Needham & Company LLC Reaffirms “Buy” Rating for DoubleVerify (NYSE:DV)

DoubleVerify (NYSE:DV)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They presently have a $22.00 price target on the stock. Needham & Company LLC’s target price would suggest a potential upside of 9.45% from the stock’s current price.

Other analysts have also issued reports about the company. Barclays increased their target price on DoubleVerify from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Canaccord Genuity Group dropped their price objective on DoubleVerify from $36.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. BMO Capital Markets dropped their price objective on DoubleVerify from $38.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Morgan Stanley dropped their price objective on DoubleVerify from $23.00 to $21.00 and set an “equal weight” rating for the company in a research report on Thursday, November 7th. Finally, Piper Sandler dropped their price objective on DoubleVerify from $30.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, DoubleVerify currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.06.

DoubleVerify Stock Performance

DV opened at $20.10 on Wednesday. The firm has a market cap of $3.40 billion, a P/E ratio of 54.32, a price-to-earnings-growth ratio of 3.28 and a beta of 0.97. DoubleVerify has a 52-week low of $16.11 and a 52-week high of $43.00. The business’s fifty day moving average is $18.77 and its 200-day moving average is $18.86.

DoubleVerify declared that its board has initiated a stock buyback 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 shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, CFO Nicola T. Allais sold 1,764 shares of DoubleVerify stock in a transaction 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 transaction, the chief financial officer now owns 81,598 shares of the company’s stock, valued at $1,656,439.40. This trade represents a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 8,820 shares of company stock valued at $155,444. Insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On DoubleVerify

Institutional investors have recently made changes to their positions in the stock. True Wealth Design LLC acquired a new position in DoubleVerify during the 3rd quarter worth approximately $29,000. CWM LLC increased its holdings in DoubleVerify by 212.5% during 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 in the last quarter. Capital Performance Advisors LLP bought a new stake in DoubleVerify during the 3rd quarter worth approximately $49,000. Fifth Third Bancorp increased its holdings in DoubleVerify by 72.3% during 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 in the last quarter. Finally, KBC Group NV increased its holdings in DoubleVerify by 35.8% during 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 in the last quarter. Institutional investors and hedge funds 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.