PubMatic (NASDAQ:PUBM) Downgraded by Raymond James to Market Perform

Raymond James cut shares of PubMatic (NASDAQ:PUBM) from an outperform rating to a market perform rating in a report issued on Friday, MarketBeat reports.

A number of other equities research analysts also recently weighed in on the stock. Royal Bank of Canada raised their price objective on shares of PubMatic from $26.00 to $30.00 and gave the company an outperform rating in a research report on Wednesday, May 8th. Wolfe Research initiated coverage on shares of PubMatic in a research report on Tuesday, July 16th. They issued an outperform rating and a $25.00 price target on the stock. B. Riley began coverage on PubMatic in a research report on Friday, April 19th. They set a buy rating and a $27.00 price objective for the company. Finally, Jefferies Financial Group decreased their target price on PubMatic from $26.00 to $16.00 and set a hold rating on the stock in a report on Friday. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $21.43.

PubMatic Price Performance

Shares of PubMatic stock traded down $5.54 during trading on Friday, hitting $14.06. The stock had a trading volume of 4,047,637 shares, compared to its average volume of 313,477. The business has a fifty day moving average of $20.63 and a two-hundred day moving average of $20.81. PubMatic has a fifty-two week low of $10.92 and a fifty-two week high of $25.36. The firm has a market cap of $702.02 million, a P/E ratio of 66.96 and a beta of 1.44.

Insider Transactions at PubMatic

In related news, Chairman Amar K. Goel sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $24.50, for a total transaction of $49,000.00. Following the transaction, the chairman now directly owns 2,640 shares of the company’s stock, valued at $64,680. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other PubMatic news, CEO Rajeev K. Goel sold 25,000 shares of PubMatic stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $21.28, for a total value of $532,000.00. Following the completion of the sale, the chief executive officer now directly owns 9,000 shares in the company, valued at $191,520. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Amar K. Goel sold 2,000 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $24.50, for a total transaction of $49,000.00. Following the transaction, the chairman now owns 2,640 shares in the company, valued at approximately $64,680. The disclosure for this sale can be found here. Insiders sold a total of 117,324 shares of company stock valued at $2,394,449 over the last quarter. Company insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On PubMatic

Several hedge funds have recently bought and sold shares of PUBM. Renaissance Technologies LLC lifted its position in shares of PubMatic by 28.8% in the second quarter. Renaissance Technologies LLC now owns 1,188,700 shares of the company’s stock worth $24,142,000 after buying an additional 265,700 shares during the last quarter. Mesirow Financial Investment Management Inc. raised its stake in shares of PubMatic by 25.3% in the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 12,142 shares of the company’s stock valued at $247,000 after acquiring an additional 2,453 shares in the last quarter. Redwood Wealth Management Group LLC acquired a new stake in PubMatic in the 2nd quarter worth approximately $29,000. Cornercap Investment Counsel Inc. acquired a new stake in PubMatic in the 2nd quarter worth approximately $493,000. Finally, American Century Companies Inc. boosted its position in PubMatic by 9.1% during the second quarter. American Century Companies Inc. now owns 316,514 shares of the company’s stock worth $6,428,000 after purchasing an additional 26,387 shares during the period. 64.26% of the stock is owned by institutional investors and hedge funds.

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.