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 fiscal 2026 (ended March 31, 2026) revenue reached approximately $1.18 billion, up about 19%. CFO Jennifer DiRico has led the finance organization through the company's business-model transformation toward a subscription-first model, and in October 2026 the company named Matthew Stauble as Chief Customer Officer.

The first quarter of fiscal 2027 (ended June 30, 2026) brought revenue of about $312 million, up roughly 11% year over year, and non-GAAP EPS of $1.42 against a $1.16 consensus, the third straight quarterly beat. GAAP net income stayed thin at about $15 million. The stock, which bottomed near $72 after the January sell-off, closed at $148.37 on October 16, 2026, up about 20% year to date, for a market cap near $6.2 billion. Fiscal Q2 results are due October 27, 2026, with consensus EPS near $1.24 on about $310 million of revenue; Oppenheimer said in early October it expects the quarter to beat guidance, and RBC raised its target to $160 while keeping a Sector Perform rating.

The most immediate risk is the wave of securities class action lawsuits filed in 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. Revenue growth has also slowed, to about 11% year over year in the June 2026 quarter from roughly 19% for fiscal 2026. 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. The company's GAAP net income (about $68 million TTM, a 5.6% margin) remains thin relative to its revenue base, and about $918 million of debt, roughly matched by cash, leaves a balance sheet with very little book equity. After nearly doubling from its 52-week low, the stock trades around 24 times forward earnings, so another ARR disappointment could hit it hard.

17 analysts publish price targets on CVLT, averaging $163.49 against a $149.11 price as of October 2026, or +9.6%. The published targets run from $130.00 to $200.00, a moderate spread, and the ratings split 11 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 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.

No. Commvault Systems, Inc. (CVLT) has not split its stock in the last 10 years. That is a statement about the window we check rather than about the company’s entire history, so an older split is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.

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.): ~$1.22B
• Revenue Growth (latest quarter YoY): ~11%
• Gross Margin (approx.): ~81%
• Net Income (TTM, GAAP): ~$68M
• Q1 FY2027 EPS (non-GAAP, actual vs est.): $1.42 vs $1.16
• P/E Ratio (trailing GAAP / forward): ~95x / ~24x
• Free Cash Flow (TTM): ~$304M
• Market Capitalization (approx.): ~$6.2B

After falling to about $72 following the January 27, 2026 ARR miss, CVLT has roughly doubled, lifting the forward P/E from about 18x earlier in the year to roughly 24x and the market cap to about $6.2 billion. The ~81% gross margin and about $304 million of trailing free cash flow reflect the SaaS model, but GAAP net income remains modest, which is why the trailing GAAP P/E near 95x looks so different from the forward multiple. Consensus expects fiscal 2027 EPS of about $5.45 and fiscal 2028 EPS of about $6.20, and the October 27 report will show whether net new ARR has stabilized after the issues behind the litigation.

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, 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 $1.22 billion as of mid-2026 and revenue growing about 11% year over year in the latest quarter. 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 pressured net new ARR, and a valuation that has rebounded from its January lows to about 24 times forward earnings, a premium to some software 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.