Piper Jaffray downgraded CommVault Systems (NASDAQ: CVLT) from Overweight to Neutral with a price target of $40.00 (from $69.00).

Analyst Andrew Nowinski comments, "We are downgrading shares of CommVault to Neutral and lowering our price target
to $40 (previously $69) due to concerns that the competitive pressures CommVault is facing within both the mid-market and enterprise segments will persist for the next 6-9 months. While management is confident the pricing model and go-to-market charges will enable revenue growth to return to historical levels in the back half of FY16, we have little confidence the company can exceed estimates during this transition. As such, we are downgrading shares to Neutral and lowering our price target to $40."

The firm cut FY 2015 EPS from $2.04 to $1.52 and FY 2015 EPS from $2.59 to $2.05.

For an analyst ratings summary and ratings history on CommVault Systems click here. For more ratings news on CommVault Systems click here.

Shares of CommVault Systems closed at $42.97 yesterday.