Cvent (CVT) Posts Quarterly Earnings, Beats Estimates By $0.07 EPS
Cvent (NYSE:CVT) released its earnings data on Thursday. The company reported $0.06 EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.01) by $0.07, Stock Ratings Network.com reports. The company had revenue of $34.13 million for the quarter, compared to the consensus estimate of $33.51 million. During the same quarter in the prior year, the company posted $0.04 earnings per share. The company’s quarterly revenue was up 26.7% on a year-over-year basis. Cvent updated its Q3 guidance to $(0.01)-0.01 EPS and its FY14 guidance to $0.04-0.06 EPS.
Cvent (NYSE:CVT) traded down 1.85% on Thursday, hitting $26.01. 177,573 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’s 50-day moving average is $27.3 and its 200-day moving average is $31.75. The company’s market cap is $1.071 billion.
In other Cvent news, Insider Dwayne J. Sye unloaded 4,000 shares of the company’s stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $28.00, for a total value of $112,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
A number of research firms have recently commented on CVT. Analysts at Zacks downgraded shares of Cvent from an “outperform” rating to a “neutral” rating in a research note on Thursday, July 17th. They now have a $31.90 price target on the stock. On the ratings front, 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. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $35.38.
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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