NEW YORK (TheStreet) -- Shares of CommVault Systems (CVLT) - Get Report were falling 12.22% to $34.77 on heavy trading volume Tuesday after the data and information management company missed analysts' estimates for earnings in the fiscal first quarter.
CommVault reported earnings of 12 cents a share for the first quarter, below analysts' estimates of 24 cents a share. Revenue fell 8.9% year over year to $139.12 million, missing analysts' estimates of $147.91 million.
"Our fiscal first quarter proved to be more challenging than we expected," Chairman, President, and CEO N. Robert Hammer said in a statement. "However, during the quarter we made excellent progress on our business transformation plan. The core foundational elements are now in place to propel improvement in the second half of the fiscal year."
About 3.3 million shares of CommVault were traded by 11:41 a.m. Tuesday, well above the company's average trading volume of about 464,000 shares a day.
TheStreet Ratings team rates COMMVAULT SYSTEMS INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate COMMVAULT SYSTEMS INC (CVLT) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, disappointing return on equity and weak operating cash flow."
You can view the full analysis from the report here: CVLT Ratings Report