Cvent Inc. (NYSE:CVT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.
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. “
A number of other research analysts also recently weighed in on the stock. Stifel Nicolaus downgraded shares of Cvent from a “buy” rating to a “hold” rating in a research report on Monday, April 18th. Needham & Company LLC downgraded shares of Cvent from a “buy” rating to a “hold” rating in a research report on Tuesday, April 19th. William Blair started coverage on shares of Cvent in a research report on Friday, April 8th. They set an “outperform” rating for the company. Finally, JMP Securities downgraded shares of Cvent from an “outperform” rating to a “market perform” rating in a research report on Monday, May 9th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. Cvent presently has an average rating of “Hold” and a consensus target price of $35.25.
Cvent (NYSE:CVT) last released its earnings results on Thursday, May 5th. The company reported $0.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.11. The company had revenue of $52.30 million for the quarter, compared to the consensus estimate of $51.40 million. On average, analysts predict that Cvent will post ($0.01) EPS for the current fiscal year.
A number of hedge funds have recently bought and sold shares of CVT. Bank of Montreal Can purchased a new stake in Cvent during the second quarter valued at about $125,000. Sphinx Trading LP purchased a new stake in Cvent during the second quarter valued at about $143,000. BlackRock Group LTD boosted its stake in Cvent by 62.8% in the first quarter. BlackRock Group LTD now owns 7,794 shares of the company’s stock valued at $167,000 after buying an additional 3,007 shares in the last quarter. Pacad Investment Ltd. purchased a new stake in Cvent during the first quarter valued at about $270,000. Finally, Wellington Management Group LLP purchased a new stake in Cvent during the first quarter valued at about $272,000.
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.
