Shares of CommVault Spike Following Piper Jaffray's Comments
Shares of CommVault Systems, Inc. (NASDAQ: CVLT) jumped as much as 9.29% following Piper Jaffray's buying opportunity comments.
Piper Jaffray analyst Andrew Nowinski noted that the recent weakness in shares is overdone creating a buying opportunity for investors. The analyst added that CommVault is likely to meet its full year outlook and should be cushioned from Symantec's NetBackup 7.6 product which is expected to be introduced this week.
Nowinski noted that concerns over CommVault cutting prices are overdone. Jaffray added that the company's sale team said CommVault is not reducing prices.
Shares of CommVault Systems closed at $68.23 on Monday.
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