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."
Tim Klasell of Thomas Weisel offered a more cautious take in a note Wednesday, cutting his price target to $12 from $13. He held his "Overweight" rating on the stock but told clients, "This is the second light quarter in a row and given that we think IT spending will remain tight for the next couple of quarters, we are going to remain a bit more cautious on our assumptions." Shares of CommVault fell $1.94, or 15.7 percent, to $10.45 in premarket activity Thursday. The stock has ranged from $7.35 to $18.65 over the past year.