Cvent Inc. (CVT) Sees Unusually-High Trading Volume
Cvent Inc. (NYSE:CVT) shares saw an uptick in trading volume on Tuesday . 1,475,730 shares traded hands during mid-day trading, an increase of 85% from the previous session’s volume of 797,217 shares.The stock last traded at $35.17 and had previously closed at $35.72.
Several analysts have recently issued reports on CVT shares. William Blair assumed coverage on Cvent in a report on Friday, April 8th. They issued an “outperform” rating for the company. 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. Finally, JMP Securities cut Cvent from an “outperform” rating to a “market perform” rating in a report on Monday, May 9th. One 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 company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $34.20.
The firm’s 50 day moving average price is $35.71 and its 200-day moving average price is $29.02. The firm’s market capitalization is $1.47 billion.
Cvent (NYSE:CVT) last posted its earnings results on Thursday, May 5th. The company reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.11. The business earned $52.30 million during the quarter, compared to analyst estimates of $51.40 million. Equities analysts anticipate that Cvent Inc. will post ($0.01) earnings per share for the current fiscal year.
In other Cvent news, CTO David C. Quattrone sold 4,000 shares of the stock in a transaction dated Friday, April 8th. The shares were sold at an average price of $22.00, for a total value of $88,000.00. Following the completion of the sale, the chief technology officer now owns 666,980 shares in the company, valued at approximately $14,673,560. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Several large investors recently modified their holdings of the company. US Bancorp DE increased its position in Cvent by 116.9% in the fourth quarter. US Bancorp DE now owns 28,670 shares of the company’s stock valued at $1,002,000 after buying an additional 15,452 shares during the period. TD Asset Management Inc. increased its position 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 period. Oxford Asset Management acquired a new position in Cvent during the fourth quarter valued at approximately $1,088,000. Turner Investments L.P. increased its position 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 period. Finally, California State Teachers Retirement System increased its position 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.
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.