DoubleVerify (NYSE:DV) Price Target Cut to $22.00 by Analysts at Royal Bank of Canada

DoubleVerify (NYSE:DV) had its target price cut by Royal Bank of Canada from $27.00 to $22.00 in a research report report published on Thursday morning,Benzinga reports. They currently have an outperform rating on the stock.

Other equities analysts have also issued reports about the stock. Piper Sandler lowered their price target on shares of DoubleVerify from $30.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Barclays lowered their target price on shares of DoubleVerify from $27.00 to $23.00 and set an “overweight” rating on the stock in a report on Friday, October 11th. Needham & Company LLC reiterated a “buy” rating and issued a $33.00 price target on shares of DoubleVerify in a research note on Tuesday, September 17th. Macquarie lowered their price objective on DoubleVerify from $25.00 to $19.00 and set an “outperform” rating on the stock in a research note on Friday, October 11th. Finally, JMP Securities dropped their price objective on DoubleVerify from $34.00 to $33.00 and set a “market outperform” rating for the company in a report on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.47.

DoubleVerify Trading Down 1.9 %

Shares of NYSE DV traded down $0.38 during mid-day trading on Thursday, hitting $19.34. The company had a trading volume of 5,072,400 shares, compared to its average volume of 2,382,317. The firm has a 50-day simple moving average of $17.54 and a two-hundred day simple moving average of $19.59. The company has a market capitalization of $3.29 billion, a PE ratio of 56.33, a price-to-earnings-growth ratio of 2.44 and a beta of 0.90. DoubleVerify has a one year low of $16.11 and a one year high of $43.00.

DoubleVerify (NYSE:DV) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.03. DoubleVerify had a return on equity of 5.70% and a net margin of 9.97%. The firm had revenue of $169.56 million during the quarter, compared to the consensus estimate of $168.93 million. Sell-side analysts expect that DoubleVerify will post 0.3 earnings per share for the current fiscal year.

DoubleVerify announced that its Board of Directors has approved a share buyback plan on Wednesday, November 6th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to buy up to 6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other news, CFO Nicola T. Allais sold 1,764 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $16.41, for a total transaction of $28,947.24. Following the completion of the sale, the chief financial officer now owns 81,598 shares of the company’s stock, valued at $1,339,023.18. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold 7,056 shares of company stock valued at $119,634 over the last 90 days. Company insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in DV. United Services Automobile Association lifted its stake in shares of DoubleVerify by 7.4% in the second quarter. United Services Automobile Association now owns 10,798 shares of the company’s stock valued at $210,000 after buying an additional 746 shares in the last quarter. Whittier Trust Co. bought a new position in DoubleVerify in the 1st quarter valued at about $28,000. Arizona State Retirement System boosted its stake in DoubleVerify by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 40,751 shares of the company’s stock valued at $793,000 after purchasing an additional 927 shares during the last quarter. Gagnon Securities LLC increased its holdings in DoubleVerify by 1.2% during the 1st quarter. Gagnon Securities LLC now owns 86,018 shares of the company’s stock worth $3,024,000 after purchasing an additional 1,045 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of DoubleVerify by 3.7% in the second quarter. The Manufacturers Life Insurance Company now owns 34,040 shares of the company’s stock worth $663,000 after purchasing an additional 1,218 shares during the last quarter. Institutional investors own 97.29% of the company’s stock.

About DoubleVerify

DoubleVerify Holdings, Inc provides a software platform for digital media measurement, and data analytics in the United States and internationally. The company provides solutions to advertisers that enable advertisers to increase the effectiveness and quality and return on their digital advertising investments.