PubMatic (NASDAQ:PUBM) Shares Gap Up on Strong Earnings

PubMatic, Inc. (NASDAQ:PUBM)’s stock price gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $24.02, but opened at $25.17. PubMatic shares last traded at $24.27, with a volume of 284,861 shares trading hands.

The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.07. PubMatic had a net margin of 3.33% and a return on equity of 3.29%. The firm had revenue of $66.70 million during the quarter, compared to analysts’ expectations of $62.19 million. During the same period last year, the company earned ($0.09) earnings per share. The business’s revenue was up 20.4% on a year-over-year basis.

Analysts Set New Price Targets

Several analysts have issued reports on PUBM shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $26.00 target price on shares of PubMatic in a research note on Monday, March 25th. B. Riley began coverage on shares of PubMatic in a report on Friday, April 19th. They issued a “buy” rating and a $27.00 target price for the company. Finally, JMP Securities upped their target price on shares of PubMatic from $18.00 to $25.00 and gave the company a “market outperform” rating in a research note on Tuesday, February 27th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.20.

Insider Buying and Selling at PubMatic

In other PubMatic news, insider Paulina Klimenko sold 2,083 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $17.00, for a total value of $35,411.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other PubMatic news, insider Paulina Klimenko sold 2,083 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $17.00, for a total transaction of $35,411.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Rajeev K. Goel sold 98,600 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $20.70, for a total transaction of $2,041,020.00. Following the sale, the chief executive officer now directly owns 7,500 shares of the company’s stock, valued at approximately $155,250. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 192,063 shares of company stock valued at $4,110,143. 2.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PubMatic

Several large investors have recently modified their holdings of the stock. Arizona State Retirement System raised its position in shares of PubMatic by 9.0% during the 4th quarter. Arizona State Retirement System now owns 11,924 shares of the company’s stock worth $194,000 after purchasing an additional 984 shares during the last quarter. Guinness Atkinson Asset Management Inc increased its holdings in shares of PubMatic by 48.6% in the 3rd quarter. Guinness Atkinson Asset Management Inc now owns 3,032 shares of the company’s stock worth $37,000 after acquiring an additional 992 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of PubMatic by 0.9% in the third quarter. Bank of New York Mellon Corp now owns 174,092 shares of the company’s stock valued at $2,107,000 after acquiring an additional 1,489 shares in the last quarter. Empowered Funds LLC lifted its holdings in shares of PubMatic by 9.1% during the first quarter. Empowered Funds LLC now owns 19,606 shares of the company’s stock valued at $465,000 after purchasing an additional 1,632 shares during the last quarter. Finally, Zions Bancorporation N.A. grew its position in PubMatic by 4.0% during the third quarter. Zions Bancorporation N.A. now owns 53,540 shares of the company’s stock valued at $648,000 after purchasing an additional 2,076 shares in the last quarter. Hedge funds and other institutional investors own 64.26% of the company’s stock.

PubMatic Stock Performance

The company has a market cap of $1.21 billion, a P/E ratio of 166.68 and a beta of 1.52. The firm has a 50 day moving average price of $22.53 and a 200-day moving average price of $17.87.

About PubMatic

PubMatic, Inc, a technology company, engages in the provision of a cloud infrastructure platform that enables real-time programmatic advertising transactions for digital content creators, advertisers, agencies, agency trading desks, and demand side platforms worldwide. Its PubMatic SSP, a sell-side platform, used for the purchase and sale of digital advertising inventory for publishers and buyers.