NEW YORK (AP) ¿ Several analysts see hope in CommVault Systems Inc.'s new data management software, despite a worse-than-expected fiscal fourth quarter.
On Wednesday, CommVault reported an adjusted profit of 9 cents per share late on sales of $56.1 million for its fiscal fourth quarter. Analysts polled by Thomson Reuters projected profit of 15 cents per share on revenue of $63 million.
"Despite the slightly disappointing results for the March quarter, we remain confident in our belief that the company's product set offers a compelling" return on investment, Morgan Keegan analyst Brian Freed wrote in a client note Thursday.
He reiterated an "Outperform" rating on shares and said CommVualt's new data management product, Simpana 8, should help "accelerate its pace of market share gains."Joel Fishbein, a Lazard Capital Markets analyst, said the company's near-term growth has run into headwinds from a poor economy, pressure on prices and weak spending from the U.S. government. But Fishbein reiterated a "Buy" rating, saying Simpana 8 "has led to new opportunities and should lead to growth coming out (of) the downturn."