CommVault Beats Analyst Estimates In 3Q, Will It Sustain?

Goldman Sachs has published a research report on CommVault Systems, Inc. (NASDAQ: CVLT) after the company reported 3Q revenues that beat analyst expectations and were higher overall than this time in 2010.

In the report, Goldman Sachs writes that "CommVault reported 3QFY11 revenues of $84 mn (up 18% year over year), ahead of our/Street estimates of $79/$78 mn. Upside to our estimates came on the license line at $42 mn vs. our/Street estimates of $37/$38 mn, up 19% yoy. Non-GAAP operating margin of 18.0% exceeded our 17.3% estimate, resulting in non-GAAP EPS of $0.22, above our/Street estimates of $0.20/$0.21. On the balance sheet, deferred revenue of $103 mn was in line with our/Street estimates of $103/$102 mn (up 6% sequentially). DSO was 71 vs. 66 a year earlier and 63 in the previous quarter. Cash flow from operations came in at $10 mn, a little below our estimate of $14 mn."

Goldman Sachs maintains its Neutral rating on CommVault Systems, which closed yesterday at $30.89.