2025, driven by Commvault Systems, Inc.'s strong growth outlook.

For strategy and governance, these investors are a silent but powerful force. They demand clear, profitable execution. Their interest is directly tied to Commvault Systems, Inc.'s success in the cyber resilience market, which is why the company's recent focus on strengthening its corporate governance, including hiring a Chief Security Officer (CSO) to expand the cybersecurity function, is crucial. This move aligns management's actions with the institutional push for better risk mitigation and a clear path to sustained, profitable growth.

The bottom line for you is that the institutional backing validates the company's strategic direction. They're buying into the unified data management and security approach, which is reducing the cost and impact of cyber-attacks for businesses. To understand the foundation of this strategy better, you should review the Mission Statement, Vision, & Core Values of Commvault Systems, Inc. (CVLT).

Next step: Portfolio managers should model the impact of a 5% divestiture by one of the top two holders on the stock's volume and price to stress-test your position.

Key Investors and Their Impact on Commvault Systems, Inc. (CVLT)

The investor profile for Commvault Systems, Inc. (CVLT) is dominated by large institutions, which own over 93% of the company's stock float. This means the stock's movement and the company's strategic direction are heavily influenced by the decisions of a few massive asset managers, not just retail sentiment. You need to watch the passive giants like BlackRock and Vanguard, but also the high-conviction moves from active and quantitative funds for real insight.

Commvault Systems, Inc.'s transition to a subscription-based model and focus on cyber resilience has been the primary driver of this institutional interest, reflected in its fiscal year 2025 results: total revenue hit approximately $996 million, with subscription revenue climbing to $590 million. That's a clear signal that the shift is working.

The Foundation: Passive Giants and Their Steady Hand

The top shareholders in Commvault Systems, Inc. are the usual suspects in the index fund world: BlackRock, Inc. and Vanguard Group Inc. These firms are largely passive investors, meaning they buy and hold the stock because it's part of a major index, not because of a specific trading view. As of September 30, 2025, BlackRock, Inc. held the largest stake with 6,115,614 shares, valued at around $769.65 million, while Vanguard Group Inc. followed closely with 5,435,497 shares.

• BlackRock, Inc.: Largest holder, minimal quarterly change.
• Vanguard Group Inc.: Steadily increasing stake by over 2% in Q3 2025.

Their influence isn't about activism; it's about sheer voting power. These two funds alone hold enough shares to sway most shareholder votes, making them defintely key partners for management. They want stable, long-term performance, which translates into a corporate focus on consistent Annual Recurring Revenue (ARR) growth-which reached $930 million in FY 2025.

Recent Moves: Where the Conviction Trades Are Happening

The most telling moves in the third quarter of fiscal year 2025 came from the active and quantitative managers. While the passive funds are steady, these players are making directional bets on the company's current valuation and growth trajectory.

The standout move was by First Trust Advisors Lp, which increased its position by a staggering 1335.788% in Q3 2025, bringing its total holding to 1,224,856 shares. This kind of massive accumulation suggests a strong belief that the market is underpricing Commvault Systems, Inc.'s cloud and cyber resilience platform, Commvault Cloud, which is a significant growth area for the company. Conversely, quantitative hedge funds like Renaissance Technologies Llc. and active managers like Invesco Ltd. both cut their positions by over 11% in the same quarter, likely due to model signals or portfolio rebalancing after a period of strong stock performance.

Investor Influence and Corporate Response

While a major activist campaign isn't currently dominating the headlines, the constant pressure from a high concentration of institutional ownership directly shapes the company's capital allocation strategy. The institutional playbook demands two things: efficient growth and shareholder returns.

Commvault Systems, Inc. has responded by prioritizing profitability alongside its growth initiatives. The company's full-year fiscal 2025 Non-GAAP EBIT (Earnings Before Interest and Taxes) was a healthy $210 million, with a Non-GAAP operating margin of 21.1%. Plus, a significant action that keeps investors happy is the share repurchase program; the company bought back $165 million worth of common stock in FY 2025. This capital return is a direct nod to institutional investors who want to see surplus cash used to boost Earnings Per Share (EPS) and signal management's confidence in the stock's value.

