Bulletin
Investor Alert

New York Markets Close in:

Market Pulse Archives

April 2, 2018, 9:22 a.m. EDT

CommVault's stock soars after activist investor Elliott Management discloses large stake

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    CommVault Systems Inc. (CVLT)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

Shares of CommVault Systems Inc. /zigman2/quotes/205571392/composite CVLT +0.46% shot up 11% in premarket trade, putting it on track to open at an eight-month high, after the company said activist investor Elliott Management disclosed a 10.3% stake in the data management company. That would make Elliott the largest shareholder, based on FactSet data. CommVault said Elliott, a hedge fund founded by billionaire investor Paul Singer, has nominated four people to join CommVault's board of directors. In a letter to CommVault's board, Elliott said it believes the company's current market value doesn't reflect its leadership in the data management software market. Elliott said it is looking forward to "constructive engagement" with the company to find a "mutually supported path forward" to create significant shareholder value. CommVault's stock has run up 7.9% over the past three months through Thursday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.35% has lost 2.0%.

/zigman2/quotes/205571392/composite
US : U.S.: Nasdaq
$ 63.58
+0.29 +0.46%
Volume: 49,614
June 29, 2022 12:44p
P/E Ratio
88.88
Dividend Yield
N/A
Market Cap
$2.82 billion
Rev. per Employee
$270,222
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,808.36
-13.19 -0.35%
Volume: 1.01B
June 29, 2022 12:47p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.