Victory Capital Management Inc. Increases Stock Holdings in PubMatic, Inc. (NASDAQ:PUBM)

Key Points

• Victory Capital Management Inc. increased its stake in PubMatic, Inc. by 29.4% in Q1, holding 92,733 shares worth $848,000 after acquiring an additional 21,065 shares.
• PubMatic reported Q1 earnings of (0.20) per share, missing estimates, while revenue of $63.83 million slightly exceeded expectations but reflected a 4.3% year-over-year decline.
• Insider trading revealed that CEO Rajeev K. Goel sold 77,001 shares for over $977,000, representing a 50.37% decrease in his ownership of the company's stock.

Victory Capital Management Inc. grew its position in PubMatic, Inc. (NASDAQ:PUBM - Free Report) by 29.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 92,733 shares of the company's stock after purchasing an additional 21,065 shares during the period. Victory Capital Management Inc. owned about 0.19% of PubMatic worth $848,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. GAMMA Investing LLC increased its stake in PubMatic by 23,208.3% in the 1st quarter. GAMMA Investing LLC now owns 2,797 shares of the company's stock valued at $26,000 after buying an additional 2,785 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of PubMatic in the 4th quarter worth approximately $29,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of PubMatic in the fourth quarter valued at approximately $57,000. Tower Research Capital LLC TRC increased its position in shares of PubMatic by 75.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 5,220 shares of the company's stock valued at $77,000 after acquiring an additional 2,240 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in PubMatic during the fourth quarter worth $106,000. 64.26% of the stock is owned by institutional investors.

PubMatic Price Performance

Shares of NASDAQ PUBM traded down $0.89 during trading on Friday, reaching $11.12. 522,821 shares of the stock traded hands, compared to its average volume of 506,443. The stock has a market capitalization of $539.65 million, a P/E ratio of 139.02 and a beta of 1.54. PubMatic, Inc. has a 52-week low of $7.46 and a 52-week high of $20.48. The company has a 50-day moving average of $12.05 and a 200-day moving average of $11.78.

PubMatic (NASDAQ:PUBM - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $63.83 million during the quarter, compared to the consensus estimate of $62.07 million. PubMatic had a net margin of 1.90% and a return on equity of 1.99%. The company's revenue was down 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. Analysts expect that PubMatic, Inc. will post 0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Chairman Amar K. Goel sold 4,417 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $12.56, for a total value of $55,477.52. Following the completion of the transaction, the chairman directly owned 20,516 shares of the company's stock, valued at approximately $257,680.96. This trade represents a 17.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Rajeev K. Goel sold 44,000 shares of the business's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $12.80, for a total transaction of $563,200.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 270,294 shares of company stock valued at $3,238,506. Corporate insiders own 26.42% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on PUBM shares. Lake Street Capital reduced their price objective on 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 reduced their price target on shares of PubMatic from $17.00 to $14.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, PubMatic presently has a consensus rating of "Moderate Buy" and an average target price of $18.38.

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.