DoubleVerify’s (DV) Buy Rating Reiterated at Needham & Company LLC

DoubleVerify (NYSE:DV)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $22.00 target price on the stock. Needham & Company LLC’s price target indicates a potential upside of 7.47% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley decreased their target price on shares of DoubleVerify from $23.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 7th. Wells Fargo & Company began coverage on shares of DoubleVerify in a report on Monday, October 28th. They issued an “underweight” rating and a $14.00 price objective on the stock. Barclays lifted their target price on shares of DoubleVerify from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, December 6th. JMP Securities decreased their price target on DoubleVerify from $33.00 to $25.00 and set a “market outperform” rating on the stock in a research note on Thursday, November 7th. Finally, Piper Sandler lowered their price target on DoubleVerify from $30.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.06.

DoubleVerify Price Performance

NYSE:DV opened at $20.47 on Wednesday. The company’s 50-day moving average is $18.62 and its two-hundred day moving average is $18.84. DoubleVerify has a 1-year low of $16.11 and a 1-year high of $43.00. The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of 55.32, a PEG ratio of 3.28 and a beta of 0.97.

DoubleVerify announced that its board has initiated a stock buyback program on Wednesday, November 6th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to repurchase up to 6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other DoubleVerify news, CFO Nicola T. Allais sold 1,764 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $16.41, for a total transaction of $28,947.24. Following the sale, the chief financial officer now owns 81,598 shares of the company’s stock, valued at approximately $1,339,023.18. This trade represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders sold 8,820 shares of company stock worth $155,444. Corporate insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. True Wealth Design LLC acquired a new position in shares of DoubleVerify in the 3rd quarter valued at $29,000. Capital Performance Advisors LLP acquired a new position in DoubleVerify in the third quarter valued at $49,000. CWM LLC raised its holdings in shares of DoubleVerify by 212.5% in the second quarter. CWM LLC now owns 2,794 shares of the company’s stock valued at $54,000 after buying an additional 1,900 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of DoubleVerify by 72.3% during the second quarter. Fifth Third Bancorp now owns 4,151 shares of the company’s stock worth $81,000 after buying an additional 1,742 shares during the period. Finally, KBC Group NV grew its holdings in shares of DoubleVerify by 35.8% during the third quarter. KBC Group NV now owns 5,022 shares of the company’s stock worth $85,000 after buying an additional 1,325 shares during the last quarter. 97.29% of the stock is 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.