Cvent Inc. (CVT) Stock Rating Upgraded by Zacks Investment Research
Cvent Inc. (NYSE:CVT) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday. The brokerage presently has a $35.00 price objective on the stock. Zacks Investment Research’s target price would suggest a potential upside of 14.75% from the company’s previous close.
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 1.02% during mid-day trading on Monday, hitting $30.81. The stock had a trading volume of 69,853 shares. Cvent has a one year low of $17.85 and a one year high of $37.25. The company’s market cap is $1.31 billion. The firm’s 50-day moving average price is $31.14 and its 200 day moving average price is $33.31.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. FineMark National Bank & Trust increased its position in Cvent by 6.1% in the second quarter. FineMark National Bank & Trust now owns 3,055 shares of the company’s stock valued at $109,000 after buying an additional 176 shares in the last quarter. Huntington National Bank increased its position in Cvent by 51.4% in the second quarter. Huntington National Bank now owns 3,202 shares of the company’s stock valued at $114,000 after buying an additional 1,087 shares in the last quarter. Bank of Montreal Can purchased a new position in Cvent during the second quarter valued at approximately $125,000. Sphinx Trading LP purchased a new position in Cvent during the second quarter valued at approximately $143,000. Finally, Teacher Retirement System of Texas increased its position in Cvent by 56.1% in the second quarter. Teacher Retirement System of Texas now owns 4,430 shares of the company’s stock valued at $158,000 after buying an additional 1,592 shares in the last quarter. 58.23% of the stock is owned by hedge funds and other institutional investors.
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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