Shares of Cvent (CVT) are up 19% year-to-date, yet doubters about the event technology supplier’s stock remain widespread with 8% of its float sold short. Cvent CEO Reggie Aggarwal said the moat surrounding his company’s business is wider than skeptics realize. ‘Over $560 billion is spent a year on meetings events worldwide and what we’ve done is create the only tool that is an integrated, end-to-end platform for meeting and event planners as well as marketers,’ said Aggarwal, adding that Cvent also has 1,700 employees worldwide and ‘the largest customer base in the market.’ Cvent’s stock took a double-digit step up in price in August when it reported second quarter earnings of five cents per share after items, exceeding Wall Street’s consensus for a breakeven quarter. Two weeks ago Cvent reported third-quarter net income of $781,000 and adjusted earnings of 16 cents per share. Total revenue for Cvent in its third quarter was $48.4 million, an increase of 29% from the comparable period in 2014. Regarding Marriott’s (MAR) announcement Monday that it will be purchasing Starwood Hotels & Resorts Worldwide (HOT) for $12.2 billion, Aggarwal said the deal is a game-changer, but it will not change his specific game. ‘Meetings are just as important to Marriott as they were yesterday so there is a big implication for the hotel industry but we are well-positioned,’ said Aggarwal.
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