Bank of America Corp DE Decreases Stake in PubMatic, Inc. (NASDAQ:PUBM)

Bank of America Corp DE decreased its stake in PubMatic, Inc. (NASDAQ:PUBM - Free Report) by 42.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 46,912 shares of the company's stock after selling 34,276 shares during the quarter. Bank of America Corp DE owned approximately 0.10% of PubMatic worth $689,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of PUBM. SBI Securities Co. Ltd. purchased a new stake in PubMatic during the 4th quarter worth approximately $27,000. Tower Research Capital LLC TRC boosted its stake in PubMatic by 75.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 5,220 shares of the company's stock worth $77,000 after purchasing an additional 2,240 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in PubMatic during the 4th quarter worth $106,000. XTX Topco Ltd purchased a new stake in shares of PubMatic during the fourth quarter worth $228,000. Finally, Pitcairn Co. raised its position in shares of PubMatic by 7.3% in the fourth quarter. Pitcairn Co. now owns 21,654 shares of the company's stock valued at $318,000 after buying an additional 1,477 shares during the last quarter. Hedge funds and other institutional investors own 64.26% of the company's stock.

PubMatic Stock Down 4.3%

Shares of PUBM traded down $0.48 during trading on Friday, reaching $10.71. 379,457 shares of the company traded hands, compared to its average volume of 489,497. The stock has a 50-day simple moving average of $10.46 and a 200-day simple moving average of $12.63. The stock has a market cap of $519.72 million, a PE ratio of 34.55 and a beta of 1.54. PubMatic, Inc. has a twelve month low of $7.46 and a twelve month high of $22.99.

PubMatic (NASDAQ:PUBM - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.18). PubMatic had a net margin of 5.96% and a return on equity of 6.12%. The firm had revenue of $63.83 million during the quarter, compared to analysts' expectations of $62.07 million. During the same period in the previous year, the firm earned ($0.05) EPS. The firm's revenue for the quarter was down 4.3% compared to the same quarter last year. On average, equities research analysts predict that PubMatic, Inc. will post 0.22 EPS for the current year.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Lake Street Capital dropped their price objective on shares of PubMatic from $21.00 to $19.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Royal Bank of Canada cut their price target on PubMatic from $17.00 to $14.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Finally, Scotiabank lowered their price objective on PubMatic from $17.00 to $15.00 and set a "sector perform" rating on the stock in a research note on Friday, February 28th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $19.11.

Insider Buying and Selling

In other PubMatic news, CEO Rajeev K. Goel sold 25,000 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $9.14, for a total transaction of $228,500.00. Following the sale, the chief executive officer now directly owns 32,304 shares in the company, valued at $295,258.56. This represents a 43.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Steven Pantelick sold 4,000 shares of PubMatic stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $12.07, for a total value of $48,280.00. Following the completion of the transaction, the chief financial officer now owns 27,026 shares of the company's stock, valued at approximately $326,203.82. This trade represents a 12.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 111,157 shares of company stock valued at $1,124,437. Corporate insiders own 26.42% of the company's stock.

About PubMatic

PubMatic, Inc, a technology company, engages in the provision of a cloud infrastructure platform that enables real-time programmatic advertising transactions for digital content creators, advertisers, agencies, agency trading desks, and demand side platforms worldwide. Its PubMatic SSP, a sell-side platform, used for the purchase and sale of digital advertising inventory for publishers and buyers.