Insider Selling: Cvent major shareholder Sells 400,000 Shares of Stock (CVT)
Cvent (NYSE:CVT) major shareholder Insight Venture Partners Vii, sold 400,000 shares of the company’s stock on the open market in a transaction dated Thursday, August 14th. The shares were sold at an average price of $26.33, for a total value of $10,532,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.
Separately, 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. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Cvent has a consensus rating of “Buy” and a consensus target price of $35.38.
Shares of Cvent (NYSE:CVT) traded down 0.53% during mid-day trading on Monday, hitting $26.24. The stock had a trading volume of 102,673 shares. 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 $26.88 and a 200-day moving average of $31.34. The company has a market cap of $1.109 billion and a price-to-earnings ratio of 775.88.
Cvent (NYSE:CVT) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.06 earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.01) by $0.07. The company had revenue of $34.13 million for the quarter, compared to the consensus estimate of $33.51 million. During the same quarter last year, the company posted $0.04 earnings per share. Cvent’s revenue was up 26.7% compared to the same quarter last year. Analysts expect that Cvent will post $0.05 EPS 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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