JPMorgan Chase & Co. Issues Pessimistic Forecast for DoubleVerify (NYSE:DV) Stock Price

DoubleVerify (NYSE:DV) had its price objective cut by equities research analysts at JPMorgan Chase & Co. from $21.00 to $19.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential downside of 1.71% from the stock’s current price.

A number of other brokerages also recently commented on DV. Piper Sandler lowered their price objective on shares of DoubleVerify from $30.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Truist Financial reduced their price target on shares of DoubleVerify from $26.00 to $23.00 and set a “buy” rating for the company in a report on Thursday. Stifel Nicolaus lowered their price target on shares of DoubleVerify from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, October 14th. BMO Capital Markets dropped their price target on shares of DoubleVerify from $38.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, Macquarie cut their target price on DoubleVerify from $25.00 to $19.00 and set an “outperform” rating for the company in a research report on Friday, October 11th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, DoubleVerify has an average rating of “Moderate Buy” and a consensus target price of $24.47.

DoubleVerify Price Performance

NYSE DV opened at $19.33 on Thursday. DoubleVerify has a 12 month low of $16.11 and a 12 month high of $43.00. The company’s 50 day simple moving average is $17.53 and its 200 day simple moving average is $19.52. The firm has a market capitalization of $3.29 billion, a PE ratio of 55.26, a P/E/G ratio of 2.44 and a beta of 0.90.

DoubleVerify (NYSE:DV) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.03. DoubleVerify had a return on equity of 5.70% and a net margin of 9.97%. The business had revenue of $169.56 million during the quarter, compared to analyst estimates of $168.93 million. Sell-side analysts anticipate that DoubleVerify will post 0.3 earnings per share for the current fiscal year.

DoubleVerify declared that its Board of Directors has authorized 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 repurchase up to 6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at DoubleVerify

In related news, CFO Nicola T. Allais sold 1,764 shares of the business’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $17.28, for a total value of $30,481.92. Following the sale, the chief financial officer now directly owns 81,598 shares of the company’s stock, valued at approximately $1,410,013.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 7,056 shares of company stock valued at $119,634. Company insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of DV. Vanguard Group Inc. lifted its stake in DoubleVerify by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 15,727,359 shares of the company’s stock valued at $552,974,000 after acquiring an additional 216,370 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of DoubleVerify by 9.6% in the third quarter. Assenagon Asset Management S.A. now owns 4,123,545 shares of the company’s stock worth $69,440,000 after purchasing an additional 360,445 shares in the last quarter. Van Berkom & Associates Inc. boosted its holdings in DoubleVerify by 25.9% during the second quarter. Van Berkom & Associates Inc. now owns 3,046,200 shares of the company’s stock worth $59,310,000 after purchasing an additional 626,586 shares during the last quarter. Burgundy Asset Management Ltd. bought a new stake in DoubleVerify during the 2nd quarter worth about $54,099,000. Finally, Mackenzie Financial Corp acquired a new position in shares of DoubleVerify during the 2nd quarter worth about $53,015,000. 97.29% of the stock is owned by institutional investors and hedge funds.

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.