PubMatic (NASDAQ:PUBM) Price Target Cut to $23.00

PubMatic (NASDAQ:PUBM) had its price objective decreased by Royal Bank of Canada from $26.00 to $23.00 in a research note released on Tuesday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

PUBM has been the topic of several other reports. Raymond James downgraded shares of PubMatic from an outperform rating to a market perform rating in a report on Friday, August 9th. Jefferies Financial Group reduced their price objective on PubMatic from $26.00 to $16.00 and set a hold rating for the company in a research note on Friday, August 9th. B. Riley lowered their target price on PubMatic from $31.00 to $22.00 and set a buy rating on the stock in a research note on Friday, August 9th. Macquarie reduced their price target on PubMatic from $24.00 to $19.00 and set a neutral rating for the company in a research report on Friday, August 9th. Finally, Wolfe Research initiated coverage on PubMatic in a research report on Tuesday, July 16th. They issued an outperform rating and a $25.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, PubMatic has a consensus rating of Moderate Buy and an average target price of $21.00.

PubMatic Price Performance

Shares of PUBM opened at $15.95 on Tuesday. The firm has a market capitalization of $796.40 million, a PE ratio of 75.95 and a beta of 1.44. The company’s fifty day moving average price is $19.37 and its 200-day moving average price is $20.71. PubMatic has a 1-year low of $10.92 and a 1-year high of $25.36.

PubMatic (NASDAQ:PUBM) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.06. PubMatic had a return on equity of 6.92% and a net margin of 7.08%. The business had revenue of $67.27 million for the quarter, compared to analyst estimates of $70.07 million. During the same period in the prior year, the company earned ($0.11) earnings per share. The company’s revenue was up 6.2% on a year-over-year basis. As a group, research analysts anticipate that PubMatic will post 0.24 EPS for the current fiscal year.

Insider Transactions at PubMatic

In related news, CFO Steven Pantelick sold 4,000 shares of PubMatic stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $14.03, for a total value of $56,120.00. Following the sale, the chief financial officer now owns 22,506 shares of the company’s stock, valued at approximately $315,759.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other PubMatic news, CFO Steven Pantelick sold 4,000 shares of the stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $14.03, for a total transaction of $56,120.00. Following the transaction, the chief financial officer now directly owns 22,506 shares of the company’s stock, valued at $315,759.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Amar K. Goel sold 2,000 shares of PubMatic stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $24.50, for a total transaction of $49,000.00. Following the completion of the sale, 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 120,551 shares of company stock valued at $2,432,679 in the last three months. 2.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PUBM. Redwood Wealth Management Group LLC purchased a new stake in PubMatic during the 2nd quarter valued at about $29,000. Headlands Technologies LLC acquired a new stake in shares of PubMatic in the second quarter valued at approximately $38,000. SG Americas Securities LLC purchased a new position in PubMatic during the first quarter worth approximately $107,000. SVB Wealth LLC acquired a new position in PubMatic during the fourth quarter worth $163,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in PubMatic by 56.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,132 shares of the company’s stock valued at $185,000 after buying an additional 3,280 shares in the last quarter. 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.