Cvent Inc. (CVT) Sees Unusually-High Trading Volume
Cvent Inc. (NYSE:CVT) shares saw an uptick in trading volume on Tuesday . 440,142 shares changed hands during trading, an increase of 121% from the previous session’s volume of 199,583 shares.The stock last traded at $31.75 and had previously closed at $31.58.
Separately, Zacks Investment Research raised shares of Cvent from a “hold” rating to a “buy” rating and set a $39.00 price objective for the company in a research report on Monday, July 11th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $37.33.
The firm’s 50 day moving average price is $32.19 and its 200-day moving average price is $31.44. The firm’s market cap is $1.34 billion.
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Cvent (NYSE:CVT) last released its earnings results on Friday, August 5th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates 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%. Equities analysts expect that Cvent Inc. will post $0.09 EPS for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Omni Partners LLP purchased a new position in shares of Cvent during the second quarter worth approximately $200,000. CNH Partners LLC purchased a new position in shares of Cvent during the second quarter worth approximately $51,877,000. Alpine Associates Management Inc. purchased a new position in shares of Cvent during the second quarter worth approximately $47,482,000. BlackRock Fund Advisors increased its position in shares of Cvent by 27.5% in the second quarter. BlackRock Fund Advisors now owns 720,520 shares of the company’s stock worth $25,737,000 after buying an additional 155,308 shares during the period. Finally, Granahan Investment Management Inc. MA increased its position in shares of Cvent by 33.8% in the first quarter. Granahan Investment Management Inc. MA now owns 685,448 shares of the company’s stock worth $14,669,000 after buying an additional 172,998 shares during the period. 61.66% of the stock is owned by institutional investors.
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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