The high institutional ownership also means management is under scrutiny to deliver on its cloud-first strategy, particularly with the new Commvault Cloud platform. The investment community is watching the subscription ARR growth, which was up 37% year-over-year in FY 2025. If you want a deeper dive into the company's business model and history, you can check out Commvault Systems, Inc. (CVLT): History, Ownership, Mission, How It Works & Makes Money. The quick math here is simple: strong institutional buying validates the strategy, but any slowdown in subscription growth will lead to quick selling from the quant and active funds.

Market Impact and Investor Sentiment

You're looking at Commvault Systems, Inc. (CVLT) right now and seeing a disconnect: great fundamentals but a stock price that has been struggling. Honestly, the sentiment among major shareholders is a classic split between long-term conviction and near-term valuation anxiety. Institutional investors own a staggering amount of the company, with institutional ownership reported to be around 93.5% of the stock, which is a massive vote of confidence in the business model's durability.

The core of this positive sentiment is Commvault Systems, Inc.'s successful shift to a subscription-based model. For the full fiscal year 2025, Total Annualized Recurring Revenue (ARR) grew to $930 million, an increase of 21% year-over-year. That's a clear signal that the largest, most sophisticated buyers-like Blackrock Inc. and Vanguard Group Inc.-are happy to hold, seeing the long-term value in the company's cyber resilience platform. You can see their belief in the Mission Statement, Vision, & Core Values of Commvault Systems, Inc. (CVLT).

Still, not everyone is buying. While institutions like Oberweis Asset Management Inc. increased their position by 2.1% in the third quarter of 2025, insiders have been net sellers over the last three months, offloading about 30,843 shares. To be fair, a lot of that is often just tax-related selling upon vesting of restricted stock, but it defintely adds to the market's jitters.

Recent Market Reactions: The Valuation Pullback

The market's reaction has been brutal, completely masking the solid financial performance. The stock price has tumbled nearly 26% over the past month as of mid-November 2025, even hitting a new 52-week low of $120.78. Here's the quick math on what's happening: Commvault Systems, Inc.'s Price-to-Earnings (P/E) ratio is high, sitting around 70.7x, which is sharply above the US software industry average.

The market is punishing the stock for what it sees as a high valuation, especially after a recent earnings per share miss. Even though the company reported full-year fiscal 2025 total revenues of $996 million, up 19% year-over-year, the high multiple means any slight disappointment or broader market risk aversion hits the stock hard.

What this volatility hides is the quality of the revenue. Subscription revenue for FY2025 was $590 million, up a staggering 37%. That's sticky, high-quality money. The company is actively managing its capital, too, repurchasing $165 million worth of shares in FY2025, which should provide a floor for the price over time.

Analyst Perspectives on Key Investor Impact

Wall Street analysts are largely ignoring the short-term noise from the recent sell-off, maintaining a bullish long-term view. The consensus rating is a 'Moderate Buy,' with an average price target of $195.10. This implies a significant upside of over 65% from the recent low price.

Analysts are focused on the success of the Software-as-a-Service (SaaS) transition, which is what the largest institutional investors are buying into. The shift toward higher-margin subscription revenue is expected to drive future earnings growth, despite the temporary gross margin pressure that comes with the initial move away from traditional term licenses.

The key metrics driving this optimism are clear:

• Subscription ARR grew to $780 million in FY2025, up 31% year-over-year.
• Non-GAAP EBIT (Earnings Before Interest and Taxes) for FY2025 was $210 million, with an operating margin of 21.1%.
• Free Cash Flow for FY2025 was a solid $204 million.

The big institutional holders are essentially long-term partners in this transition, giving management the runway to complete the shift. The table below shows the core financial strength that is fueling the institutional optimism, despite the recent stock price weakness.