PubMatic (NASDAQ:PUBM) CEO Rajeev Goel Sells 50,021 Shares of Company Stock

Key Points

• CEO Rajeev Goel sold 50,021 PubMatic shares at an average price of $17.26, generating approximately $863,362. The Rule 10b5-1 transaction reduced his direct stake by 61.15% to 31,774 shares.
• PubMatic shares were trading at $17.24, within a 52-week range of $6.15 to $19.48. The company recently exceeded quarterly revenue and earnings expectations, reporting $78.59 million in revenue and a loss of $0.03 per share.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $19.73; institutional investors own 64.26% of the stock.

PubMatic, Inc. (NASDAQ:PUBM - Get Free Report) CEO Rajeev Goel sold 50,021 shares of the business's stock in a transaction on Thursday, October 22nd. The shares were sold at an average price of $17.26, for a total transaction of $863,362.46. Following the sale, the chief executive officer directly owned 31,774 shares in the company, valued at $548,419.24. The trade was a 61.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

PubMatic Price Performance

Shares of NASDAQ:PUBM traded up $0.07 during trading on Friday, hitting $17.24. 297,437 shares of the company were exchanged, compared to its average volume of 649,878. PubMatic, Inc. has a 52-week low of $6.15 and a 52-week high of $19.48. The stock has a 50 day moving average of $17.39 and a 200 day moving average of $13.71. The company has a market cap of $785.28 million, a PE ratio of -57.46 and a beta of 1.56.

PubMatic (NASDAQ:PUBM - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $78.59 million during the quarter, compared to analysts' expectations of $68.95 million. Sell-side analysts forecast that PubMatic, Inc. will post -0.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Raymond James Financial raised shares of PubMatic from a "market perform" rating to an "outperform" rating and set a $22.00 price target on the stock in a report on Friday, August 7th. Scotiabank upgraded shares of PubMatic from a "sector perform" rating to a "sector outperform" rating and raised their price objective for the company from $8.00 to $21.00 in a research report on Friday, August 7th. Citizens Jmp boosted their price objective on shares of PubMatic from $12.00 to $20.00 and gave the company a "market outperform" rating in a research note on Friday, August 7th. Lake Street Capital reaffirmed a "buy" rating and set a $20.00 target price on shares of PubMatic in a report on Friday, August 7th. Finally, Wall Street Zen upgraded shares of PubMatic from a "hold" rating to a "buy" rating in a research note on Saturday, September 26th. Eleven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $19.73.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PUBM. Caitong International Asset Management Co. Ltd lifted its position in PubMatic by 75.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,449 shares of the company's stock valued at $39,000 after purchasing an additional 1,915 shares during the last quarter. State of Wyoming bought a new position in shares of PubMatic in the 1st quarter worth $61,000. Sei Investments Co. bought a new position in shares of PubMatic in the 1st quarter worth $129,000. Versant Capital Management Inc raised its position in shares of PubMatic by 30.4% during the 2nd quarter. Versant Capital Management Inc now owns 10,657 shares of the company's stock valued at $140,000 after buying an additional 2,482 shares in the last quarter. Finally, Diversified Trust Co raised its position in shares of PubMatic by 20.8% during the 1st quarter. Diversified Trust Co now owns 17,564 shares of the company's stock valued at $144,000 after buying an additional 3,022 shares in the last quarter. 64.26% of the stock is currently owned by institutional investors.

About PubMatic

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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