PubMatic (NASDAQ:PUBM) Upgraded to Outperform by Evercore ISI

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.

PubMatic (NASDAQ:PUBM) last issued its quarterly earnings data on Thursday, May 13th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.05. The company had revenue of $43.60 million during the quarter, compared to analysts’ expectations of $39.48 million. The business’s quarterly revenue was up 54.1% compared to the same quarter last year. On average, research analysts predict that PubMatic will post 0.31 earnings per share for the current fiscal year.

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.

About PubMatic

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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Analyst Recommendations for PubMatic (NASDAQ:PUBM)

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