CVLT - Commvault - Risk/Reward Favorable With Multiple Growth Drivers

• Commvault is rated the best backup software in the industry by multiple third-parties as well as its customers; stock underperformed significantly over the past year.
• Commvault software was complex and was hard to install, allowing less robust solutions such as Veeam, Cohesity, and Rubrik an opportunity to gain a foothold.
• Commvault reworked its products, making them easier to buy and easier to consume. The company also acquired cutting-edge solutions such as Hedvig and launched newer products.
• Hedvig plus Commvault is perhaps one of the best solutions in the industry today, and we expect the company to gain share in the next few quarters.
• Given improving execution, reasonable valuation, and opportunity to gain share, we believe CVLT has favorable risk/reward and is, therefore, a buy.

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