Cvent Inc. (CVT) Upgraded to Buy by Zacks Investment Research
Cvent Inc. (NYSE:CVT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage currently has a $35.00 price target on the stock. Zacks Investment Research’s price target would suggest a potential upside of 11.68% from the company’s previous close.
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 were exchanged. Cvent has a 52 week low of $17.85 and a 52 week high of $37.25. The firm’s 50 day moving average price is $32.02 and its 200-day moving average price is $32.52. The stock’s market capitalization is $1.33 billion.
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Cvent (NYSE:CVT) last posted its quarterly earnings results on Friday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company earned $59.60 million during the quarter, compared to analyst estimates of $47.32 million. Equities analysts forecast that Cvent will post $0.09 EPS for the current fiscal year.
Several institutional investors have recently bought and sold shares of the stock. Aperio Group LLC purchased a new position in Cvent during the first quarter valued at $394,000. Pacad Investment Ltd. purchased a new position in Cvent during the first quarter valued at $270,000. Goldman Sachs Group Inc. raised its position in Cvent by 35.7% in the first quarter. Goldman Sachs Group Inc. now owns 41,569 shares of the company’s stock valued at $889,000 after buying an additional 10,926 shares during the period. Loomis Sayles & Co. L P raised its position in Cvent by 70.7% in the first quarter. Loomis Sayles & Co. L P now owns 404,371 shares of the company’s stock valued at $8,653,000 after buying an additional 167,440 shares during the period. Finally, HBK Investments L P raised its position in Cvent by 187.0% in the first quarter. HBK Investments L P now owns 25,884 shares of the company’s stock valued at $554,000 after buying an additional 16,865 shares during the period. 61.66% of the stock is owned by hedge funds and other institutional investors.
Cvent Company Profile
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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