Evercore ISI upgraded shares of PubMatic (NASDAQ:PUBM) from an in-line rating to an outperform rating in a research report released on Thursday morning, Price Targets.com reports. The firm currently has $40.00 price objective on the stock.
Other analysts also recently issued reports about the company. KeyCorp reduced their price objective on PubMatic from $63.00 to $55.00 and set an overweight rating on the stock in a research report on Friday, May 14th. JMP Securities increased their target price on PubMatic from $34.00 to $64.00 and gave the stock an outperform rating in a research report on Wednesday, February 24th. Oppenheimer reduced their target price on PubMatic from $55.00 to $50.00 and set an outperform rating on the stock in a research report on Friday, May 14th. Finally, Cannonball Research began coverage on PubMatic in a research report on Monday, March 15th. They set a neutral rating on the stock. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. PubMatic has a consensus rating of Buy and a consensus price target of $46.83.
Shares of NASDAQ:PUBM opened at $33.84 on Thursday. PubMatic has a 52-week low of $22.42 and a 52-week high of $76.96. The firm has a fifty day moving average of $42.73. The stock has a market capitalization of $1.67 billion and a P/E ratio of 73.57.
In other news, insider Mukul Kumar sold 50,000 shares of the firm’s stock in a transaction dated Thursday, June 3rd. The stock was sold at an average price of $28.34, for a total value of $1,417,000.00. Following the transaction, the insider now directly owns 50,000 shares in the company, valued at approximately $1,417,000. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Der Zweep Michael Van sold 4,289 shares of the firm’s stock in a transaction dated Tuesday, June 1st. The stock was sold at an average price of $29.87, for a total value of $128,112.43. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 71,155 shares of company stock worth $2,052,273.
Several institutional investors have recently added to or reduced their stakes in the company. Pendal Group Limited purchased a new position in shares of PubMatic in the 1st quarter worth about $33,133,000. Morgan Stanley grew its stake in shares of PubMatic by 1,582.2% in the first quarter. Morgan Stanley now owns 22,878 shares of the company’s stock valued at $1,128,000 after buying an additional 21,518 shares in the last quarter. Royal Bank of Canada grew its stake in shares of PubMatic by 254.7% in the first quarter. Royal Bank of Canada now owns 494,937 shares of the company’s stock valued at $24,411,000 after buying an additional 355,417 shares in the last quarter. Morgens Waterfall Vintiadis & Co. Inc. acquired a new stake in shares of PubMatic in the first quarter valued at about $3,191,000. Finally, Ameriprise Financial Inc. grew its stake in shares of PubMatic by 59.3% in the first quarter. Ameriprise Financial Inc. now owns 824,063 shares of the company’s stock valued at $40,643,000 after buying an additional 306,692 shares in the last quarter. Institutional investors own 11.19% of the company’s stock.
PubMatic, Inc provides a cloud infrastructure platform that enables real-time programmatic advertising transactions for Internet content creators and advertisers worldwide. The company's solutions include PubMatic Cloud, which offers a customizable platform as a service; Openwrap, a header bidding solution that provides enterprise-grade management and analytics tools; Openwrap OTT, a header bidding management solution for OTT; Openwrap SDK, a header bidding solution for in-app developers; private marketplace solutions; and media buyer consoles.
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