Royal Bank of Canada Increases DoubleVerify (NYSE:DV) Price Target to $24.00

DoubleVerify (NYSE:DV) had its price objective raised by stock analysts at Royal Bank of Canada from $22.00 to $24.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 22.39% from the company’s current price.

DV has been the topic of a number of other reports. Raymond James assumed coverage on DoubleVerify in a report on Wednesday, December 18th. They set an “outperform” rating and a $25.00 price target on the stock. Stifel Nicolaus decreased their target price on DoubleVerify from $25.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Macquarie restated an “outperform” rating and issued a $19.00 price target on shares of DoubleVerify in a research note on Thursday, November 7th. Wells Fargo & Company initiated coverage on shares of DoubleVerify in a research report on Monday, October 28th. They set an “underweight” rating and a $14.00 price objective on the stock. Finally, Truist Financial dropped their target price on shares of DoubleVerify from $26.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $24.21.

DoubleVerify Price Performance

Shares of NYSE DV opened at $19.61 on Friday. DoubleVerify has a 1 year low of $16.11 and a 1 year high of $43.00. The firm has a fifty day moving average price of $19.61 and a 200-day moving average price of $18.99. The stock has a market cap of $3.32 billion, a PE ratio of 53.00, a price-to-earnings-growth ratio of 3.29 and a beta of 0.97.

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

Insider Activity

In related news, CFO Nicola T. Allais sold 2,071 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $20.51, for a total transaction of $42,476.21. Following the transaction, the chief financial officer now directly owns 85,882 shares in the company, valued at approximately $1,761,439.82. This represents a 2.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have sold 7,363 shares of company stock valued at $137,591. 3.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of DV. Assenagon Asset Management S.A. boosted its stake in shares of DoubleVerify by 9.6% during the third quarter. Assenagon Asset Management S.A. now owns 4,123,545 shares of the company’s stock valued at $69,440,000 after purchasing an additional 360,445 shares during the period. Van Berkom & Associates Inc. lifted its holdings in DoubleVerify by 25.9% during the 2nd quarter. Van Berkom & Associates Inc. now owns 3,046,200 shares of the company’s stock valued at $59,310,000 after buying an additional 626,586 shares in the last quarter. Burgundy Asset Management Ltd. purchased a new stake in DoubleVerify in the 2nd quarter valued at about $54,099,000. Mackenzie Financial Corp bought a new position in DoubleVerify in the 2nd quarter worth about $53,015,000. Finally, Geneva Capital Management LLC increased its position in shares of DoubleVerify by 2.8% during the third quarter. Geneva Capital Management LLC now owns 2,554,477 shares of the company’s stock worth $43,017,000 after acquiring an additional 69,780 shares during the period. Hedge funds and other institutional investors 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.