Hodges Capital Management Inc. Makes New Investment in DoubleVerify Holdings, Inc. (NYSE:DV)

Hodges Capital Management Inc. bought a new position in DoubleVerify Holdings, Inc. (NYSE:DV) in the first quarter, HoldingsChannel.com reports. The fund bought 472,826 shares of the company’s stock, valued at approximately $16,625,000. DoubleVerify accounts for 1.1% of Hodges Capital Management Inc.’s portfolio, making the stock its 26th largest position.

Other large investors have also added to or reduced their stakes in the company. Congress Asset Management Co. MA boosted its stake in shares of DoubleVerify by 813.2% during the 1st quarter. Congress Asset Management Co. MA now owns 4,017,499 shares of the company’s stock worth $141,255,000 after acquiring an additional 3,577,575 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of DoubleVerify by 15.0% during the 4th quarter. Vanguard Group Inc. now owns 15,510,989 shares of the company’s stock valued at $570,494,000 after buying an additional 2,017,687 shares in the last quarter. Norges Bank purchased a new position in shares of DoubleVerify during the 4th quarter valued at $58,477,000. Brown Capital Management LLC lifted its stake in shares of DoubleVerify by 128.1% during the 4th quarter. Brown Capital Management LLC now owns 2,236,450 shares of the company’s stock valued at $82,257,000 after buying an additional 1,256,195 shares in the last quarter. Finally, Granahan Investment Management LLC purchased a new position in shares of DoubleVerify during the 4th quarter valued at $36,988,000. Institutional investors own 97.29% of the company’s stock.

Insider Activity

In other news, insider Andrew E. Grimmig sold 16,667 shares of the stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $33.80, for a total transaction of $563,344.60. Following the transaction, the insider now directly owns 39,468 shares in the company, valued at $1,334,018.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other DoubleVerify news, insider Andrew E. Grimmig sold 16,667 shares of the firm’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $33.80, for a total value of $563,344.60. Following the completion of the sale, the insider now directly owns 39,468 shares in the company, valued at $1,334,018.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Nicola T. Allais sold 5,292 shares of the firm’s stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $32.53, for a total transaction of $172,148.76. Following the completion of the sale, the chief financial officer now owns 73,030 shares of the company’s stock, valued at $2,375,665.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,951 shares of company stock worth $984,214. Corporate insiders own 3.00% of the company’s stock.

DoubleVerify Price Performance

Shares of NYSE:DV traded up $0.42 during trading on Friday, reaching $19.47. 4,154,649 shares of the company were exchanged, compared to its average volume of 2,586,172. The firm has a market capitalization of $3.34 billion, a PE ratio of 51.24, a P/E/G ratio of 2.93 and a beta of 0.92. The business’s fifty day simple moving average is $21.54 and its 200-day simple moving average is $31.17. DoubleVerify Holdings, Inc. has a 12-month low of $17.50 and a 12-month high of $43.00.

DoubleVerify (NYSE:DV) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. DoubleVerify had a net margin of 11.25% and a return on equity of 6.46%. The firm had revenue of $140.70 million for the quarter, compared to the consensus estimate of $138.25 million. During the same period last year, the firm earned $0.07 earnings per share. The company’s quarterly revenue was up 14.8% on a year-over-year basis. On average, sell-side analysts anticipate that DoubleVerify Holdings, Inc. will post 0.31 EPS for the current fiscal year.

DoubleVerify announced that its board has approved a stock buyback program on Thursday, May 16th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to purchase up to 4.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts recently weighed in on DV shares. The Goldman Sachs Group lowered their target price on shares of DoubleVerify from $38.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. William Blair downgraded shares of DoubleVerify from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 8th. Bank of America downgraded shares of DoubleVerify from a “buy” rating to an “underperform” rating and reduced their target price for the stock from $45.00 to $18.00 in a report on Thursday, May 9th. Needham & Company LLC reduced their price objective on shares of DoubleVerify from $45.00 to $33.00 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. Finally, Stifel Nicolaus reduced their price objective on shares of DoubleVerify from $37.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, DoubleVerify currently has an average rating of “Moderate Buy” and an average target price of $34.05.

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.