Royal Bank of Canada Forecasts Strong Price Appreciation for DoubleVerify (NYSE:DV) Stock

DoubleVerify (NYSE:DV) had its price target raised by equities research analysts at Royal Bank of Canada from $22.00 to $24.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 22.39% from the company’s current price.

Several other brokerages have also issued reports on DV. Raymond James assumed coverage on shares of DoubleVerify in a report on Wednesday, December 18th. They set an “outperform” rating and a $25.00 price objective on the stock. JPMorgan Chase & Co. cut their price target on DoubleVerify from $21.00 to $19.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. BMO Capital Markets decreased their price objective on DoubleVerify from $38.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. The Goldman Sachs Group cut their target price on DoubleVerify from $28.00 to $25.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Finally, Truist Financial decreased their price target on shares of DoubleVerify from $26.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $24.21.

DoubleVerify Price Performance

Shares of DoubleVerify stock opened at $19.61 on Friday. DoubleVerify has a 1 year low of $16.11 and a 1 year high of $43.00. The stock has a market cap of $3.32 billion, a price-to-earnings ratio of 53.00, a PEG ratio of 3.29 and a beta of 0.97. The firm’s 50-day moving average is $19.61 and its two-hundred day moving average is $18.99.

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

Insider Transactions at DoubleVerify

In related news, CFO Nicola T. Allais sold 1,764 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $16.41, for a total value of $28,947.24. Following the completion of the transaction, the chief financial officer now owns 81,598 shares of the company’s stock, valued at approximately $1,339,023.18. This represents a 2.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 7,363 shares of company stock valued at $137,591 in the last 90 days. 3.00% of the stock is currently owned by company insiders.

Institutional Trading of DoubleVerify

Several institutional investors have recently bought and sold shares of DV. United Services Automobile Association lifted its position in shares of DoubleVerify by 7.4% during the 2nd quarter. United Services Automobile Association now owns 10,798 shares of the company’s stock valued at $210,000 after buying an additional 746 shares in the last quarter. GAMMA Investing LLC lifted its holdings in DoubleVerify by 73.6% during the fourth quarter. GAMMA Investing LLC now owns 2,036 shares of the company’s stock valued at $39,000 after purchasing an additional 863 shares in the last quarter. Arizona State Retirement System grew its position in shares of 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 purchasing an additional 927 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of 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 purchasing an additional 1,218 shares in the last quarter. Finally, Covestor Ltd raised its position in shares of DoubleVerify by 22.8% during the 3rd quarter. Covestor Ltd now owns 6,643 shares of the company’s stock worth $112,000 after purchasing an additional 1,235 shares during the last quarter. 97.29% of the stock is 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.