PubMatic (NASDAQ:PUBM) Reaches New 12-Month High – Time to Buy?

PubMatic, Inc. (NASDAQ:PUBM)’s stock price reached a new 52-week high on Thursday. The company traded as high as $19.30 and last traded at $19.2190, with a volume of 334227 shares changing hands. The stock had previously closed at $18.73.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PUBM. Jefferies Financial Group lifted their price objective on shares of PubMatic from $10.00 to $18.00 and gave the stock a “hold” rating in a research report on Tuesday, August 11th. Rosenblatt Securities increased their target price on shares of PubMatic from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Citigroup restated an “outperform” rating on shares of PubMatic in a research note on Friday, August 7th. B. Riley Financial upped their price target on PubMatic from $17.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, September 18th. Finally, Lake Street Capital reiterated a “buy” rating and set a $20.00 price objective on shares of PubMatic in a report on Friday, August 7th. Eleven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.73.

PubMatic Stock Down 4.0%

The firm has a market cap of $839.03 million, a PE ratio of -61.40 and a beta of 1.56. The stock has a 50 day moving average price of $16.48 and a two-hundred day moving average price of $12.68.

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

Insider Activity at PubMatic

In other news, CFO Steven Pantelick sold 22,203 shares of PubMatic stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $17.25, for a total transaction of $383,001.75. Following the completion of the sale, the chief financial officer directly owned 30,069 shares in the company, valued at approximately $518,690.25. The trade was a 42.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Rajeev Goel sold 211,302 shares of PubMatic stock in a transaction on Friday, August 7th. The stock was sold at an average price of $17.74, for a total transaction of $3,748,497.48. Following the sale, the chief executive officer owned 31,692 shares of the company’s stock, valued at $562,216.08. The trade was a 86.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 477,762 shares of company stock worth $8,097,256. Corporate insiders own 27.78% of the company’s stock.

Hedge Funds Weigh In On PubMatic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC lifted its holdings in shares of PubMatic by 26.3% during the first quarter. Renaissance Technologies LLC now owns 1,540,533 shares of the company’s stock worth $12,602,000 after purchasing an additional 321,200 shares during the period. CenterBook Partners LP increased its holdings in PubMatic by 53.3% in the 4th quarter. CenterBook Partners LP now owns 1,147,055 shares of the company’s stock worth $10,174,000 after buying an additional 398,595 shares during the period. S Squared Technology LLC increased its holdings in PubMatic by 7.7% in the 4th quarter. S Squared Technology LLC now owns 280,972 shares of the company’s stock worth $2,492,000 after buying an additional 20,000 shares during the period. Quantinno Capital Management LP raised its position in PubMatic by 248.0% during the 1st quarter. Quantinno Capital Management LP now owns 206,815 shares of the company’s stock worth $1,692,000 after buying an additional 147,386 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in PubMatic during the 1st quarter worth approximately $1,687,000. Hedge funds and other institutional investors own 64.26% of the company’s stock.

About PubMatic

PubMatic, Inc is a cloud infrastructure and digital advertising technology company that operates a sell-side platform (SSP). Its technology helps publishers, mobile application developers and other digital content creators manage and monetize advertising inventory across websites, apps, connected television and other digital channels.

The company’s platform connects digital media sellers with advertisers and agencies through programmatic advertising, enabling the automated buying and selling of ad space.