Insider Selling: PubMatic (NASDAQ:PUBM) CEO Sells $952,920.01 in Stock

PubMatic, Inc. (NASDAQ:PUBM) CEO Rajeev Goel sold 50,233 shares of the firm’s stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $18.97, for a total value of $952,920.01. Following the sale, the chief executive officer owned 47,424 shares in the company, valued at approximately $899,633.28. The trade was a 51.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

PubMatic Price Performance

NASDAQ PUBM traded up $0.18 on Monday, reaching $18.60. The company had a trading volume of 646,336 shares, compared to its average volume of 693,762. PubMatic, Inc. has a 1 year low of $6.15 and a 1 year high of $19.48. The firm has a 50-day moving average of $16.48 and a 200-day moving average of $12.72. The firm has a market capitalization of $847.23 million, a PE ratio of -62.00 and a beta of 1.56.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PUBM. Caitong International Asset Management Co. Ltd raised its stake in shares of PubMatic by 75.6% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,449 shares of the company’s stock valued at $39,000 after purchasing an additional 1,915 shares in the last quarter. State of Wyoming acquired a new position in PubMatic in the first quarter worth about $61,000. Versant Capital Management Inc increased its holdings in PubMatic by 30.4% in the second quarter. Versant Capital Management Inc now owns 10,657 shares of the company’s stock valued at $140,000 after buying an additional 2,482 shares during the last quarter. Savant Capital LLC acquired a new stake in PubMatic during the fourth quarter valued at approximately $110,000. Finally, Sei Investments Co. acquired a new stake in PubMatic during the first quarter valued at approximately $129,000. 64.26% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PUBM has been the topic of a number of recent analyst reports. Raymond James Financial upgraded shares of PubMatic from a “market perform” rating to an “outperform” rating and set a $22.00 price objective on the stock in a report on Friday, August 7th. B. Riley Financial lifted their target price on PubMatic from $17.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, September 18th. Citigroup reiterated an “outperform” rating on shares of PubMatic in a research note on Friday, August 7th. Scotiabank raised PubMatic from a “sector perform” rating to a “sector outperform” rating and increased their price target for the company from $8.00 to $21.00 in a report on Friday, August 7th. Finally, Rosenblatt Securities raised their price objective on PubMatic from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Eleven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, PubMatic has a consensus rating of “Moderate Buy” and a consensus price target of $19.73.

PubMatic Company Profile

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.