Royal Bank of Canada Forecasts Strong Price Appreciation for DoubleVerify (NYSE:DV) Stock

DoubleVerify (NYSE:DV) had its price target hoisted by equities researchers at Royal Bank of Canada from $22.00 to $24.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 23.46% from the company’s current price.

A number of other research firms have also recently weighed in on DV. Raymond James began coverage on shares of DoubleVerify in a research note on Wednesday, December 18th. They set an “outperform” rating and a $25.00 target price on the stock. The Goldman Sachs Group decreased their target price on DoubleVerify from $28.00 to $25.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. JPMorgan Chase & Co. cut their price objective on shares of DoubleVerify from $21.00 to $19.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Canaccord Genuity Group lowered their target price on shares of DoubleVerify from $36.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Finally, Morgan Stanley reduced their price target on shares of DoubleVerify from $23.00 to $21.00 and set an “equal weight” rating on the stock in a report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.21.

DoubleVerify Price Performance

Shares of DV stock traded up $0.18 during trading hours on Friday, reaching $19.44. 326,552 shares of the company traded hands, compared to its average volume of 1,049,306. DoubleVerify has a 12-month low of $16.11 and a 12-month high of $43.00. The company has a market cap of $3.29 billion, a P/E ratio of 52.54, a P/E/G ratio of 3.29 and a beta of 0.97. The firm has a 50-day moving average price of $19.57 and a 200 day moving average price of $18.99.

DoubleVerify declared that its board has initiated a share repurchase program on Wednesday, November 6th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other news, CFO Nicola T. Allais sold 1,764 shares of DoubleVerify stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $17.21, for a total value of $30,358.44. Following the transaction, the chief financial officer now owns 81,598 shares of the company’s stock, valued at $1,404,301.58. The trade was a 2.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders have sold 7,363 shares of company stock worth $137,591. Company insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Burgundy Asset Management Ltd. purchased a new stake in shares of DoubleVerify during the second quarter worth about $54,099,000. Mackenzie Financial Corp acquired a new stake in DoubleVerify in the 2nd quarter worth approximately $53,015,000. Disciplined Growth Investors Inc. MN acquired a new position in DoubleVerify during the 3rd quarter valued at approximately $19,457,000. Dimensional Fund Advisors LP raised its holdings in shares of DoubleVerify by 36.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,422,061 shares of the company’s stock worth $47,154,000 after buying an additional 643,679 shares during the last quarter. Finally, Van Berkom & Associates Inc. grew its holdings in shares of DoubleVerify by 25.9% during the second 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 during the last quarter. 97.29% of the stock is currently owned by hedge funds and other institutional investors.

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.