Royal Bank of Canada Cuts PubMatic (NASDAQ:PUBM) Price Target to $19.00

PubMatic (NASDAQ:PUBM) had its price objective reduced by equities researchers at Royal Bank of Canada from $21.00 to $19.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 27.18% from the stock’s previous close.

A number of other analysts also recently issued reports on the stock. Macquarie reissued a “neutral” rating and issued a $19.00 price objective on shares of PubMatic in a report on Thursday, November 14th. Scotiabank initiated coverage on PubMatic in a report on Thursday, December 5th. They issued a “sector perform” rating and a $17.00 price objective for the company. Finally, Evercore ISI increased their target price on PubMatic from $20.00 to $22.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, PubMatic currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.63.

PubMatic Stock Up 0.7 %

Shares of NASDAQ PUBM traded up $0.11 during mid-day trading on Friday, reaching $14.94. 70,744 shares of the company were exchanged, compared to its average volume of 162,819. PubMatic has a twelve month low of $13.18 and a twelve month high of $25.36. The company’s 50-day simple moving average is $15.68 and its 200-day simple moving average is $16.67. The stock has a market capitalization of $713.64 million, a P/E ratio of 48.19 and a beta of 1.40.

Insiders Place Their Bets

In related news, CFO Steven Pantelick sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $14.45, for a total transaction of $57,800.00. Following the transaction, the chief financial officer now directly owns 22,506 shares of the company’s stock, valued at approximately $325,211.70. This represents a 15.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mukul Kumar sold 7,000 shares of PubMatic stock in a transaction on Monday, December 16th. The shares were sold at an average price of $16.52, for a total transaction of $115,640.00. Following the completion of the sale, the insider now directly owns 44,888 shares of the company’s stock, valued at approximately $741,549.76. The trade was a 13.49 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 68,570 shares of company stock worth $1,075,336. 2.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC boosted its holdings in shares of PubMatic by 28.8% in the 2nd 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. Geode Capital Management LLC grew its position in shares of PubMatic by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 961,155 shares of the company’s stock valued at $14,295,000 after acquiring an additional 7,225 shares during the period. Wellington Management Group LLP raised its holdings in shares of PubMatic by 222.8% in the 3rd quarter. Wellington Management Group LLP now owns 752,329 shares of the company’s stock worth $11,187,000 after purchasing an additional 519,275 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in PubMatic by 17.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 676,464 shares of the company’s stock valued at $10,059,000 after purchasing an additional 100,479 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of PubMatic by 122.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 434,867 shares of the company’s stock valued at $6,466,000 after buying an additional 239,406 shares during the period. Hedge funds and other institutional investors own 64.26% of the company’s stock.

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.