Cvent Inc. (NYSE:CVT) Given Consensus Recommendation of “Hold” by Brokerages
Cvent Inc. (NYSE:CVT) has earned a consensus rating of “Hold” from the six brokerages that are currently covering the stock. Five analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $43.00.
Separately, Zacks Investment Research upgraded shares of Cvent from a “hold” rating to a “buy” rating and set a $39.00 target price on the stock in a research note on Monday, July 11th.
Shares of Cvent (NYSE:CVT) traded down 0.47% during mid-day trading on Monday, reaching $31.74. 59,644 shares of the company’s stock traded hands. The firm’s market cap is $1.34 billion. The firm’s 50-day moving average is $32.03 and its 200 day moving average is $32.29. Cvent has a one year low of $17.85 and a one year high of $37.25.
Cvent (NYSE:CVT) last released its earnings results on Friday, August 5th. The company reported $0.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.10. Cvent had a negative net margin of 8.36% and a negative return on equity of 1.80%. The firm had revenue of $59.60 million for the quarter, compared to analyst estimates of $47.32 million. Analysts predict that Cvent will post $0.09 earnings per share for the current year.
A number of institutional investors have recently made changes to their positions in the stock. Aperio Group LLC bought a new position in shares of Cvent during the first quarter valued at approximately $394,000. Pacad Investment Ltd. bought a new position in shares of Cvent during the first quarter valued at approximately $270,000. Goldman Sachs Group Inc. raised its position in shares of Cvent by 35.7% in the first quarter. Goldman Sachs Group Inc. now owns 41,569 shares of the company’s stock valued at $889,000 after buying an additional 10,926 shares in the last quarter. Loomis Sayles & Co. L P raised its position in shares of Cvent by 70.7% in the first quarter. Loomis Sayles & Co. L P now owns 404,371 shares of the company’s stock valued at $8,653,000 after buying an additional 167,440 shares in the last quarter. Finally, HBK Investments L P raised its position in shares of Cvent by 187.0% in the first quarter. HBK Investments L P now owns 25,884 shares of the company’s stock valued at $554,000 after buying an additional 16,865 shares in the last quarter. Institutional investors own 61.66% of the company’s stock.
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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