5 Stocks Receiving a Massive Vote of Approval From Wall Street Analysts

04. Commvault Systems, Inc. (NASDAQ:CVLT)

Price Reaction after the Upgrade: +3.61 (+4.10%)

On January 31, KeyBanc analyst Thomas Blakey made a significant move within the technology sector by upgrading Commvault Systems, Inc. (NASDAQ:CVLT) from Sector Weight to Overweight. This upgrade reflects a reassessment of CommVault’s performance, market position, and growth prospects within the industry. Following the upgrade, Commvault Systems, Inc. (NASDAQ:CVLT) experienced a notable increase of 4.10% in its market price on the closing bell of January 31, reaching $91.68. This surge in market price indicates a positive market response to Blakey’s upgraded outlook for CommVault Systems. The upgrade suggests that KeyBanc perceives Commvault Systems, Inc. (NASDAQ:CVLT) as undervalued relative to its potential, signaling confidence in the company’s ability to deliver shareholder value. Overall, KeyBanc’s upgrade of CommVault Systems represents an endorsement of the company’s growth trajectory and market opportunities. Despite the short-term market price increase, Blakey’s analysis indicates that Commvault Systems, Inc. (NASDAQ:CVLT) is well-positioned to capitalize on emerging trends and solidify its position as a leader in the technology industry.

Cove Street Small Cap Value Fund made the following comment about Commvault Systems, Inc. (NASDAQ:CVLT) in its Q3 2023 investor letter:

“Commvault Systems, Inc. (NASDAQ:CVLT) has a market-leading position in the backup and recovery space for enterprises, offering on-premises storage, a hybrid private/public cloud solution, and a cloud based solution called Metallic. When we first invested in CommVault in 2019, the company suffered from “Founders Syndrome,” which was overcome by numerous Board changes and the hiring of a new CEO, Sanjay Mirchandani. Mr. Mirchandani has done as we hoped and righted the legacy business’s cost structure while successfully launching and growing their cloud product Metallic. CVLT reached above what we believe to be fair value and we sold the stock.”