Why Is Commvault Systems (CVLT) Stock Rocketing Higher Today
What Happened:
Shares of data backup provider Commvault (NASDAQ:CVLT) jumped 10% in the morning session after the company reported a "beat and raise" quarter. Third quarter results exceeded analysts' revenue and EPS expectations. Notably, the company reported double-digit revenue growth, a significant improvement compared to the flat revenue growth reported at the beginning of the fiscal quarter. Next quarter's revenue guidance also came in higher than Wall Street's estimates, while full-year revenue was raised. Overall, it was a strong quarter for the company.
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What is the market telling us:
Commvault Systems's shares are not very volatile than the market average and over the last year have had only 2 moves greater than 5%. Moves this big are very rare for Commvault Systems and that is indicating to us that this news had a significant impact on the market's perception of the business.
Commvault Systems is up 16% since the beginning of the year. Investors who bought $1,000 worth of Commvault Systems's shares 5 years ago would now be looking at an investment worth $1,360.
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