Cvent Inc. (CVT) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Cvent Inc. (NYSE:CVT) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. Zacks Investment Research currently has $35.00 price objective on the stock.
According to Zacks, “Cvent, Inc. operates as a cloud-based enterprise event management platform. The company provides event management software, strategic meetings management software, mobile event apps, pre and post event Web surveys, ticketing software, and Cvent supplier network solutions for event and meeting planners. It operates primarily in the United States. Cvent, Inc. is headquartered in McLean, Virginia. “
Cvent (NYSE:CVT) traded up 0.3832% during midday trading on Tuesday, hitting $31.4601. 6,635 shares of the company traded hands. The company’s market cap is $1.33 billion. The stock has a 50 day moving average price of $31.98 and a 200-day moving average price of $32.51. Cvent has a 12-month low of $17.85 and a 12-month high of $37.25.
Cvent (NYSE:CVT) last posted its quarterly earnings data on Friday, August 5th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.10. The business earned $59.60 million during the quarter, compared to the consensus estimate of $47.32 million. Cvent had a negative net margin of 8.36% and a negative return on equity of 1.80%. Analysts expect that Cvent will post $0.09 EPS for the current year.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Metropolitan Life Insurance Co. NY raised its position in shares of Cvent by 0.3% in the first quarter. Metropolitan Life Insurance Co. NY now owns 16,967 shares of the company’s stock worth $363,000 after buying an additional 53 shares during the last quarter. FineMark National Bank & Trust raised its position in shares of Cvent by 6.1% in the second quarter. FineMark National Bank & Trust now owns 3,055 shares of the company’s stock worth $109,000 after buying an additional 176 shares during the last quarter. Huntington National Bank raised its position in shares of Cvent by 51.4% in the second quarter. Huntington National Bank now owns 3,202 shares of the company’s stock worth $114,000 after buying an additional 1,087 shares during the last quarter. Teacher Retirement System of Texas raised its position in shares of Cvent by 56.1% in the second quarter. Teacher Retirement System of Texas now owns 4,430 shares of the company’s stock worth $158,000 after buying an additional 1,592 shares during the last quarter. Finally, Parametric Portfolio Associates LLC raised its position in shares of Cvent by 17.6% in the second quarter. Parametric Portfolio Associates LLC now owns 11,893 shares of the company’s stock worth $425,000 after buying an additional 1,778 shares during the last quarter. Institutional investors and hedge funds own 61.66% of the company’s stock.
Cvent Company Profile
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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