Cvent Inc. (CVT) Upgraded at Zacks Investment Research
Cvent Inc. (NYSE:CVT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $35.00 target price on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 11.68% from the company’s current price.
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 down 0.89% during midday trading on Tuesday, reaching $31.34. 218,395 shares of the company traded hands. Cvent has a 12 month low of $17.85 and a 12 month high of $37.25. The firm has a 50 day moving average of $32.02 and a 200-day moving average of $32.52. The stock’s market capitalization is $1.33 billion.
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Cvent (NYSE:CVT) last released its quarterly earnings results on Friday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.10. Cvent had a negative net margin of 8.36% and a negative return on equity of 1.80%. The business had revenue of $59.60 million for the quarter, compared to analyst estimates of $47.32 million. Analysts forecast that Cvent will post $0.09 EPS for the current fiscal year.
Large investors have recently added to or reduced their stakes in the stock. Omni Partners LLP purchased a new stake in Cvent during the second quarter worth about $200,000. CNH Partners LLC bought a new position in shares of Cvent during the second quarter worth approximately $51,877,000. Alpine Associates Management Inc. bought a new position in shares of Cvent during the second quarter worth approximately $47,482,000. SG Americas Securities LLC bought a new position in shares of Cvent during the second quarter worth approximately $23,731,000. Finally, Gabelli Funds LLC bought a new position in shares of Cvent during the second quarter worth approximately $21,099,000. Institutional investors and hedge funds own 61.66% of the company’s stock.
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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