Royal Bank of Canada Issues Positive Forecast for DoubleVerify (NYSE:DV) Stock Price

DoubleVerify (NYSE:DV) had its target price boosted by Royal Bank of Canada from $22.00 to $24.00 in a report published on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other brokerages also recently weighed in on DV. Morgan Stanley lowered their price target on DoubleVerify from $23.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 7th. Barclays lifted their target price on DoubleVerify from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. JMP Securities dropped their price target on DoubleVerify from $33.00 to $25.00 and set a “market outperform” rating on the stock in a research note on Thursday, November 7th. Canaccord Genuity Group reduced their price objective on shares of DoubleVerify from $36.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, Piper Sandler dropped their price objective 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. Two research analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, DoubleVerify has a consensus rating of “Moderate Buy” and an average target price of $24.21.

DoubleVerify Price Performance

DoubleVerify stock opened at $19.61 on Friday. The company’s 50-day moving average is $19.61 and its 200-day moving average is $19.00. The firm has a market capitalization of $3.32 billion, a PE ratio of 53.00, a P/E/G ratio of 3.29 and a beta of 0.97. DoubleVerify has a fifty-two week low of $16.11 and a fifty-two week high of $43.00.

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

Insider Buying and Selling at DoubleVerify

In other news, CFO Nicola T. Allais sold 1,764 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $20.30, for a total transaction of $35,809.20. Following the completion of the sale, the chief financial officer now owns 81,598 shares of the company’s stock, valued at approximately $1,656,439.40. This represents a 2.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold 5,599 shares of company stock valued at $107,233 in the last three months. Corporate insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. United Services Automobile Association boosted its holdings in shares of DoubleVerify by 7.4% in the 2nd quarter. United Services Automobile Association now owns 10,798 shares of the company’s stock valued at $210,000 after purchasing an additional 746 shares in the last quarter. GAMMA Investing LLC boosted its stake in DoubleVerify by 73.6% in the fourth quarter. GAMMA Investing LLC now owns 2,036 shares of the company’s stock valued at $39,000 after buying an additional 863 shares in the last quarter. Arizona State Retirement System grew its position in DoubleVerify by 2.3% in the second quarter. Arizona State Retirement System now owns 40,751 shares of the company’s stock valued at $793,000 after acquiring an additional 927 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in DoubleVerify by 3.7% during the second quarter. The Manufacturers Life Insurance Company now owns 34,040 shares of the company’s stock worth $663,000 after acquiring an additional 1,218 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in shares of DoubleVerify by 22.8% in the third quarter. Covestor Ltd now owns 6,643 shares of the company’s stock worth $112,000 after acquiring an additional 1,235 shares during the last quarter. 97.29% of the stock is 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.