Insider Selling: PubMatic (NASDAQ:PUBM) CFO Sells $445,624.27 in Stock

PubMatic, Inc. (NASDAQ:PUBM) CFO Steven Pantelick sold 23,491 shares of the firm’s stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $18.97, for a total value of $445,624.27. Following the sale, the chief financial officer owned 32,526 shares in the company, valued at $617,018.22. This trade represents a 41.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Steven Pantelick also recently made the following trade(s):

• On Monday, October 5th, Steven Pantelick sold 22,173 shares of PubMatic stock. The shares were sold at an average price of $18.66, for a total value of $413,748.18.
• On Thursday, August 13th, Steven Pantelick sold 19,716 shares of PubMatic stock. The shares were sold at an average price of $17.31, for a total value of $341,283.96.
• On Wednesday, August 12th, Steven Pantelick sold 22,203 shares of PubMatic stock. The stock was sold at an average price of $17.25, for a total value of $383,001.75.

PubMatic Trading Up 1.2%

Shares of NASDAQ:PUBM opened at $18.57 on Thursday. The stock’s 50-day moving average price is $16.81 and its two-hundred day moving average price is $12.94. PubMatic, Inc. has a 12-month low of $6.15 and a 12-month high of $19.48. The firm has a market cap of $845.86 million, a price-to-earnings ratio of -61.90 and a beta of 1.56.

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

Trending Headlines about PubMatic

Here are the key news stories impacting PubMatic this week:

• Positive Sentiment: Sony Pictures partnership expands connected-TV prospects: Sony Pictures Entertainment named PubMatic its preferred programmatic advertising partner for Live TV on PS5. The agreement could give PubMatic access to more gaming and entertainment ad inventory, increasing impressions, advertiser demand and future revenue opportunities. Sony Pictures Entertainment Names PubMatic Its Preferred Programmatic Advertising Partner
• Neutral Sentiment: Analyst support remains favorable: Analysts maintain a consensus “Moderate Buy” rating, with several firms assigning price targets above or around the current share price. This supports sentiment, but the stock’s proximity to its 12-month high may limit near-term upside. PubMatic Stock Rated Moderate Buy by Wall Street Brokerages
• Negative Sentiment: Several executives sold shares: CEO Rajeev Goel, CFO Steven Pantelick, Chairman Amar Goel, General Counsel Andrew Woods and insider Mukul Kumar disclosed sales totaling roughly 94,600 shares and about $1.8 million across recent transactions. Woods also sold 10,079 shares, while Pantelick sold more than 22,000 shares and Amar Goel sold more than 10,000. Most sales were executed under pre-arranged Rule 10b5-1 plans; one Woods transaction covered tax withholding. Those details reduce the bearish significance, but the sizable reductions in insider ownership could weigh on confidence and create additional share supply. PubMatic Insider Trading Alert

Analyst Ratings Changes

A number of research firms have weighed in on PUBM. Rosenblatt Securities increased their price target on shares of PubMatic from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Evercore reissued an “outperform” rating and set a $21.00 price objective on shares of PubMatic in a research note on Monday, August 10th. Craig Hallum initiated coverage on PubMatic in a report on Thursday, September 24th. They set a “buy” rating and a $24.00 price objective for the company. Raymond James Financial upgraded PubMatic from a “market perform” rating to an “outperform” rating and set a $22.00 price objective for the company in a report on Friday, August 7th. Finally, Citizens Jmp increased their target price on PubMatic from $12.00 to $20.00 and gave the stock a “market outperform” rating in a research report on Friday, August 7th. Eleven 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 company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.73.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PUBM. Caitong International Asset Management Co. Ltd lifted its position in PubMatic by 75.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,449 shares of the company’s stock valued at $39,000 after buying an additional 1,915 shares in the last quarter. State of Wyoming acquired a new stake in shares of PubMatic in the first quarter worth $61,000. Versant Capital Management Inc raised its stake in shares of PubMatic by 30.4% in the 2nd quarter. Versant Capital Management Inc now owns 10,657 shares of the company’s stock valued at $140,000 after acquiring an additional 2,482 shares during the period. Savant Capital LLC purchased a new position in shares of PubMatic in the 4th quarter valued at $110,000. Finally, Sei Investments Co. acquired a new position in shares of PubMatic during the 1st quarter valued at $129,000. 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.