The Vanguard Group, Inc. recently announced the acquisition of new stake in Cvent Holding Corp. (NASDAQ:CVT). The institutional investor has increased its shareholding in the Technology company by 498.63% to 6.38 million shares with purchase of 5.32 million shares. This fresh investment now brings its stake to 1.31% valued currently at $46.35 million. In addition, Fidelity Management & Research Co raised its holdings by 0.47 million to 5.89 million shares.
With over 20.37 million Cvent Holding Corp. (CVT) shares trading Tuesday and a closing price of $8.36 on the day, the dollar volume was approximately $170.32 million. The shares have shown a positive half year performance of 50.63% and its price on 03/14/23 gained nearly 12.97%. Currently, there are 483.59M common shares owned by the public and among those 468.80M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 4 analysts who have offered their price forecasts for CVT have a consensus price objective of $9.17. The analysts have set the share’s price value over the next 12 months at a high of $11.00 and a low of $8.00. The average price target is -4.5% below its recent price level and a downside to the estimated low will see the stock lose -4.5% over that period. But an upside of 24.0% will see the stock hit the forecast high price target while median target price for the stock is $8.50.
Insiders at the company have transacted a total of 11 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 10 of these insider trades were purchases, accounting for 250,029 shares. Insider sales of the common stock occurred on 1 occasions, with total insider shares sold totaling 2,143 shares.
The top 3 mutual fund holders in Cvent Holding Corp. are American Funds Small Cap World Fu, Fidelity Small Cap Growth Fund, and Vanguard Total Stock Market Index. American Funds Small Cap World Fu owns 8.28 million shares of the company’s stock, all valued at over $60.08 million. The company sold -1.38 million shares recently to bring their total holdings to about 1.70% of the shares outstanding. Vanguard Total Stock Market Index now owns shares totaling to 0.47% of the shares outstanding.
Shares of Cvent Holding Corp. (NASDAQ: CVT) opened at $8.31, up $0.91 from a prior closing price of $7.40. However, the script later moved the day high at 8.38, up 12.97%. The company’s stock has a 5-day price change of 13.28% and 51.72% over the past three months. CVT shares are trading 54.81% year to date (YTD), with the 12-month market performance up to 11.62% higher. It has a 12-month low price of $3.30 and touched a high of $8.12 over the same period. CVT has an average intraday trading volume of 496.24K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 11.94%, 22.61%, and 43.54% respectively.
Institutional ownership of Cvent Holding Corp. (NASDAQ: CVT) shares accounts for 94.70% of the company’s 483.59M shares outstanding. Mutual fund holders own 3.87%, while other institutional holders and individual stakeholders account for 4.98% and 3.49% respectively.
It has a market capitalization of $4.08B. The earnings-per-share (ttm) stands at -$0.26. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.95% over the week and 5.37% over the month.
Analysts forecast that Cvent Holding Corp. (CVT) will achieve an EPS of $0.06 for the current quarter, $0.03 for the next quarter and $0.2 for 2023. The lowest estimate earnings-per-share for the quarter is $0.04 while analysts give the company a high EPS estimate of $0.07. Comparatively, EPS for the current quarter was $0.06 a year ago. Earnings per share for the fiscal year are expected to decrease by -17.60%, and 10.61% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 4 brokerage firm advisors rate Cvent Holding Corp. (CVT) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 3 of the 4 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CVT, a number of firms have released research notes about the stock. Credit Suisse stated their Outperform rating for the stock in a research note on September 23, 2022, with the firm’s price target at $8. Morgan Stanley coverage for the Cvent Holding Corp. (CVT) stock in a research note released on June 17, 2022 offered a Equal-Weight rating with a price target of $5.50. Colliers Securities was of a view on March 08, 2022 that the stock is Buy, while JP Morgan gave the stock Neutral rating on February 09, 2022, issuing a price target of $8. William Blair on their part issued Outperform rating on January 10, 2022.
