PubMatic (NASDAQ:PUBM) CFO Sells 23,491 Shares of Stock

Key Points

• PubMatic CFO Steven Pantelick sold 23,491 shares at an average price of $18.97, generating $445,624. The sale was made to cover tax withholding tied to vested equity awards, leaving him with 32,526 shares.
• PubMatic shares traded near their 52-week high at $18.60, compared with a one-year range of $6.15 to $19.48. The stock’s consensus analyst rating is “Moderate Buy,” with an average price target of $19.73.
• The company’s latest quarterly results exceeded expectations, with revenue of $78.59 million and an adjusted earnings loss of $0.03 per share versus the $0.18 loss analysts expected; however, PubMatic remains unprofitable.

PubMatic, Inc. (NASDAQ:PUBM - Get Free Report) CFO Steven Pantelick sold 23,491 shares of PubMatic stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $18.97, for a total value of $445,624.27. Following the sale, the chief financial officer directly owned 32,526 shares of the company's stock, valued at $617,018.22. This represents a 41.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Steven Pantelick also recently made the following trade(s):

• On Thursday, August 13th, Steven Pantelick sold 19,716 shares of PubMatic stock. The shares were sold at an average price of $17.31, for a total transaction of $341,283.96.
• On Wednesday, August 12th, Steven Pantelick sold 22,203 shares of PubMatic stock. The stock was sold at an average price of $17.25, for a total value of $383,001.75.

PubMatic Price Performance

NASDAQ:PUBM traded up $0.18 during trading hours on Monday, reaching $18.60. 646,336 shares of the company were exchanged, compared to its average volume of 693,762. The business has a 50 day moving average of $16.48 and a 200 day moving average of $12.72. PubMatic, Inc. has a 1-year low of $6.15 and a 1-year high of $19.48. The company has a market capitalization of $847.23 million, a P/E ratio of -62.00 and a beta of 1.56.

PubMatic (NASDAQ:PUBM - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $78.59 million during the quarter, compared to analysts' expectations of $68.95 million. PubMatic had a negative return on equity of 5.41% and a negative net margin of 4.66%. As a group, equities research analysts anticipate that PubMatic, Inc. will post -0.09 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd increased its position in 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 purchasing an additional 1,915 shares in the last quarter. State of Wyoming bought a new stake in shares of PubMatic during the first quarter worth $61,000. Versant Capital Management Inc grew its stake in shares of PubMatic by 30.4% during the second quarter. Versant Capital Management Inc now owns 10,657 shares of the company's stock worth $140,000 after buying an additional 2,482 shares during the last quarter. Savant Capital LLC acquired a new position in shares of PubMatic during the fourth quarter worth $110,000. Finally, Sei Investments Co. acquired a new position in shares of PubMatic during the first quarter worth $129,000. Institutional investors and hedge funds own 64.26% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on PUBM shares. Raymond James Financial raised shares of PubMatic from a "market perform" rating to an "outperform" rating and set a $22.00 target price on the stock in a report on Friday, August 7th. Lake Street Capital reiterated a "buy" rating and set a $20.00 price target on shares of PubMatic in a research report on Friday, August 7th. Craig Hallum started coverage on shares of PubMatic in a research note on Thursday, September 24th. They issued a "buy" rating and a $24.00 price objective on the stock. Weiss Ratings downgraded shares of PubMatic from a "sell (d)" rating to a "sell (d-)" rating in a research report on Tuesday, August 11th. Finally, Scotiabank upgraded PubMatic from a "sector perform" rating to a "sector outperform" rating and upped their target price for the stock from $8.00 to $21.00 in a research note on Friday, August 7th. Eleven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $19.73.

About PubMatic

PubMatic, Inc is a cloud infrastructure and digital advertising technology company that operates a sell-side platform (SSP). Its technology helps publishers, mobile application developers and other digital content creators manage and monetize advertising inventory across websites, apps, connected television and other digital channels.

The company's platform connects digital media sellers with advertisers and agencies through programmatic advertising, enabling the automated buying and selling of ad space.

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