Canaccord Genuity Group Has Lowered Expectations for DoubleVerify (NYSE:DV) Stock Price

DoubleVerify (NYSE:DV) had its price target dropped by Canaccord Genuity Group from $30.00 to $26.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 87.05% from the stock’s current price.

Several other brokerages also recently commented on DV. Royal Bank of Canada raised their target price on DoubleVerify from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Barclays dropped their target price on DoubleVerify from $27.00 to $25.00 and set an “overweight” rating on the stock in a report on Thursday, January 23rd. The Goldman Sachs Group reiterated a “neutral” rating and set a $20.00 target price (down from $24.00) on shares of DoubleVerify in a report on Friday. Scotiabank initiated coverage on DoubleVerify in a report on Thursday, December 5th. They set a “sector outperform” rating and a $24.00 target price on the stock. Finally, JMP Securities reiterated a “market outperform” rating and set a $25.00 target price on shares of DoubleVerify in a report on Monday, January 27th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.37.

DoubleVerify Stock Performance

Shares of NYSE:DV opened at $13.90 on Friday. The company has a market cap of $2.35 billion, a P/E ratio of 37.57, a PEG ratio of 2.63 and a beta of 0.99. DoubleVerify has a one year low of $13.42 and a one year high of $35.57. The business’s 50-day simple moving average is $20.54 and its 200 day simple moving average is $19.30.

DoubleVerify declared that its Board of Directors has approved a stock repurchase program on Wednesday, November 6th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to buy up to 6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Transactions at DoubleVerify

In other news, CFO Nicola T. Allais sold 2,071 shares of DoubleVerify stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $20.51, for a total value of $42,476.21. Following the completion of the transaction, the chief financial officer now owns 85,882 shares in the company, valued at approximately $1,761,439.82. This trade represents a 2.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Neo Ivy Capital Management acquired a new position in shares of DoubleVerify in the 3rd quarter worth approximately $794,000. GSA Capital Partners LLP boosted its position in DoubleVerify by 280.9% during the 3rd quarter. GSA Capital Partners LLP now owns 72,309 shares of the company’s stock valued at $1,218,000 after purchasing an additional 53,326 shares during the period. Repertoire Partners LP boosted its position in DoubleVerify by 1,041.7% during the 3rd quarter. Repertoire Partners LP now owns 685,000 shares of the company’s stock valued at $11,535,000 after purchasing an additional 625,000 shares during the period. Geode Capital Management LLC boosted its position in DoubleVerify by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,299,192 shares of the company’s stock valued at $38,729,000 after purchasing an additional 10,696 shares during the period. Finally, Geneva Capital Management LLC boosted its position in DoubleVerify by 2.8% during the 3rd quarter. Geneva Capital Management LLC now owns 2,554,477 shares of the company’s stock valued at $43,017,000 after purchasing an additional 69,780 shares during the period. 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.