Cvent Holdings (NASDAQ:CVT) is up for sale, according to a Wall Street Journal report. Per the report, a deal could value this event marketing and management platform provider at $4 billion. CVT stock closed 22.83% higher on January 31 following the announcement. Moreover, CVT stock commands a market cap of $3.21 billion.
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The WSJ report also highlighted that CVT has garnered interest from private equity firms, including Blackstone (NYSE:BX).
It’s worth highlighting that in 2016, Cvent went private after the affiliates of Vista Equity Partners acquired it for $1.65 billion. Later, through a business combination with Dragoneer Growth Opportunities Corp. ( a SPAC), CVT was again listed on NASDAQ in 2021.
Earlier, Cvent delivered strong Q3 revenues that exceeded management’s expectations. The ongoing momentum in the meetings and events industry continues to support its top line. Further, the company expects the trend to continue in Q4.
CVT expects its Q4 revenues to be in the range of $169.3 million to $170.3 million, which, at the mid-point, reflects 17.4% year-over-year growth.
Is Cvent Stock a Buy?
Whether Cvent can find a solid deal remains a wait-and-watch story. Meanwhile, Needham analyst Scott Berg maintains a bullish outlook on CVT stock. His price target of $11 implies 36.31% upside potential.
However, with hedge funds selling 186.6K shares of CVT last quarter, it carries an Underperform Smart Score of 2.
