Commvault Systems, Inc. (CVLT) Stock Price & How to Invest

Commvault Systems (NASDAQ: CVLT), founded in 1996 and headquartered in Tinton Falls, New Jersey, provides data protection, cyber resilience, and recovery software and SaaS solutions for enterprises operating across hybrid and multi-cloud environments. Its unified platform, marketed as Commvault Cloud, integrates data security, identity resilience, and cyber recovery into a single cloud-native, AI-enabled offering. The company generates revenue primarily through subscriptions (including its Metallic SaaS suite) and, to a decreasing degree, legacy perpetual software licenses. More than 12,000 subscription customers relied on its platform as of the end of fiscal year 2025 (March 31, 2025), and the company reported that approximately 82% of Fortune 500 companies have used its solutions. ARR crossed the $1 billion milestone in September 2025, two quarters ahead of its original target.

Commvault was originally built by Bob Hammer, who led the company for more than two decades. In February 2019, Sanjay Mirchandani, formerly CEO of Puppet and a veteran of VMware, EMC, and Microsoft, was appointed President and CEO. Under his leadership, Commvault overhauled its go-to-market approach, launched and scaled its SaaS business (Metallic), and completed acquisitions including Clumio and Appranix to deepen cloud-native capabilities. Fiscal year 2025 produced record annual revenue of approximately $996 million, and full-year fiscal 2026 revenue reached approximately $1.18 billion, representing the company's tenth consecutive high-growth quarter through Q3 FY2026. CFO Jennifer DiRico has led the finance organization through the company's business-model transformation toward a subscription-first model.

The most immediate risk is the wave of securities class action lawsuits filed in mid-2026, alleging that Commvault misled investors about ARR growth by not adequately disclosing the impact of a mix shift toward lower-priced SaaS deals and discounting. The January 27, 2026 Q3 FY2026 earnings release showed net new ARR of $39 million against guidance of $45 million, and SaaS ARR growth decelerated sharply from 71% to 40% year over year, triggering a roughly 31% single-day stock collapse and an estimated $1.7 billion market cap wipeout. Competitively, Commvault faces well-capitalized rivals including Rubrik (public, capitalized at significantly more than CVLT), Veeam (private, with a reported $7.5 billion valuation), and Cohesity (which absorbed the Veritas data protection business), all of which have strengths in segments such as mid-market, AI-driven secondary storage, and cyber recovery. Finally, the company's GAAP net income remains thin relative to its revenue base, and ongoing investment in SaaS and cloud expansion may continue to dilute GAAP margins even as non-GAAP metrics improve.

16 analysts publish price targets on CVLT, averaging $161.15 against a $117.80 price as of August 2026, or +36.8%. The published targets run from $130.00 to $200.00, a moderate spread, and the ratings split 10 buy, 8 hold, 0 sell. Over the last six months there have been 9 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full CVLT forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Commvault Systems, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Subscription and SaaS Flywheel. Commvault's shift from perpetual licenses to subscriptions and SaaS is structurally improving revenue quality and predictability. The most optimistic published target, $200.00, assumes this works close to its best case.

The case against. The most immediate risk is the wave of securities class action lawsuits filed in mid-2026, alleging that Commvault misled investors about ARR growth by not adequately disclosing the impact of a mix shift toward lower-priced SaaS deals and discounting. The most pessimistic target, $130.00, is roughly what CVLT is worth if this bites instead.

Read the full bull and bear case on CVLT, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Commvault Systems, Inc.'s investor relations page or your broker.

• Revenue (TTM, approx.): ~$1.05B
• Revenue Growth (TTM YoY): ~22%
• Annualized Recurring Revenue (ARR): ~$1B+ (surpassed Oct 2025)
• Gross Margin (Non-GAAP, approx.): ~82%
• Trailing P/E Ratio (approx.): ~43-45x (as of late Feb 2026, post stock decline)
• Forward P/E Ratio (approx.): ~18x
• EV/EBITDA (approx.): ~32x
• Market Capitalization (approx.): ~$3.6B

Following a roughly 31% single-day stock drop on January 27, 2026 after the Q3 FY2026 ARR miss, CVLT's trailing P/E compressed substantially from its prior-year levels above 70-80x, and the forward P/E dropped to approximately 18x, a notable re-rating for a software company growing revenue at roughly 20% annually. The ~82% gross margin profile reflects the company's successful transition toward SaaS, but GAAP net income remains modest relative to revenue, as the company continues to invest heavily in sales, R&D, and its cloud platform. Full-year FY2026 revenue guidance was set at approximately $1.16-$1.17 billion, and the company has projected a path toward approximately $1.6 billion in revenue by 2029, though analyst confidence in ARR-linked growth targets has been shaken by the Q3 FY2026 disclosure events.

If you want CVLT exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.

Other names that sit close to CVLT: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get CVLT exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (IWM, BUG), which spreads the position across many companies. Or build it into a focused thematic portfolio, so CVLT sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where CVLT fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Commvault is a profitable, subscription-led cyber resilience business whose primary growth engine is its SaaS platform (Metallic and Commvault Cloud), with TTM revenue of approximately $1.05 billion growing at roughly 22% year over year as of mid-2025. If you believe enterprises will continue shifting data protection to cloud-native, AI-driven platforms and that Commvault's partner ecosystem and brand can hold or gain share against well-funded rivals, the question becomes sizing and overlap, not timing. The risk is a combination of active securities class action lawsuits centered on alleged ARR disclosure failures, a mix shift toward lower-priced SaaS deals that has already pressured net new ARR, and a valuation that, while compressed from its 2025 highs, still carries meaningful earnings-multiple premium relative to peers.

Whether CVLT is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is CVLT a buy or a sell?, and where the stock could go from here in the CVLT stock forecast.

For income investors, whether CVLT pays a dividend and how the payout looks is covered in does CVLT pay a dividend? And to weigh CVLT against a peer, read the full side-by-side comparisons: CVLT vs RBRK and CVLT vs DELL.