Shares in Commvault Systems (CVLT), a data protection and information management software firm, are up 48% in the past year. In its latest 10-Q, Commvault revealed employees, while still buyers, are no longer willing to purchase the stock at a discount as fervently as they have in the past. Under the Employee Stock Purchase Plan (ESPP), employees can purchase the stock— up to $25,000 annually— at a 15% discount.

Employees are purchasing fewer shares but paying more for Commvault stock. While the number of shares purchased declined 34.1% in 2021, the total amount invested rose 10.9% compared to the prior year.

Headcount is up 5.4% to 2,671 in 2021. In the past three years, Commvault employees have purchased approximately $14.6 million of company stock, or approximately 0.5% of the company’s current market cap.

We track ESPP participation as a gauge of employee enthusiasm. It’s a secondary data point that, when combined with others, can provide subtle hints about a company’s offering, culture, or prospects.