Cvent Inc. (CVT) Stock Price Down 2.5%
Cvent Inc. (NYSE:CVT)’s share price was down 2.5% during mid-day trading on Wednesday . The company traded as low as $31.77 and last traded at $31.89, with a volume of 278,112 shares traded. The stock had previously closed at $32.70.
A number of equities analysts have issued reports on CVT shares. Zacks Investment Research upgraded Cvent from a “hold” rating to a “buy” rating and set a $39.00 price target on the stock in a report on Monday, July 11th. William Blair began coverage on Cvent in a report on Friday, April 8th. They set an “outperform” rating on the stock. Needham & Company LLC cut Cvent from a “buy” rating to a “hold” rating in a report on Tuesday, April 19th. Stifel Nicolaus cut Cvent from a “buy” rating to a “hold” rating in a report on Monday, April 18th. Finally, JMP Securities cut 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 issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $35.25.
The company’s market cap is $1.35 billion. The firm’s 50-day moving average is $34.40 and its 200 day moving average is $29.19.
Cvent (NYSE:CVT) last issued its quarterly earnings results on Thursday, May 5th. The company reported $0.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.11. The firm earned $52.30 million during the quarter, compared to analysts’ expectations of $51.40 million. On average, equities analysts anticipate that Cvent Inc. will post ($0.01) earnings per share for the current year.
A number of large investors have recently modified their holdings of CVT. US Bancorp DE boosted its stake in shares of 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 last quarter. TD Asset Management Inc. boosted its stake in shares of 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. California State Teachers Retirement System boosted 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 last quarter. Finally, Russell Frank Co boosted 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 last quarter.
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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