NEW YORK (TheStreet) -- Cvent (CVT) stock is up by 65.49% to $35.25 on heavy trading volume this afternoon, after the company agreed to be acquired by Vista Equity Partners in a deal valued around $1.65 billion.
Shareholders of the cloud-based software provider will receive $36 per share in cash, representing a 60% premium to Cvent's closing price on April 15, according to a company statement.
Cvent will become a privately held company once the deal closes, which is expected to occur in the 2016 third quarter.
About 13.48 million shares have been traded so far today, well above the company's average trading volume of roughly 199,772 shares per day.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.
Cvent's weaknesses include its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
You can view the full analysis from the report here: CVT
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.