Cvent Inc. (CVT) Sees Unusually-High Trading Volume
Cvent Inc. (NYSE:CVT) shares saw unusually-high trading volume on Wednesday . Approximately 689,897 shares changed hands during trading, a decline of 8% from the previous session’s volume of 747,774 shares.The stock last traded at $34.38 and had previously closed at $34.20.
CVT has been the topic of several recent research reports. William Blair initiated coverage on Cvent in a report on Friday, April 8th. They set an “outperform” rating on the stock. Stifel Nicolaus cut Cvent from a “buy” rating to a “hold” rating in a report on Monday, April 18th. Needham & Company LLC cut Cvent from a “buy” rating to a “hold” rating in a report on Tuesday, April 19th. JMP Securities cut Cvent from an “outperform” rating to a “market perform” rating in a report on Monday, May 9th. Finally, Zacks Investment Research upgraded Cvent from a “hold” rating to a “buy” rating and set a $39.00 price objective on the stock in a report on Monday, July 11th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $35.25.
The stock’s 50 day moving average price is $35.32 and its 200 day moving average price is $29.08. The stock’s market cap is $1.44 billion.
Cvent (NYSE:CVT) last released its quarterly earnings results on Thursday, May 5th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.11. The firm had revenue of $52.30 million for the quarter, compared to analysts’ expectations of $51.40 million. On average, equities research analysts expect that Cvent Inc. will post ($0.01) EPS for the current year.
A number of large investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System increased its stake in 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. TD Asset Management Inc. increased its stake in Cvent by 21.0% in the fourth quarter. TD Asset Management Inc. now owns 28,810 shares of the company’s stock valued at $1,006,000 after buying an additional 5,000 shares during the last quarter. Turner Investments L.P. increased its stake in 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 last quarter. Russell Frank Co increased its stake in 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 last quarter. Finally, Oxford Asset Management bought a new stake in Cvent during the fourth quarter valued at $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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