Avestar Capital LLC Purchases 137,688 Shares of PubMatic, Inc. $PUBM

Key Points

• Avestar Capital increased its PubMatic position by 250.3% in the third quarter, purchasing 137,688 additional shares and bringing its stake to 192,688 shares worth approximately $3.6 million. Institutional investors own 64.26% of the company.
• Analyst sentiment remains generally positive, with 11 Buy ratings, one Hold and one Sell. PubMatic has a consensus rating of “Moderate Buy” and an average price target of $19.73.
• PubMatic shares opened at $15.89 after falling 6.6%, while the company’s latest quarterly results beat expectations on both earnings and revenue. However, insiders sold 610,951 shares worth about $10.9 million over the past three months.

Avestar Capital LLC grew its position in PubMatic, Inc. (NASDAQ:PUBM - Free Report) by 250.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 192,688 shares of the company's stock after purchasing an additional 137,688 shares during the period. Avestar Capital LLC owned about 0.42% of PubMatic worth $3,609,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in PUBM. WINTON GROUP Ltd grew its position in PubMatic by 28.0% in the 2nd quarter. WINTON GROUP Ltd now owns 16,900 shares of the company's stock worth $222,000 after purchasing an additional 3,700 shares in the last quarter. Squarepoint Ops LLC lifted its position in shares of PubMatic by 168.8% during the 2nd quarter. Squarepoint Ops LLC now owns 62,137 shares of the company's stock worth $815,000 after buying an additional 39,023 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of PubMatic during the 2nd quarter worth approximately $872,000. Pinnacle Holdings LLC bought a new position in shares of PubMatic during the 2nd quarter worth approximately $2,076,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of PubMatic in the 2nd quarter worth approximately $1,595,000. 64.26% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PUBM has been the subject of several recent analyst reports. Raymond James Financial raised PubMatic from a "market perform" rating to an "outperform" rating and set a $22.00 target price for the company in a report on Friday, August 7th. Weiss Ratings lowered PubMatic from a "sell (d)" rating to a "sell (d-)" rating in a research report on Tuesday, August 11th. Rosenblatt Securities raised their target price on PubMatic from $21.00 to $23.00 and gave the company a "buy" rating in a research report on Friday, August 7th. Wall Street Zen lowered shares of PubMatic from a "buy" rating to a "hold" rating in a research report on Saturday, October 24th. Finally, Scotiabank raised shares of PubMatic from a "sector perform" rating to a "sector outperform" rating and increased their target price for the company from $8.00 to $21.00 in a research report on Friday, August 7th. Eleven investment analysts have rated the stock with a Buy rating, one has assigned 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 target price of $19.73.

PubMatic Trading Down 6.6%

PubMatic stock opened at $15.89 on Friday. PubMatic, Inc. has a 1-year low of $6.15 and a 1-year high of $19.48. The firm has a market capitalization of $723.79 million, a price-to-earnings ratio of -52.96 and a beta of 1.56. The firm has a 50 day simple moving average of $17.38 and a 200 day simple moving average of $12.09.

PubMatic (NASDAQ:PUBM - Get Free Report) last issued its earnings results 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. The business had revenue of $78.59 million for the quarter, compared to analysts' expectations of $68.95 million. PubMatic had a negative net margin of 4.66% and a negative return on equity of 5.41%. On average, equities research analysts forecast that PubMatic, Inc. will post -0.09 EPS for the current year.

Insider Activity

In related news, CEO Rajeev Goel sold 211,302 shares of the business's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $17.74, for a total transaction of $3,748,497.48. Following the sale, the chief executive officer directly owned 31,692 shares in the company, valued at approximately $562,216.08. The trade was a 86.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Andrew Woods sold 38,331 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $17.96, for a total value of $688,424.76. Following the sale, the general counsel directly owned 39,761 shares in the company, valued at $714,107.56. This trade represents a 49.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 610,951 shares of company stock worth $10,910,572. 27.78% of the stock is owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.