Viant Technology (NASDAQ:DSP) Given New $16.50 Price Target at DA Davidson

Key Points

• DA Davidson raised its price target on Viant Technology to $16.50 from $16.00 and kept a buy rating, implying about 46% upside from the current share price.
• Viant Technology reported a Q1 EPS loss of $0.03, missing estimates, but revenue of $88.54 million came in well above expectations of $50.13 million.
• The stock was up 6.8% to $11.31, while recent filings showed insider selling and several institutions increasing their stakes in the company.

Viant Technology (NASDAQ:DSP - Get Free Report) had its price objective increased by equities research analysts at DA Davidson from $16.00 to $16.50 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. DA Davidson's target price would suggest a potential upside of 45.95% from the company's current price.

A number of other equities research analysts have also recently issued reports on DSP. Wall Street Zen upgraded shares of Viant Technology from a "hold" rating to a "buy" rating in a report on Saturday, March 14th. Freedom Capital raised Viant Technology to a "strong-buy" rating in a research report on Tuesday, March 10th. Rosenblatt Securities restated a "buy" rating and set a $20.00 target price on shares of Viant Technology in a research note on Thursday, April 16th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Viant Technology in a report on Wednesday, January 21st. Finally, B. Riley Financial lifted their price target on Viant Technology from $17.00 to $18.00 and gave the stock a "buy" rating in a research report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, Viant Technology has an average rating of "Buy" and a consensus target price of $18.00.

Viant Technology Stock Up 6.8%

DSP stock traded up $0.72 during trading hours on Tuesday, hitting $11.31. The company's stock had a trading volume of 244,933 shares, compared to its average volume of 211,964. The stock has a 50 day moving average price of $10.96 and a two-hundred day moving average price of $10.83. Viant Technology has a 12 month low of $8.11 and a 12 month high of $16.25. The company has a market capitalization of $716.21 million, a PE ratio of 35.33 and a beta of 1.00.

Viant Technology (NASDAQ:DSP - Get Free Report) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.03) earnings per share for the quarter, missing analysts' consensus estimates of $0.08 by ($0.11). Viant Technology had a net margin of 2.43% and a return on equity of 1.31%. The company had revenue of $88.54 million during the quarter, compared to the consensus estimate of $50.13 million. Sell-side analysts expect that Viant Technology will post -0.12 earnings per share for the current year.

Insider Transactions at Viant Technology

In related news, CFO Larry Madden sold 13,283 shares of the stock in a transaction dated Tuesday, April 21st. The shares were sold at an average price of $10.91, for a total value of $144,917.53. Following the completion of the sale, the chief financial officer owned 579,744 shares in the company, valued at approximately $6,325,007.04. This trade represents a 2.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Capital V. Llc sold 15,000 shares of Viant Technology stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $11.80, for a total value of $177,000.00. Following the sale, the insider directly owned 23,760 shares in the company, valued at approximately $280,368. This trade represents a 38.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 178,283 shares of company stock valued at $1,883,485 in the last ninety days. 29.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Viant Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada lifted its stake in Viant Technology by 246.4% during the first quarter. Royal Bank of Canada now owns 29,213 shares of the company's stock worth $363,000 after purchasing an additional 20,779 shares during the period. AQR Capital Management LLC grew its holdings in shares of Viant Technology by 303.6% in the 1st quarter. AQR Capital Management LLC now owns 47,295 shares of the company's stock worth $587,000 after purchasing an additional 35,578 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Viant Technology by 77.1% in the first quarter. Goldman Sachs Group Inc. now owns 136,249 shares of the company's stock valued at $1,691,000 after acquiring an additional 59,323 shares during the last quarter. Envestnet Asset Management Inc. acquired a new position in shares of Viant Technology in the 2nd quarter worth approximately $166,000. Finally, Geode Capital Management LLC increased its holdings in Viant Technology by 6.4% during the 2nd quarter. Geode Capital Management LLC now owns 380,598 shares of the company's stock valued at $5,036,000 after purchasing an additional 22,857 shares in the last quarter. 11.38% of the stock is owned by institutional investors.

Viant Technology Company Profile

Viant Technology Inc Nasdaq: DSP is a software-as-a-service (SaaS) advertising technology company that delivers data-driven solutions to marketers and agencies. Its core offering, Adelphic, is a programmatic demand-side platform (DSP) that empowers clients to plan, execute and optimize digital ad campaigns across desktop, mobile, connected TV and other emerging channels.

Complementing its DSP, Viant offers PeopleCloud, a people-based data management platform (DMP) that aggregates and normalizes first- and third-party audience data.

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