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

DoubleVerify (NYSE:DV) had its target price dropped by analysts at Royal Bank of Canada from $49.00 to $40.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 116.57% from the company’s current price.

DV has been the topic of several other reports. Bank of America lowered their target price on shares of DoubleVerify from $47.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, February 29th. Needham & Company LLC decreased their price objective on DoubleVerify from $45.00 to $33.00 and set a “buy” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. dropped their price target on DoubleVerify from $32.00 to $30.00 and set a “neutral” rating for the company in a research report on Thursday, February 29th. Wells Fargo & Company decreased their target price on shares of DoubleVerify from $44.00 to $41.00 and set an “overweight” rating on the stock in a report on Friday, March 1st. Finally, Barclays reduced their price target on shares of DoubleVerify from $43.00 to $40.00 and set an “overweight” rating on the stock in a research report on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $37.47.

DoubleVerify Stock Performance

DV traded down $12.10 on Wednesday, hitting $18.47. The company had a trading volume of 18,200,519 shares, compared to its average volume of 2,003,978. DoubleVerify has a 12-month low of $17.74 and a 12-month high of $43.00. The stock has a fifty day moving average price of $32.06 and a 200-day moving average price of $34.35. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of 44.49, a P/E/G ratio of 3.24 and a beta of 1.11.

DoubleVerify (NYSE:DV) last released its earnings results on Tuesday, May 7th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. The company 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%. DoubleVerify’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same period last year, the business earned $0.07 EPS. Analysts forecast that DoubleVerify will post 0.36 EPS for the current fiscal year.

Insider Transactions at DoubleVerify

In other news, CFO Nicola T. Allais sold 5,364 shares of the business’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $32.80, for a total transaction of $175,939.20. Following the completion of the sale, the chief financial officer now directly owns 73,030 shares of the company’s stock, valued at approximately $2,395,384. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Nicola T. Allais sold 5,364 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $32.80, for a total transaction of $175,939.20. Following the transaction, the chief financial officer now owns 73,030 shares of the company’s stock, valued at $2,395,384. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Julie Eddleman sold 900 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $30.30, for a total transaction of $27,270.00. Following the completion of the sale, the insider now directly owns 137,668 shares of the company’s stock, valued at $4,171,340.40. The disclosure for this sale can be found here. Insiders have sold a total of 91,531 shares of company stock worth $3,043,004 in the last three months. Company insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On DoubleVerify

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Xponance Inc. boosted its stake in DoubleVerify by 9.0% during the 3rd quarter. Xponance Inc. now owns 17,246 shares of the company’s stock valued at $482,000 after purchasing an additional 1,418 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of DoubleVerify by 2.1% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 105,199 shares of the company’s stock worth $2,940,000 after buying an additional 2,189 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of DoubleVerify by 39.4% in the third quarter. Bank of New York Mellon Corp now owns 3,830,983 shares of the company’s stock valued at $107,076,000 after acquiring an additional 1,082,615 shares during the period. New York State Teachers Retirement System grew its stake in shares of DoubleVerify by 176.4% in the third quarter. New York State Teachers Retirement System now owns 92,238 shares of the company’s stock worth $2,578,000 after acquiring an additional 58,861 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in DoubleVerify by 12.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,955 shares of the company’s stock worth $558,000 after acquiring an additional 2,252 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.