Cvent major shareholder Sells $37,875,000 in Stock (CVT)
Cvent (NYSE:CVT) major shareholder Insight Venture Partners Vii, sold 1,500,000 shares of the stock on the open market in a transaction dated Thursday, June 12th. The stock was sold at an average price of $25.25, for a total transaction of $37,875,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.
CVT has been the subject of a number of recent research reports. Analysts at Zacks upgraded shares of Cvent from a “neutral” rating to an “outperform” rating in a research note on Thursday, May 22nd. They now have a $26.40 price target on the stock. Separately, analysts at Goldman Sachs cut their price target on shares of Cvent from $43.00 to $37.00 in a research note on Thursday, May 15th. Finally, analysts at Pacific Crest cut their price target on shares of Cvent from $46.00 to $30.00 in a research note on Thursday, May 15th. They now have an “outperform” rating on the stock. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Cvent presently has a consensus rating of “Buy” and an average price target of $34.28.
Shares of Cvent (NYSE:CVT) traded up 5.61% during mid-day trading on Monday, hitting $28.44. 374,786 shares of the company’s stock traded hands. Cvent has a 52 week low of $22.42 and a 52 week high of $46.13. The stock has a 50-day moving average of $25.64 and a 200-day moving average of $33.88. The company’s market cap is $1.171 billion.
Cvent (NYSE:CVT) last released its earnings data on Wednesday, May 14th. The company reported $0.06 EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.01) by $0.07. The company had revenue of $31.40 million for the quarter, compared to the consensus estimate of $30.89 million. The company’s quarterly revenue was up 28.7% on a year-over-year basis. On average, analysts predict that Cvent will post $0.03 earnings per share for the current fiscal year.
Cvent, Inc is a cloud-based enterprise event management platform. The Company offers an integrated cloud-based software platform that addresses the lifecycle of events and meetings.
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