Insider Selling: PubMatic (NASDAQ:PUBM) CEO Sells $930,857.85 in Stock

Key Points

• PubMatic CEO Rajeev Goel sold 50,453 shares for approximately $930,858 under a pre-arranged Rule 10b5-1 trading plan, reducing his ownership by 50%.
• PubMatic shares traded near $18.60, close to their 52-week high of $19.19, while the company reported quarterly revenue of $78.59 million and better-than-expected adjusted earnings.
• Analysts remain broadly bullish, with 11 Buy ratings and an average price target of $19.73; institutional investors own approximately 64.26% of the company.

PubMatic, Inc. (NASDAQ:PUBM - Get Free Report) CEO Rajeev Goel sold 50,453 shares of the company's stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $18.45, for a total transaction of $930,857.85. Following the completion of the sale, the chief executive officer owned 50,453 shares of the company's stock, valued at $930,857.85. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

PubMatic Stock Performance

Shares of PUBM traded up $0.05 during trading hours on Friday, hitting $18.60. 827,266 shares of the company were exchanged, compared to its average volume of 666,271. The company has a market cap of $847.23 million, a PE ratio of -62.00 and a beta of 1.58. The firm's 50 day moving average is $15.88 and its 200-day moving average is $12.32. PubMatic, Inc. has a 52 week low of $6.15 and a 52 week high of $19.19.

PubMatic (NASDAQ:PUBM - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.03) earnings per share 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 business had revenue of $78.59 million for the quarter, compared to the consensus estimate of $68.95 million. As a group, equities analysts forecast that PubMatic, Inc. will post -0.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PUBM has been the topic of several recent analyst reports. Citizens Jmp lifted their price target on PubMatic from $12.00 to $20.00 and gave the stock a "market outperform" rating in a research report on Friday, August 7th. Lake Street Capital reaffirmed a "buy" rating and set a $20.00 target price on shares of PubMatic in a research report on Friday, August 7th. Evercore reissued an "outperform" rating and issued a $21.00 price target on shares of PubMatic in a report on Monday, August 10th. Scotiabank upgraded shares of PubMatic from a "sector perform" rating to a "sector outperform" rating and raised their price target for the stock from $8.00 to $21.00 in a research report on Friday, August 7th. Finally, Raymond James Financial upgraded shares of PubMatic from a "market perform" rating to an "outperform" rating and set a $22.00 target price for the company in a research note on Friday, August 7th. Eleven equities 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 stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $19.73.

Institutional Investors Weigh In On PubMatic

A number of institutional investors have recently bought and sold shares of PUBM. Caitong International Asset Management Co. Ltd lifted its holdings in shares of PubMatic by 75.6% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,449 shares of the company's stock worth $39,000 after acquiring an additional 1,915 shares during the period. State of Wyoming acquired a new position in PubMatic in the first quarter worth about $61,000. Versant Capital Management Inc raised its position in PubMatic by 30.4% in the second quarter. Versant Capital Management Inc now owns 10,657 shares of the company's stock worth $140,000 after purchasing an additional 2,482 shares in the last quarter. Savant Capital LLC bought a new position in PubMatic during the fourth quarter worth about $110,000. Finally, Sei Investments Co. acquired a new stake in PubMatic during the first quarter valued at approximately $129,000. Institutional investors and hedge funds own 64.26% of the company's stock.

About PubMatic

PubMatic, Inc NASDAQ: PUBM operates a cloud infrastructure platform that helps digital publishers and app developers manage and monetize advertising inventory. Its sell-side platform connects publishers with advertisers, agencies and demand-side platforms, enabling automated buying and selling of digital advertising.

The company's solutions support advertising across the open internet, including websites, mobile applications, connected television, online video and digital out-of-home environments.

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