DoubleVerify (NYSE:DV) PT Lowered to $40.00 at Canaccord Genuity Group

DoubleVerify (NYSE:DV) had its price target reduced by stock analysts at Canaccord Genuity Group from $48.00 to $40.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 118.46% from the stock’s current price.

A number of other equities analysts have also commented on the stock. Piper Sandler dropped their price target on shares of DoubleVerify from $40.00 to $30.00 and set an “overweight” rating on the stock in a research report on Wednesday. TheStreet raised DoubleVerify from a “d+” rating to a “c-” rating in a report on Thursday, February 29th. KeyCorp cut DoubleVerify from an “overweight” rating to a “sector weight” rating in a research report on Wednesday. Robert W. Baird dropped their price objective on shares of DoubleVerify from $42.00 to $34.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, JMP Securities reduced their price objective on shares of DoubleVerify from $45.00 to $40.00 and set a “market outperform” rating for the company in a report on Thursday, February 29th. Two analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.79.

DoubleVerify Stock Down 40.1 %

Shares of DV traded down $12.26 during midday trading on Wednesday, reaching $18.31. 14,860,830 shares of the stock were exchanged, compared to its average volume of 1,968,620. The company has a market cap of $3.14 billion, a price-to-earnings ratio of 44.61, a P/E/G ratio of 3.24 and a beta of 1.11. DoubleVerify has a 12-month low of $17.74 and a 12-month high of $43.00. The firm has a 50 day simple moving average of $32.06 and a 200-day simple moving average of $34.35.

DoubleVerify (NYSE:DV) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.03 by $0.01. DoubleVerify had a net margin of 12.48% and a return on equity of 7.29%. The company had revenue of $140.70 million for the quarter, compared to analyst estimates of $138.25 million. During the same quarter in the prior year, the business posted $0.07 EPS. DoubleVerify’s quarterly revenue was up 14.8% on a year-over-year basis. Research analysts expect that DoubleVerify will post 0.36 earnings per share for the current fiscal year.

Insider Buying and Selling at DoubleVerify

In other news, insider Andrew E. Grimmig sold 50,924 shares of the business’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $33.51, for a total transaction of $1,706,463.24. Following the completion of the sale, the insider now owns 39,468 shares in the company, valued at $1,322,572.68. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Nicola T. Allais sold 5,364 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $32.80, for a total value of $175,939.20. Following the transaction, the chief financial officer now owns 73,030 shares of the company’s stock, valued at approximately $2,395,384. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Andrew E. Grimmig sold 50,924 shares of DoubleVerify stock in a transaction on Monday, March 18th. The stock was sold at an average price of $33.51, for a total value of $1,706,463.24. Following the sale, the insider now directly owns 39,468 shares of the company’s stock, valued at $1,322,572.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 91,531 shares of company stock worth $3,043,004. 3.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On DoubleVerify

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in DoubleVerify by 15.0% during the fourth quarter. Vanguard Group Inc. now owns 15,510,989 shares of the company’s stock valued at $570,494,000 after purchasing an additional 2,017,687 shares during the period. Capital World Investors grew its holdings in shares of DoubleVerify by 6.0% in the 4th quarter. Capital World Investors now owns 5,283,932 shares of the company’s stock valued at $194,343,000 after buying an additional 301,011 shares during the period. Congress Asset Management Co. MA increased its position in shares of DoubleVerify by 813.2% in the 1st quarter. Congress Asset Management Co. MA now owns 4,017,499 shares of the company’s stock valued at $141,255,000 after buying an additional 3,577,575 shares in the last quarter. Bank of New York Mellon Corp raised its stake in DoubleVerify by 39.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,830,983 shares of the company’s stock worth $107,076,000 after buying an additional 1,082,615 shares during the period. Finally, Geneva Capital Management LLC lifted its holdings in DoubleVerify by 44.9% during the first quarter. Geneva Capital Management LLC now owns 2,746,886 shares of the company’s stock worth $96,581,000 after acquiring an additional 851,346 shares in the last quarter. 97.29% of the stock is currently owned by institutional investors and hedge funds.

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.