Lord Abbett & CO. LLC Invests $4.02 Million in Viant Technology Inc. $DSP

Key Points

• Lord Abbett & CO. LLC invested approximately $4.02 million in Viant Technology Inc., acquiring 324,142 shares, thus holding about 0.51% of the company.
• Several hedge funds have increased their stakes in Viant Technology, with LPL Financial and Wells Fargo boosting their holdings by over 60% in recent quarters.
• Due to the recent market performance, analysts have lowered their price targets for Viant Technology, with a consensus target price now sitting at $20.38.

Lord Abbett & CO. LLC acquired a new position in shares of Viant Technology Inc. (NASDAQ:DSP - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 324,142 shares of the company's stock, valued at approximately $4,023,000. Lord Abbett & CO. LLC owned 0.51% of Viant Technology as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Summit Investment Advisors Inc. increased its stake in shares of Viant Technology by 83.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,602 shares of the company's stock worth $30,000 after purchasing an additional 728 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Viant Technology by 76.3% in the 4th quarter. Wells Fargo & Company MN now owns 8,846 shares of the company's stock worth $168,000 after buying an additional 3,829 shares during the last quarter. Walleye Capital LLC purchased a new stake in Viant Technology during the 4th quarter worth approximately $193,000. Two Sigma Investments LP purchased a new stake in Viant Technology during the 4th quarter worth approximately $197,000. Finally, Voya Investment Management LLC raised its holdings in shares of Viant Technology by 28.8% during the fourth quarter. Voya Investment Management LLC now owns 15,347 shares of the company's stock valued at $291,000 after acquiring an additional 3,431 shares during the last quarter. 11.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Rosenblatt Securities reaffirmed a "buy" rating and issued a $20.00 price target on shares of Viant Technology in a research note on Tuesday, August 12th. JMP Securities decreased their price objective on Viant Technology from $24.00 to $18.00 and set a "market outperform" rating on the stock in a report on Tuesday, August 12th. Canaccord Genuity Group lowered their target price on shares of Viant Technology from $24.00 to $22.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Finally, Raymond James Financial reduced their target price on shares of Viant Technology from $20.00 to $19.00 and set a "strong-buy" rating for the company in a research report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $20.38.

Insider Buying and Selling

In related news, CFO Larry Madden sold 13,265 shares of the company's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $13.08, for a total transaction of $173,506.20. Following the sale, the chief financial officer directly owned 436,261 shares of the company's stock, valued at $5,706,293.88. This represents a 2.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Max O. Valdes sold 4,838 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $14.29, for a total transaction of $69,135.02. Following the sale, the director owned 21,591 shares in the company, valued at approximately $308,535.39. This trade represents a 18.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,125 shares of company stock valued at $430,048 in the last ninety days. Company insiders own 29.40% of the company's stock.

Viant Technology Stock Up 0.5%

NASDAQ:DSP traded up $0.05 on Thursday, reaching $9.34. 253,404 shares of the company's stock were exchanged, compared to its average volume of 323,832. The firm has a market capitalization of $584.40 million, a price-to-earnings ratio of 71.82 and a beta of 1.12. Viant Technology Inc. has a 52-week low of $9.07 and a 52-week high of $26.33. The business has a fifty day moving average of $12.91 and a 200-day moving average of $14.63.

Viant Technology Company Profile

Viant Technology Inc operates as an advertising technology company. It provides Household ID, a people-based innovation that combines digital and personal identifiers into a normalized household profile; AI Bid Optimizer, solution that uses AI to analyze historical bid opportunities to predict the lowest media cost for desired advertisement; and Viant Data Platform, which offers marketers control over their own data with actionable insights into their marketing initiatives within a single platform.