Cvent Inc. (CVT) Trading Down 0.8%
Cvent Inc. (NYSE:CVT) shares fell 0.8% on Monday . The company traded as low as $34.51 and last traded at $34.68, with a volume of 612,779 shares. The stock had previously closed at $34.97.
A number of brokerages recently weighed in on CVT. Needham & Company LLC lowered Cvent from a “buy” rating to a “hold” rating in a report on Tuesday, April 19th. William Blair began coverage on Cvent in a report on Friday, April 8th. They set an “outperform” rating on the stock. Stifel Nicolaus lowered Cvent from a “buy” rating to a “hold” rating in a report on Monday, April 18th. Finally, JMP Securities lowered Cvent from an “outperform” rating to a “market perform” rating in a report on Monday, May 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. Cvent presently has a consensus rating of “Hold” and a consensus target price of $33.75.
The firm’s 50 day moving average is $35.62 and its 200-day moving average is $29.03. The stock’s market cap is $1.45 billion.
Cvent (NYSE:CVT) last announced its quarterly earnings data on Thursday, May 5th. The company reported $0.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.11. The company earned $52.30 million during the quarter, compared to the consensus estimate of $51.40 million. On average, equities research analysts forecast that Cvent Inc. will post ($0.01) EPS for the current fiscal year.
A number of large investors have recently modified their holdings of the stock. Columbia Wanger Asset Management LLC increased its stake in shares of Cvent by 3.6% in the fourth quarter. Columbia Wanger Asset Management LLC now owns 2,170,011 shares of the company’s stock valued at $75,755,000 after buying an additional 75,514 shares during the period. Russell Frank Co increased its stake in shares of Cvent by 1,397.7% in the fourth quarter. Russell Frank Co now owns 87,465 shares of the company’s stock valued at $3,067,000 after buying an additional 81,625 shares during the period. California State Teachers Retirement System increased its stake in shares of Cvent by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 43,358 shares of the company’s stock valued at $1,514,000 after buying an additional 754 shares during the period. Turner Investments L.P. increased its stake in shares of Cvent by 100.0% in the fourth quarter. Turner Investments L.P. now owns 40,000 shares of the company’s stock valued at $1,396,000 after buying an additional 20,000 shares during the period. Finally, Oxford Asset Management purchased a new stake in shares of Cvent during the fourth quarter valued at about $1,088,000.
Cvent, Inc is a cloud-based enterprise event management company. The Company provides solutions for both sides of the events and meetings value chain, such as event and meeting planners, through its Event Cloud, and hoteliers and venues, through its Hospitality Cloud. The Company offers planners a platform that addresses the entire lifecycle of events and meetings, including budgeting, planning, venue sourcing, marketing, management and measurement of meetings.
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