5 Best Tech Stocks to Buy According to Peter Algert’s Algert Global

4. CommVault Systems, Inc. (NASDAQ:CVLT)

Algert Global’s Stake Value: $5,793,000

Percentage of Algert Global’s 13F Portfolio: 0.43%

Number of Hedge Fund Holders: 17

New Jersey-based CommVault Systems, Inc. (NASDAQ:CVLT) is a data protection and information management solutions provider to mid-level and enterprise-level organizations across the globe. Its offerings are classified as data protection, data insights, and data storage solutions allowing customers to use all of their data anywhere and anytime.

Algert Global has increased its stake in CommVault Systems, Inc. (NASDAQ:CVLT) by a whopping 974% in the first half of 2022, from a measly 8,575 shares to 92,092 shares, as of Q2 2022. The stock accounts for 0.43% of the 13F portfolio of the hedge fund.

In July, CommVault Systems, Inc. (NASDAQ:CVLT) released the financial results for the quarter ended June 30, 2022. Its revenue increased by 8% y-o-y to $198 million, while its net income shrunk by 75% y-o-y to $3.5 million, for the quarter. CommVault Systems, Inc. (NASDAQ:CVLT) recorded a normalized EPS of $0.64 for the quarter, beating the consensus by $0.01.

As of Q2 2022, 17 of the 895 hedge funds tracked by Insider Monkey were long CommVault Systems, Inc. (NASDAQ:CVLT), owning shares valued at $439 million. Starboard Value LP was the largest shareholder on record with ownership of 3.8 million shares valued at $239 million.