Insider Buying: Veritone, Inc. (NASDAQ:VERI) President Buys $78,662.61 in Stock

Veritone, Inc. (NASDAQ:VERI) President Ryan Steelberg bought 2,763 shares of the stock in a transaction on Friday, November 19th. The shares were bought at an average price of $28.47 per share, for a total transaction of $78,662.61. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Veritone stock opened at $26.31 on Thursday. Veritone, Inc. has a 52-week low of $16.45 and a 52-week high of $50.34. The firm has a fifty day moving average of $26.46 and a 200-day moving average of $22.16. The firm has a market capitalization of $864.91 million, a P/E ratio of -12.47 and a beta of 3.05.

Veritone (NASDAQ:VERI) last released its quarterly earnings results on Tuesday, November 9th. The company reported ($0.07) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.35) by $0.28. Veritone had a negative net margin of 87.19% and a negative return on equity of 79.19%. During the same quarter last year, the business posted ($0.40) earnings per share. Sell-side analysts forecast that Veritone, Inc. will post -1.75 earnings per share for the current fiscal year.

Several brokerages recently issued reports on VERI. Zacks Investment Research raised shares of Veritone from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a research note on Tuesday. JMP Securities upped their price objective on shares of Veritone from $45.00 to $49.00 and gave the company a “market outperform” rating in a research note on Wednesday, November 10th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $39.20.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC acquired a new position in Veritone during the 2nd quarter worth $46,000. Macquarie Group Ltd. acquired a new position in Veritone during the 3rd quarter worth $69,000. Citigroup Inc. grew its holdings in Veritone by 147.3% during the 2nd quarter. Citigroup Inc. now owns 4,326 shares of the company’s stock worth $85,000 after acquiring an additional 2,577 shares in the last quarter. Advisory Services Network LLC acquired a new position in Veritone during the 2nd quarter worth $93,000. Finally, UBS Group AG grew its holdings in Veritone by 50.5% during the 3rd quarter. UBS Group AG now owns 4,277 shares of the company’s stock worth $102,000 after acquiring an additional 1,436 shares in the last quarter. 47.44% of the stock is owned by institutional investors and hedge funds.

Veritone Company Profile

Veritone, Inc engages in the provision of artificial intelligence (AI) computing solutions to media and entertainment, government, and legal and compliance industries. It operates through the following segments: Advertising; aiWARE SaaS Solutions; and aiWARE Content Licensing and Media Services. The Advertising segment places advertisements for clients, primarily with radio broadcasters, podcasters and digital media producers.

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