Hedge Funds Aren’t Crazy About Cvent Inc (CVT) Anymore

Since Cvent Inc (NYSE:CVT) has experienced a decline in interest from hedge fund managers, we can see that there were a few money managers that elected to cut their full holdings last quarter. Interestingly, John Orrico’s Water Island Capital cashed in the largest investment of all the hedgies studied by Insider Monkey, totaling about $76.1 million in stock. Robert Emil Zoellner’s fund, Alpine Associates, also cut its stock, about $47.5 million worth.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Cvent Inc (NYSE:CVT) but similarly valued. These stocks are TransAlta Corporation (USA) (NYSE:TAC), Advanced Energy Industries, Inc. (NASDAQ:AEIS), Meritage Homes Corp (NYSE:MTH), and Tessera Technologies, Inc. (NASDAQ:TSRA). This group of stocks’ market valuations are similar to CVT’s market valuation.

As you can see these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $156 million. That figure was $115 million in CVT’s case. Tessera Technologies, Inc. (NASDAQ:TSRA) is the most popular stock in this table. On the other hand TransAlta Corporation (USA) (NYSE:TAC) is the least popular one with only 7 bullish hedge fund positions. Cvent Inc (NYSE:CVT) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard TSRA might be a better candidate to consider taking a long position in.

Disclosure: None