Zacks Investment Research upgraded shares of Cvent Inc. (NYSE:CVT) from a hold rating to a buy rating in a research report released on Tuesday morning. Zacks Investment Research currently has $35.00 target price on the stock.
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) opened at 31.44 on Tuesday. Cvent has a 52 week low of $17.85 and a 52 week high of $37.25. The company has a 50-day moving average price of $31.92 and a 200-day moving average price of $32.50. The stock’s market cap is $1.33 billion.
Cvent (NYSE:CVT) last announced its earnings results on Friday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.10. The company had revenue of $59.60 million for the quarter, compared to analyst estimates of $47.32 million. Cvent had a negative return on equity of 1.80% and a negative net margin of 8.36%. Equities research analysts anticipate that Cvent will post $0.09 EPS for the current year.
Hedge funds have recently bought and sold shares of the company. Omni Partners LLP bought a new stake in Cvent during the second quarter worth $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. SG Americas Securities LLC purchased a new position in shares of Cvent during the second quarter worth approximately $23,731,000. Finally, Gabelli Funds LLC purchased a new position in shares of Cvent during the second quarter worth approximately $21,099,000. 61.66% of the stock is currently owned by institutional investors and hedge funds.
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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