PubMatic (NASDAQ:PUBM) Stock: Insider Rajeev Goel Sells 50,021 Shares

PubMatic, Inc. (NASDAQ:PUBM) CEO Rajeev Goel sold 50,021 shares of the stock in a transaction on Thursday, October 22nd. The shares were sold at an average price of $17.26, for a total value of $863,362.46. Following the completion of the transaction, the chief executive officer directly owned 31,774 shares in the company, valued at approximately $548,419.24. This represents a 61.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

PubMatic Price Performance

PUBM stock traded up $0.07 during mid-day trading on Friday, hitting $17.24. 297,437 shares of the stock were exchanged, compared to its average volume of 649,878. The business has a fifty day moving average price of $17.39 and a 200 day moving average price of $13.71. PubMatic, Inc. has a 12 month low of $6.15 and a 12 month high of $19.48. The stock has a market capitalization of $785.28 million, a price-to-earnings ratio of -57.46 and a beta of 1.56.

PubMatic (NASDAQ:PUBM) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.15. The firm had revenue of $78.59 million during the quarter, compared to analysts’ expectations of $68.95 million. PubMatic had a negative return on equity of 5.41% and a negative net margin of 4.66%. As a group, equities analysts forecast that PubMatic, Inc. will post -0.09 EPS for the current fiscal year.

Institutional Investors Weigh In On PubMatic

Several institutional investors have recently bought and sold shares of PUBM. Renaissance Technologies LLC grew its position in PubMatic by 26.3% during the 1st quarter. Renaissance Technologies LLC now owns 1,540,533 shares of the company’s stock worth $12,602,000 after acquiring an additional 321,200 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of PubMatic during the first quarter valued at approximately $1,687,000. Pinnacle Holdings LLC bought a new position in shares of PubMatic in the second quarter worth approximately $2,076,000. Quantinno Capital Management LP grew its holdings in shares of PubMatic by 248.0% in the first quarter. Quantinno Capital Management LP now owns 206,815 shares of the company’s stock worth $1,692,000 after purchasing an additional 147,386 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of PubMatic in the second quarter worth $1,595,000. 64.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Craig Hallum assumed coverage on PubMatic in a research note on Thursday, September 24th. They issued a “buy” rating and a $24.00 target price for the company. Jefferies Financial Group increased their price target on shares of PubMatic from $10.00 to $18.00 and gave the company a “hold” rating in a research report on Tuesday, August 11th. Weiss Ratings downgraded shares of PubMatic from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, August 11th. Evercore restated an “outperform” rating and issued a $21.00 price objective on shares of PubMatic in a report on Monday, August 10th. Finally, Wall Street Zen raised shares of PubMatic from a “hold” rating to a “buy” rating in a research note on Saturday, September 26th. Eleven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.73.

About PubMatic

PubMatic, Inc is a cloud infrastructure and digital advertising technology company that provides solutions for the programmatic advertising industry. Its platform helps publishers, app developers and content creators manage and monetize advertising inventory across websites, mobile applications, connected television and other digital channels.

The company operates primarily as a sell-side platform, connecting publishers with advertisers, agencies and demand-side platforms. Its offerings include tools for real-time bidding, yield management, audience targeting, identity solutions, supply-path optimization and header bidding.