Morgan Stanley Cuts DoubleVerify (NYSE:DV) Price Target to $21.00

DoubleVerify (NYSE:DV) had its price target dropped by analysts at Morgan Stanley from $23.00 to $21.00 in a report issued on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 6.38% from the stock’s current price.

A number of other brokerages have also recently commented on DV. The Goldman Sachs Group cut their price target on shares of DoubleVerify from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Macquarie reaffirmed an “outperform” rating and set a $19.00 price target on shares of DoubleVerify in a research report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $33.00 price target on shares of DoubleVerify in a research report on Tuesday, September 17th. Canaccord Genuity Group cut their price target on shares of DoubleVerify from $36.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Truist Financial cut their price target on shares of DoubleVerify from $26.00 to $23.00 and set a “buy” rating on the stock in a research report 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, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $24.47.

DoubleVerify Price Performance

NYSE DV traded up $0.19 on Thursday, reaching $19.74. The company had a trading volume of 4,430,298 shares, compared to its average volume of 2,364,350. The firm has a market cap of $3.36 billion, a price-to-earnings ratio of 56.66, a P/E/G ratio of 2.44 and a beta of 0.90. DoubleVerify has a fifty-two week low of $16.11 and a fifty-two week high of $43.00. The business has a 50 day moving average of $17.54 and a two-hundred day moving average of $19.59.

DoubleVerify (NYSE:DV) last posted its quarterly earnings data 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. The business had revenue of $169.56 million during the quarter, compared to the consensus estimate of $168.93 million. DoubleVerify had a return on equity of 5.70% and a net margin of 9.97%. As a group, research analysts predict that DoubleVerify will post 0.3 earnings per share for the current fiscal year.

DoubleVerify declared that its Board of Directors has approved a share repurchase program on Wednesday, November 6th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, CFO Nicola T. Allais sold 1,764 shares of DoubleVerify stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $16.41, for a total value of $28,947.24. Following the transaction, the chief financial officer now owns 81,598 shares in the company, valued at $1,339,023.18. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 7,056 shares of company stock worth $119,634 in the last 90 days. 3.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On DoubleVerify

A number of hedge funds have recently modified their holdings of the company. Assenagon Asset Management S.A. purchased a new position in shares of DoubleVerify during the second quarter valued at about $73,268,000. Burgundy Asset Management Ltd. bought a new position in DoubleVerify during the second quarter valued at approximately $54,099,000. Mackenzie Financial Corp purchased a new stake in DoubleVerify during the second quarter valued at approximately $53,015,000. Jericho Capital Asset Management L.P. purchased a new stake in shares of DoubleVerify in the first quarter worth $53,584,000. Finally, Capital International Investors boosted its position in shares of DoubleVerify by 104.7% during the first quarter. Capital International Investors now owns 1,681,385 shares of the company’s stock worth $59,117,000 after acquiring an additional 859,922 shares during the last quarter. Hedge funds and other institutional investors own 97.29% of the company’s stock.

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.