PubMatic (NASDAQ:PUBM) Reaches New 1-Year High – What’s Next?

PubMatic, Inc. (NASDAQ:PUBM) shares hit a new 52-week high during trading on Friday. The company traded as high as $19.74 and last traded at $19.8860, with a volume of 157,541 shares traded. The stock had previously closed at $19.02.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PUBM. Royal Bank Of Canada raised their price objective on PubMatic from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday. Scotiabank upgraded PubMatic from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the company from $8.00 to $21.00 in a research note on Friday, August 7th. Wall Street Zen lowered shares of PubMatic from a “buy” rating to a “hold” rating in a report on Saturday, October 24th. Citigroup reissued an “outperform” rating on shares of PubMatic in a research note on Friday, August 7th. Finally, Rosenblatt Securities boosted their price objective on PubMatic from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday. Twelve equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $21.00.

PubMatic Trading Up 5.3%

The stock has a 50 day simple moving average of $17.51 and a 200-day simple moving average of $12.52. The firm has a market cap of $912.59 million, a P/E ratio of -400.62 and a beta of 1.59.

Insider Activity

In related news, CFO Steven Pantelick sold 23,491 shares of the company’s stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $18.97, for a total transaction of $445,624.27. Following the sale, the chief financial officer owned 32,526 shares of the company’s stock, valued at $617,018.22. This represents a 41.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Mukul Kumar sold 8,000 shares of the company’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $17.05, for a total transaction of $136,400.00. Following the sale, the insider directly owned 112,945 shares in the company, valued at approximately $1,925,712.25. The trade was a 6.61% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 319,399 shares of company stock worth $5,748,679. 27.78% of the stock is owned by corporate insiders.

Institutional Trading of PubMatic

A number of large investors have recently made changes to their positions in PUBM. Boston Partners purchased a new stake in shares of PubMatic during the 3rd quarter valued at about $20,230,000. Renaissance Technologies LLC lifted its holdings in shares of PubMatic by 26.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,540,533 shares of the company’s stock valued at $12,602,000 after acquiring an additional 321,200 shares during the last quarter. Avestar Capital LLC lifted its holdings in shares of PubMatic by 250.3% in the 3rd quarter. Avestar Capital LLC now owns 192,688 shares of the company’s stock valued at $3,609,000 after acquiring an additional 137,688 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of PubMatic by 86.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 155,596 shares of the company’s stock valued at $2,915,000 after acquiring an additional 71,968 shares during the last quarter. Finally, Pinnacle Holdings LLC purchased a new position in PubMatic in the second quarter worth about $2,076,000. 64.26% of the stock is currently owned by institutional investors.

PubMatic Company Profile

PubMatic is a digital advertising technology company that operates a sell-side platform for publishers and app developers. Its cloud-based platform helps clients manage and monetize advertising inventory by connecting it with demand from advertisers and media buyers through programmatic advertising. The company’s services support advertising across web, mobile app, video and connected TV environments. Its tools include real-time bidding, inventory management, audience and data solutions, and analytics designed to help publishers optimize advertising revenue and give buyers access to digital audiences.