Morgan Stanley Issues Pessimistic Forecast for DoubleVerify (NYSE:DV) Stock Price

DoubleVerify (NYSE:DV) had its price target lowered by equities research analysts at Morgan Stanley from $23.00 to $21.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 8.58% from the stock’s previous close.

Several other brokerages have also recently commented on DV. 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. Barclays decreased their price target on shares of DoubleVerify from $27.00 to $23.00 and set an “overweight” rating on the stock in a research note on Friday, October 11th. JPMorgan Chase & Co. decreased their price target on shares of DoubleVerify from $21.00 to $19.00 and set a “neutral” rating on the stock in a research note on Thursday. Canaccord Genuity Group decreased their price target on shares of DoubleVerify from $36.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Macquarie reiterated an “outperform” rating and issued a $19.00 price target on shares of DoubleVerify in a research note on Thursday. Two analysts have rated the stock with a sell rating, five have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, DoubleVerify has a consensus rating of “Moderate Buy” and a consensus target price of $24.47.

DoubleVerify Stock Performance

DV opened at $19.34 on Thursday. DoubleVerify has a fifty-two week low of $16.11 and a fifty-two week high of $43.00. The firm’s fifty day moving average is $17.54 and its 200 day moving average is $19.59. The stock has a market cap of $3.29 billion, a price-to-earnings ratio of 55.26, a price-to-earnings-growth ratio of 2.44 and a beta of 0.90.

DoubleVerify (NYSE:DV) last released its 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 net margin of 9.97% and a return on equity of 5.70%. The company had revenue of $169.56 million for the quarter, compared to analysts’ expectations of $168.93 million. On average, equities research analysts predict that DoubleVerify will post 0.3 earnings per share for the current year.

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

Insider Activity at DoubleVerify

In related news, CFO Nicola T. Allais sold 1,764 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $17.28, for a total transaction of $30,481.92. Following the transaction, the chief financial officer now directly owns 81,598 shares in the company, valued at approximately $1,410,013.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have sold 7,056 shares of company stock worth $119,634. Insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On DoubleVerify

Hedge funds have recently added to or reduced their stakes in the stock. Whittier Trust Co. purchased a new stake in shares of DoubleVerify in the 1st quarter worth approximately $28,000. Capital Performance Advisors LLP purchased a new stake in shares of DoubleVerify in the 3rd quarter worth approximately $49,000. CWM LLC lifted its position in shares of DoubleVerify by 212.5% in the 2nd quarter. CWM LLC now owns 2,794 shares of the company’s stock worth $54,000 after purchasing an additional 1,900 shares during the period. Fifth Third Bancorp lifted its position in shares of DoubleVerify by 72.3% in the 2nd quarter. Fifth Third Bancorp now owns 4,151 shares of the company’s stock worth $81,000 after purchasing an additional 1,742 shares during the period. Finally, KBC Group NV lifted its position in shares of DoubleVerify by 35.8% in the 3rd quarter. KBC Group NV now owns 5,022 shares of the company’s stock worth $85,000 after purchasing an additional 1,325 shares during the period. 97.29% of the stock is currently owned by institutional investors.

DoubleVerify Company Profile

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.