215,780 PubMatic, Inc. $PUBM Shares Sold by CenterBook Partners LP

Key Points

• CenterBook Partners cut its PubMatic stake by 52.1%, selling 215,780 shares in the third quarter and retaining 198,203 shares valued at about $3.7 million. Other institutional investors increased or initiated positions, and institutions held 64.26% of the stock.
• PubMatic insiders sold a combined 400,149 shares worth about $7.17 million in the last quarter. CEO Rajeev Goel and General Counsel Andrew Woods both made sales under pre-arranged Rule 10b5-1 plans.
• PubMatic’s reported quarterly loss per share was smaller than analysts expected, while revenue exceeded consensus. Analysts’ consensus rating was Moderate Buy, with an average price target of $19.73.

CenterBook Partners LP reduced its holdings in PubMatic, Inc. (NASDAQ:PUBM - Free Report) by 52.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 198,203 shares of the company's stock after selling 215,780 shares during the period. CenterBook Partners LP owned approximately 0.44% of PubMatic worth $3,712,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in PUBM. Renaissance Technologies LLC raised its stake in shares of PubMatic by 26.3% in the first quarter. Renaissance Technologies LLC now owns 1,540,533 shares of the company's stock valued at $12,602,000 after purchasing an additional 321,200 shares in the last quarter. Avestar Capital LLC grew its holdings in shares of PubMatic by 250.3% during the third quarter. Avestar Capital LLC now owns 192,688 shares of the company's stock worth $3,609,000 after purchasing an additional 137,688 shares during the last quarter. Pinnacle Holdings LLC bought a new stake in PubMatic during the 2nd quarter worth about $2,076,000. Quantinno Capital Management LP increased its holdings in shares of PubMatic by 248.0% in the first quarter. Quantinno Capital Management LP now owns 206,815 shares of the company's stock valued at $1,692,000 after purchasing an additional 147,386 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of PubMatic in the 1st quarter valued at $1,687,000. Institutional investors and hedge funds own 64.26% of the company's stock.

Insider Buying and Selling

In other PubMatic news, CEO Rajeev K. Goel sold 50,021 shares of the firm's stock in a transaction that occurred on Thursday, October 22nd. The shares were sold at an average price of $17.26, for a total value of $863,362.46. Following the sale, the chief executive officer owned 31,774 shares in the company, valued at $548,419.24. This trade represents a 61.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Andrew Woods sold 10,079 shares of the business's stock in a transaction on Monday, October 5th. The stock was sold at an average price of $18.65, for a total transaction of $187,973.35. Following the sale, 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 position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 400,149 shares of company stock worth $7,170,140 in the last quarter. Corporate insiders own 27.78% of the company's stock.

PubMatic Stock Performance

Shares of PUBM stock opened at $17.81 on Friday. PubMatic, Inc. has a fifty-two week low of $6.15 and a fifty-two week high of $19.48. The stock's fifty day moving average price is $17.39 and its two-hundred day moving average price is $12.30. The company has a market cap of $811.25 million, a PE ratio of -59.36 and a beta of 1.59.

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on PUBM shares. Citigroup reiterated an "outperform" rating on shares of PubMatic in a research report on Friday, August 7th. Lake Street Capital reiterated a "buy" rating and issued a $20.00 price target on shares of PubMatic in a report on Friday, August 7th. Weiss Ratings downgraded PubMatic from a "sell (d)" rating to a "sell (d-)" rating in a research report on Tuesday, August 11th. B. Riley Financial upped their price objective on PubMatic from $17.00 to $21.00 and gave the company a "buy" rating in a research note on Friday, September 18th. Finally, Wall Street Zen cut shares of PubMatic from a "buy" rating to a "hold" rating in a report on Saturday, October 24th. Eleven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $19.73.

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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