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Commvault Systems Inc. (CVLT - Get Report) slipped 1.3% to $66.89 Monday after one of its shareholders reduced its position in the data protection and information management company.

Elliot Management said in a Securities and Exchange Commission filing that it had lowered its stake in the Tinton Falls, New Jersey-based company to about 4%.

Despite lowering its stake in Commvault, Elliot said it is "pleased with the operational, financial, governance and strategic progress achieved at the (company) over the last year. This includes the hiring of a new Chief Executive Officer, enhancements to its Board of Directors and significant product, operational and margin improvement initiatives." Elliot said in the filing that with the share price "appreciating meaningfully" from its cost basis, Elliott reduced its position but said that it remains one of the company's largest shareholders.

Elliot held a 6.4% stake and had a combined economic exposure of 8.3% on Jan. 18, according to an earlier filing.

Commvault provides offers data protection, backup, and recovery software solutions for the backup of databases, files, applications, endpoints, and virtual machines according to data type and recovery profile; and help to optimize storage with deduplication, recover data, and leverage reports.