PubMatic (NASDAQ:PUBM) Downgraded by Wall Street Zen to Hold

Key Points

• Wall Street Zen downgraded PubMatic from “Buy” to “Hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $19.73.
• PubMatic shares opened at $17.24, compared with a 52-week range of $6.15 to $19.48. Its latest quarterly results beat expectations, with revenue of $78.59 million and adjusted EPS of -$0.03 versus the expected -$0.18.
• Insiders have sold 610,951 shares worth approximately $10.9 million over the past 90 days, while institutional investors own 64.26% of the company.

PubMatic (NASDAQ:PUBM - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday, Wall Street Zen reports.

PUBM has been the subject of several other reports. Craig Hallum assumed coverage on shares of PubMatic in a research report on Thursday, September 24th. They issued a "buy" rating and a $24.00 price objective for the company. B. Riley Financial upped their target price on shares of PubMatic from $17.00 to $21.00 and gave the stock a "buy" rating in a research note on Friday, September 18th. Jefferies Financial Group raised their target price 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. Weiss Ratings lowered shares of PubMatic from a "sell (d)" rating to a "sell (d-)" rating in a research report on Tuesday, August 11th. Finally, Scotiabank raised shares of PubMatic from a "sector perform" rating to a "sector outperform" rating and lifted their price target for the company from $8.00 to $21.00 in a research note on Friday, August 7th. Eleven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $19.73.

PubMatic Stock Performance

Shares of NASDAQ PUBM opened at $17.24 on Friday. PubMatic has a fifty-two week low of $6.15 and a fifty-two week high of $19.48. The company has a market cap of $785.28 million, a price-to-earnings ratio of -57.46 and a beta of 1.56. The business's 50 day moving average price is $17.39 and its 200-day moving average price is $13.71.

PubMatic (NASDAQ:PUBM - Get Free Report) 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 return on equity of 5.41% and a negative net margin of 4.66%. The company had revenue of $78.59 million during the quarter, compared to analysts' expectations of $68.95 million. Sell-side analysts predict that PubMatic will post -0.09 earnings per share for the current year.

Insider Activity at PubMatic

In other PubMatic news, General Counsel Andrew Woods sold 10,079 shares of the business's stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $18.65, for a total value of $187,973.35. Following the completion of the transaction, the general counsel directly owned 39,761 shares in the company, valued at approximately $741,542.65. The trade was a 20.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Rajeev K. Goel sold 50,021 shares of the business's stock in a transaction dated Thursday, October 22nd. The stock was sold at an average price of $17.26, for a total transaction of $863,362.46. Following the completion of the transaction, the chief executive officer owned 31,774 shares of the company's stock, valued at $548,419.24. This represents a 61.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 610,951 shares of company stock valued at $10,910,572 over the last 90 days. Company insiders own 27.78% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PUBM. Caitong International Asset Management Co. Ltd increased its position in shares of PubMatic by 75.6% in 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. Versant Capital Management Inc lifted its position in shares of PubMatic by 30.4% during the 2nd 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 in the last quarter. Diversified Trust Co lifted its position in shares of PubMatic by 20.8% during the 1st quarter. Diversified Trust Co now owns 17,564 shares of the company's stock valued at $144,000 after buying an additional 3,022 shares in the last quarter. WINTON GROUP Ltd lifted its position in shares of PubMatic by 28.0% during the 2nd quarter. WINTON GROUP Ltd now owns 16,900 shares of the company's stock valued at $222,000 after buying an additional 3,700 shares in the last quarter. Finally, Hsbc Holdings PLC grew its stake in PubMatic by 12.2% in the 4th quarter. Hsbc Holdings PLC now owns 64,590 shares of the company's stock valued at $573,000 after acquiring an additional 7,034 shares during the period. Hedge funds and other institutional investors own 64.26% of the company's stock.

PubMatic Company Profile

PubMatic, Inc is a cloud infrastructure and digital advertising technology company that provides solutions for the programmatic advertising industry. Its platform helps publishers, app developers and content creators manage and monetize advertising inventory across websites, mobile applications, connected television and other digital channels.

The company operates primarily as a sell-side platform, connecting publishers with advertisers, agencies and demand-side platforms. Its offerings include tools for real-time bidding, yield management, audience targeting, identity solutions, supply-path optimization and header bidding.

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