Bank of New York Mellon Corp reduced its position in shares of Cvent Inc. (NYSE:CVT) by 2.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 122,411 shares of the company’s stock after selling 2,780 shares during the period. Bank of New York Mellon Corp owned about 0.29% of Cvent worth $4,373,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Longfellow Investment Management Co. LLC acquired a new stake in Cvent during the second quarter worth approximately $4,465,000. LMR Partners LLP acquired a new stake in Cvent during the second quarter worth approximately $1,215,000. Huntington National Bank boosted its stake in Cvent by 51.4% in the second quarter. Huntington National Bank now owns 3,202 shares of the company’s stock worth $114,000 after buying an additional 1,087 shares during the period. Kassirer Asset Management Corp acquired a new stake in Cvent during the second quarter worth approximately $6,793,000. Finally, FNY Managed Accounts LLC acquired a new stake in Cvent during the second quarter worth approximately $4,020,000. Institutional investors and hedge funds own 61.66% of the company’s stock.
Cvent Inc. (NYSE:CVT) traded up 0.64% during trading on Monday, reaching $31.52. The company’s stock had a trading volume of 429,978 shares. The company has a 50 day moving average price of $32.14 and a 200-day moving average price of $31.52. Cvent Inc. has a 52 week low of $17.85 and a 52 week high of $37.25. The company’s market capitalization is $1.34 billion.
Cvent (NYSE:CVT) last posted its quarterly earnings data on Friday, August 5th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.10. Cvent had a negative return on equity of 1.80% and a negative net margin of 8.36%. The company earned $59.60 million during the quarter, compared to analysts’ expectations of $47.32 million. Equities research analysts anticipate that Cvent Inc. will post $0.09 earnings per share for the current year.
Separately, Zacks Investment Research lowered Cvent from a “buy” rating to a “hold” rating in a research note on Thursday, July 28th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $37.33.
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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