DoubleVerify Holdings , Inc. (NYSE:DV) reported that its Chief Financial Officer, Nicola T. Allais, has sold a total of 3,528 shares of company stock, with the transactions being valued at over $66,000. The sales occurred on June 17 and 18, according to a recent SEC filing.
The shares were sold at weighted average prices of $18.7103 and $18.7268, respectively, with the transactions on the first day ranging from $18.63 to $18.82, and the following day ranging from $18.61 to $18.885. The total value of the shares sold across both days amounted to approximately $66,039.
In addition to the sales, Allais also acquired 3,528 shares through the exercise of options at a price of $2.01 per share, totaling an investment of $7,091. These options were part of a non-qualified stock option grant from January 4, 2018, which vested fully by November 6, 2021, as per the company's vesting schedule and contingent upon Allais's continued employment with DoubleVerify.
Following the reported transactions, Allais's direct ownership in DoubleVerify Holdings, Inc. stands at 77,314 shares of common stock. It's important to note that the sales were executed in line with a pre-arranged Rule 10b5-1 trading plan, which Allais adopted on November 14, 2023.
Investors and followers of DoubleVerify Holdings, Inc. can access full details of the transactions upon request, as Allais has agreed to provide comprehensive information about the number of shares sold at each price point within the stated ranges.
In other recent news, DoubleVerify Holdings, Inc. has been the focus of varied analyst projections and ratings due to its performance and future outlook. The company recently reported a 15% year-over-year revenue growth, achieving $140.8 million, surpassing both its own and street's expectations. However, DoubleVerify's year-over-year growth guidance was adjusted downward to 17% from 22%, sparking concerns among some analysts. BofA Securities has downgraded the company from Buy to Underperform, lowering the price target to $18 from $45.
On the other hand, BMO Capital Markets maintained an Outperform rating, albeit reducing the price target to $38 from $42. RBC Capital Markets also maintains an "Outperform" rating with a revised price target of $40, down from $49. Meanwhile, Stifel retained a Buy rating on DoubleVerify, but lowered the price target to $25 from $37.
In addition to these developments, DoubleVerify's Board of Directors has approved a new stock repurchase program, allowing the company to buy back up to $150 million of its outstanding common stock. The company plans to fund the repurchase program using its existing cash balance and future cash flows. These recent developments highlight the dynamic landscape DoubleVerify is navigating as it continues to play a crucial role in the digital media industry.
InvestingPro Insights
Amidst the recent news of DoubleVerify Holdings, Inc.'s CFO Nicola T. Allais's stock transactions, investors might be considering the company's current financial standing and market performance. According to real-time data from InvestingPro, DoubleVerify has a market capitalization of $3.25 billion and is trading at a P/E ratio of 48.37. The company's gross profit margin for the last twelve months as of Q1 2024 stands impressively at 81.5%, which is a testament to its ability to manage costs effectively and generate substantial earnings from its revenue.
InvestingPro Tips highlight that DoubleVerify holds more cash than debt on its balance sheet, providing a strong liquidity position. Additionally, the company's liquid assets exceed its short-term obligations, suggesting financial stability in meeting immediate liabilities. However, it's noteworthy that six analysts have revised their earnings downwards for the upcoming period, which could signal potential challenges ahead.
Despite the recent sell-off by the CFO, DoubleVerify's fundamentals show significant strengths. In the last twelve months, the company's revenue growth was 23.51%, and its operating income margin was 13.32%. Yet, the stock price has experienced a considerable decline, with a 50.74% drop over the last year, which might indicate a potential undervaluation for prospective investors.
For those interested in a deeper dive into DoubleVerify's financial health and future prospects, InvestingPro offers additional insights. There are more InvestingPro Tips available, detailing aspects such as the company's valuation multiples and analyst predictions. For a more comprehensive analysis, readers can visit https://www.investing.com/pro/DV and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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