Robert W. Baird Maintains “Buy” Rating on Commvault Systems (CVLT) With $215 PT

Core Insights - Commvault Systems, Inc. is identified as an overlooked tech stock with strong investment potential [1] - Robert W. Baird maintains a "Buy" rating on Commvault with a price target of $215, citing strong momentum in annual recurring revenue (ARR) and SaaS adoption [2] - The company's Q2 FY2026 results exceeded analyst expectations, with total ARR reaching $1.04 billion, a 22% year-over-year increase, driven by a 61% growth in SaaS revenue [3] Financial Performance - Commvault reported $1.04 billion in total ARR for Q2 FY2026, marking a 22% increase year-over-year [3] - SaaS revenue growth was a significant contributor, increasing by 61% [3] - The company achieved the $1 billion ARR milestone two quarters earlier than anticipated, indicating strong growth confidence from the CEO [3] Strategic Developments - The completion of the Satori Cyber acquisition and the launch of Clumio for Apache Iceberg on AWS were key developments in Q2 FY2026 [3] - Commvault is expanding its HyperScale portfolio, reinforcing its leadership in enterprise-grade cyber resilience [3] - The upcoming SHIFT event is expected to showcase Commvault's transition into a hybrid-first, AI-ready resilience platform, enhancing market sentiment [2] Market Position - Commvault's "land-and-expand" SaaS strategy is contributing to its rising market share against competitors [2] - The company provides AI-driven, cloud-first data protection solutions to over 100,000 organizations, emphasizing its role in cyber resilience [4]