DoubleVerify (NYSE:DV) Price Target Cut to $26.00 by Analysts at Canaccord Genuity Group

DoubleVerify (NYSE:DV) had its target price reduced by equities researchers at Canaccord Genuity Group from $30.00 to $26.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 87.05% from the company’s current price.

Several other brokerages also recently weighed in on DV. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $20.00 target price (down previously from $24.00) on shares of DoubleVerify in a research note on Friday. JMP Securities reaffirmed a “market outperform” rating and set a $25.00 target price on shares of DoubleVerify in a research note on Monday, January 27th. Scotiabank assumed coverage on DoubleVerify in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $24.00 target price on the stock. Macquarie reaffirmed an “outperform” rating and set a $19.00 target price on shares of DoubleVerify in a research note on Thursday, November 7th. Finally, Morgan Stanley cut their target price on DoubleVerify from $21.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, DoubleVerify presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.37.

DoubleVerify Price Performance

Shares of DoubleVerify stock opened at $13.90 on Friday. The business’s fifty day moving average price is $20.54 and its two-hundred day moving average price is $19.30. The company has a market capitalization 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 1-year low of $13.42 and a 1-year high of $35.57.

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 purchase up to 6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other DoubleVerify news, CFO Nicola T. Allais sold 2,071 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were 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 directly owns 85,882 shares in the company, valued at $1,761,439.82. This trade represents a 2.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of DoubleVerify by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 17,481,297 shares of the company’s stock worth $335,816,000 after buying an additional 143,773 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of DoubleVerify by 20.1% in the fourth quarter. Mackenzie Financial Corp now owns 5,661,283 shares of the company’s stock worth $108,753,000 after buying an additional 948,529 shares during the period. Burgundy Asset Management Ltd. lifted its position in shares of DoubleVerify by 73.2% in the fourth quarter. Burgundy Asset Management Ltd. now owns 4,906,913 shares of the company’s stock worth $94,262,000 after purchasing an additional 2,073,279 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of DoubleVerify by 29.5% in the fourth quarter. AQR Capital Management LLC now owns 2,602,929 shares of the company’s stock worth $50,002,000 after purchasing an additional 592,435 shares in the last quarter. Finally, Geneva Capital Management LLC lifted its position in shares of DoubleVerify by 0.8% in the fourth quarter. Geneva Capital Management LLC now owns 2,574,161 shares of the company’s stock worth $49,450,000 after purchasing an additional 19,684 shares in the last quarter. 97.29% of the stock is currently owned by institutional investors and hedge funds.

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.