Canaccord Genuity Group Cuts DoubleVerify (NYSE:DV) Price Target to $26.00

DoubleVerify (NYSE:DV) had its price objective cut by Canaccord Genuity Group from $30.00 to $26.00 in a research note issued to investors on Friday,Benzinga reports. They currently have a buy rating on the stock.

DV has been the subject of a number of other reports. Morgan Stanley decreased their target price on DoubleVerify from $21.00 to $19.00 and set an “equal weight” rating for the company in a research report on Monday, January 13th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $20.00 target price (down from $24.00) on shares of DoubleVerify in a research report on Friday. Scotiabank initiated coverage on DoubleVerify in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $24.00 target price for the company. Macquarie reiterated an “outperform” rating and set a $19.00 price target on shares of DoubleVerify in a research note on Thursday, November 7th. Finally, JMP Securities reiterated a “market outperform” rating and set a $25.00 price target on shares of DoubleVerify in a research note on Monday, January 27th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, DoubleVerify currently has a consensus rating of “Moderate Buy” and an average price target of $23.37.

DoubleVerify Price Performance

Shares of DoubleVerify stock opened at $13.90 on Friday. DoubleVerify has a one year low of $13.42 and a one year high of $35.57. The firm has a market capitalization of $2.35 billion, a price-to-earnings ratio of 37.57, a PEG ratio of 2.63 and a beta of 0.99. The business has a 50-day simple moving average of $20.54 and a 200 day simple moving average of $19.29.

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

Insider Transactions at DoubleVerify

In related news, CFO Nicola T. Allais sold 2,071 shares of the company’s 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 transaction, the chief financial officer now owns 85,882 shares in the company, valued at approximately $1,761,439.82. This represents a 2.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On DoubleVerify

Several institutional investors have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC lifted its stake in DoubleVerify by 1.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 28,553 shares of the company’s stock valued at $549,000 after purchasing an additional 526 shares during the last quarter. Federated Hermes Inc. lifted its stake in DoubleVerify by 6.3% in the fourth quarter. Federated Hermes Inc. now owns 9,571 shares of the company’s stock valued at $184,000 after purchasing an additional 571 shares during the last quarter. GAMMA Investing LLC lifted its stake in DoubleVerify by 73.6% in 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 during the last quarter. Smartleaf Asset Management LLC raised its holdings in DoubleVerify by 168.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,565 shares of the company’s stock valued at $30,000 after acquiring an additional 981 shares during the period. Finally, Summit Creek Advisors LLC raised its holdings in DoubleVerify by 0.3% during the 4th quarter. Summit Creek Advisors LLC now owns 368,578 shares of the company’s stock valued at $7,080,000 after acquiring an additional 1,153 shares during the period. Hedge funds and other institutional investors own 97.29% of the company’s stock.

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.