Royal Bank of Canada Trims DoubleVerify (NYSE:DV) Target Price to $40.00

DoubleVerify (NYSE:DV) had its price objective decreased by stock analysts at Royal Bank of Canada from $49.00 to $40.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price points to a potential upside of 112.31% from the company’s previous close.

Several other research firms have also issued reports on DV. Wells Fargo & Company lowered their price objective on DoubleVerify from $44.00 to $41.00 and set an “overweight” rating for the company in a research note on Friday, March 1st. Truist Financial lowered their price target on DoubleVerify from $39.00 to $32.00 and set a “buy” rating for the company in a research report on Wednesday. Stifel Nicolaus cut their price objective on shares of DoubleVerify from $37.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday. Barclays lowered their target price on shares of DoubleVerify from $43.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, February 29th. Finally, Canaccord Genuity Group reduced their price objective on shares of DoubleVerify from $48.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat, DoubleVerify presently has an average rating of “Moderate Buy” and a consensus target price of $35.05.

DoubleVerify Stock Performance

DV stock opened at $18.84 on Wednesday. The firm has a fifty day moving average price of $31.41 and a 200 day moving average price of $34.14. DoubleVerify has a fifty-two week low of $17.74 and a fifty-two week high of $43.00. The firm has a market cap of $3.24 billion, a PE ratio of 45.95, a price-to-earnings-growth ratio of 3.24 and a beta of 1.11.

DoubleVerify (NYSE:DV) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. The business had revenue of $140.70 million during the quarter, compared to analysts’ expectations of $138.25 million. DoubleVerify had a net margin of 12.48% and a return on equity of 7.29%. The business’s revenue was up 14.8% on a year-over-year basis. During the same period last year, the company posted $0.07 EPS. On average, equities analysts predict that DoubleVerify will post 0.36 EPS for the current year.

Insider Buying and Selling

In other news, insider Andrew E. Grimmig sold 50,924 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $33.51, for a total transaction of $1,706,463.24. Following the transaction, the insider now directly owns 39,468 shares in the company, valued at $1,322,572.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Julie Eddleman sold 900 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $30.30, for a total transaction of $27,270.00. Following the completion of the transaction, the insider now owns 137,668 shares in the company, valued at approximately $4,171,340.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Andrew E. Grimmig sold 50,924 shares of the company’s 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 transaction, the insider now directly owns 39,468 shares in the company, valued at $1,322,572.68. The disclosure for this sale can be found here. Insiders sold a total of 92,431 shares of company stock valued at $3,070,904 over the last three months. 3.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Whittier Trust Co. purchased a new position in DoubleVerify during the 1st quarter worth approximately $28,000. Guinness Atkinson Asset Management Inc purchased a new position in shares of DoubleVerify during the third quarter worth $34,000. Signaturefd LLC grew its position in DoubleVerify by 84.7% during the 4th quarter. Signaturefd LLC now owns 1,086 shares of the company’s stock worth $40,000 after purchasing an additional 498 shares during the period. Huntington National Bank raised its stake in shares of DoubleVerify by 41.6% during the 3rd quarter. Huntington National Bank now owns 1,495 shares of the company’s stock valued at $42,000 after buying an additional 439 shares during the last quarter. Finally, GAMMA Investing LLC acquired a new position in shares of DoubleVerify in the 4th quarter valued at about $42,000. 97.29% of the stock is currently owned by hedge funds and other 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.