Royal Bank of Canada Has Lowered Expectations for DoubleVerify (NYSE:DV) Stock Price

DoubleVerify (NYSE:DV) had its price objective dropped by equities researchers at Royal Bank of Canada from $27.00 to $22.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 9.62% from the company’s previous close.

A number of other brokerages have also recently weighed in on DV. Piper Sandler reduced their target price on DoubleVerify from $30.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. JMP Securities reduced their price objective on DoubleVerify from $34.00 to $33.00 and set a “market outperform” rating on the stock in a research note on Wednesday, October 23rd. Barclays dropped their target price on shares of DoubleVerify from $27.00 to $23.00 and set an “overweight” rating for the company in a research report on Friday, October 11th. Morgan Stanley raised their price target on shares of DoubleVerify from $21.00 to $22.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Finally, Stifel Nicolaus decreased their price objective on shares of DoubleVerify from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, DoubleVerify presently has an average rating of “Moderate Buy” and an average target price of $26.24.

DoubleVerify Stock Up 2.7 %

Shares of DV stock traded up $0.52 during trading hours on Thursday, hitting $20.07. 2,625,902 shares of the company were exchanged, compared to its average volume of 2,357,673. The firm has a fifty day moving average of $17.54 and a 200 day moving average of $19.59. DoubleVerify has a 1 year low of $16.11 and a 1 year high of $43.00. The firm has a market cap of $3.41 billion, a PE ratio of 57.20, a PEG ratio of 2.44 and a beta of 0.90.

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

DoubleVerify announced that its Board of Directors has authorized a share repurchase plan on Wednesday, November 6th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to reacquire up to 6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, CFO Nicola T. Allais sold 1,764 shares of the company’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $16.92, for a total value of $29,846.88. Following the sale, the chief financial officer now directly owns 81,598 shares of the company’s stock, valued at $1,380,638.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold 7,056 shares of company stock worth $119,634 in the last three months. 3.00% of the stock is owned by insiders.

Institutional Trading of DoubleVerify

A number of institutional investors and hedge funds have recently modified their holdings of the business. Whittier Trust Co. acquired a new position in DoubleVerify during the 1st quarter valued at approximately $28,000. Capital Performance Advisors LLP bought a new stake in DoubleVerify in the third quarter valued at $49,000. CWM LLC boosted its holdings in shares of DoubleVerify by 212.5% during the second quarter. CWM LLC now owns 2,794 shares of the company’s stock valued at $54,000 after acquiring an additional 1,900 shares during the period. Fifth Third Bancorp grew its position in shares of DoubleVerify by 72.3% during the second quarter. Fifth Third Bancorp now owns 4,151 shares of the company’s stock worth $81,000 after acquiring an additional 1,742 shares during the last quarter. Finally, KBC Group NV increased its holdings 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 acquiring an additional 1,325 shares during the period. 97.29% of the stock is owned by institutional investors and hedge funds.

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.