** Shares of cybersecurity firm Commvault Systems CVLT.O fall 34.2% to $85, hitting a two-year low

** Co forecasts its full-year outlook for annualized recurring revenue $(ARR)$ to 18%, the lower end of its previous forecast of 18%-19% growth

** Also trims cash flow outlook to account for charges linked with restructuring

** However, Q3 results beat expectations, with CVLT raising the midpoint of its FY revenue view to $1.18 bln from $1.16 bln earlier

** Rival Rubrik's RBRK.N shares also fall, as investors reassess demand across the data-management and cyber-resilience software space

** CVLT shares down about 19% over the past year

(Reporting by Tharuniyaa Lakshmi in Bengaluru)

((tharuniyaa@thomsonreuters.com))