Massachusetts Financial Services Co. MA Sells 1,663,058 Shares of DoubleVerify Holdings, Inc. (NYSE:DV)

Massachusetts Financial Services Co. MA lowered its stake in shares of DoubleVerify Holdings, Inc. (NYSE:DV) by 89.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 200,000 shares of the company’s stock after selling 1,663,058 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in DoubleVerify were worth $3,368,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of DV. Assenagon Asset Management S.A. acquired a new stake in DoubleVerify during the second quarter worth $73,268,000. Burgundy Asset Management Ltd. acquired a new stake in DoubleVerify during the second quarter worth $54,099,000. Mackenzie Financial Corp acquired a new stake in DoubleVerify during the second quarter worth $53,015,000. Fort Washington Investment Advisors Inc. OH acquired a new stake in DoubleVerify during the second quarter worth $13,000,000. Finally, Dimensional Fund Advisors LP boosted its stake in DoubleVerify by 36.2% during 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 in the last quarter. Institutional investors and hedge funds own 97.29% of the company’s stock.

DoubleVerify Trading Down 0.6 %

Shares of NYSE:DV opened at $20.50 on Wednesday. The stock has a market capitalization of $3.47 billion, a P/E ratio of 55.41, a P/E/G ratio of 3.18 and a beta of 0.90. DoubleVerify Holdings, Inc. has a 1-year low of $16.11 and a 1-year high of $43.00. The business has a 50-day moving average price of $17.88 and a two-hundred day moving average price of $18.72.

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and set a $33.00 price target on shares of DoubleVerify in a research note on Tuesday, September 17th. Piper Sandler reduced 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. Wells Fargo & Company started coverage on shares of DoubleVerify in a research note on Monday, October 28th. They issued an “underweight” rating and a $14.00 target price on the stock. JPMorgan Chase & Co. reduced their target price on shares of DoubleVerify from $21.00 to $19.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Finally, Truist Financial reduced their target price on shares of DoubleVerify from $26.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, DoubleVerify presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.47.

Insiders Place Their Bets

In other news, CFO Nicola T. Allais sold 1,764 shares of the company’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $16.92, for a total value of $29,846.88. Following the completion of the sale, the chief financial officer now directly owns 81,598 shares of the company’s stock, valued at $1,380,638.16. This represents a 2.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last three months, insiders sold 8,820 shares of company stock valued at $155,444. 3.00% of the stock is currently owned by insiders.

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.