Morgan Stanley Has Lowered Expectations for DoubleVerify (NYSE:DV) Stock Price

DoubleVerify (NYSE:DV) had its target price reduced by Morgan Stanley from $21.00 to $19.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price target points to a potential downside of 1.14% from the company’s current price.

A number of other equities analysts have also issued reports on the company. Royal Bank of Canada increased their price objective on DoubleVerify from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Canaccord Genuity Group decreased their price target on DoubleVerify from $36.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. BMO Capital Markets cut their price objective on shares of DoubleVerify from $38.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price objective on shares of DoubleVerify in a report on Wednesday, December 11th. Finally, Piper Sandler lowered their target price on shares of DoubleVerify from $30.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.11.

DoubleVerify Stock Up 0.8 %

Shares of NYSE DV opened at $19.22 on Monday. The stock has a market capitalization of $3.25 billion, a P/E ratio of 51.95, a P/E/G ratio of 3.18 and a beta of 0.98. The firm’s 50-day moving average price is $19.90 and its two-hundred day moving average price is $19.01. DoubleVerify has a 52-week low of $16.11 and a 52-week high of $43.00.

DoubleVerify announced that its board has approved a stock repurchase plan on Wednesday, November 6th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, CFO Nicola T. Allais sold 2,071 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $20.51, for a total transaction of $42,476.21. Following the completion of the transaction, the chief financial officer now directly owns 85,882 shares of the company’s stock, valued at approximately $1,761,439.82. This represents a 2.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders sold 5,599 shares of company stock worth $107,233. 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 business. Pallas Capital Advisors LLC bought a new position in shares of DoubleVerify during the fourth quarter worth approximately $193,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of DoubleVerify by 1.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 28,553 shares of the company’s stock worth $549,000 after buying an additional 526 shares in the last quarter. Diversified Trust Co bought a new stake in shares of DoubleVerify during the 4th quarter worth $504,000. GAMMA Investing LLC boosted its stake in shares of DoubleVerify by 73.6% in the 4th quarter. GAMMA Investing LLC now owns 2,036 shares of the company’s stock valued at $39,000 after purchasing an additional 863 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in DoubleVerify by 77.7% in the third quarter. JPMorgan Chase & Co. now owns 645,233 shares of the company’s stock valued at $10,866,000 after buying an additional 282,051 shares in the last quarter. 97.29% of the stock is currently owned by institutional investors.

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.