JMP Securities Cuts PubMatic (NASDAQ:PUBM) Price Target to $12.00

Key Points

• JMP Securities has lowered its price target for PubMatic (NASDAQ:PUBM) from $16.00 to $12.00, indicating a possible upside of 43.88% from the stock's previous close.
• Other analysts, including Scotiabank and Lake Street Capital, have also slashed their price targets, with some now predicting prices as low as $9.00, while the average consensus target stands at $11.79.
• PubMatic's stock has decreased by 21.1%, with shares recently trading at approximately $8.34, significantly below its 52-week high of $17.74.

PubMatic (NASDAQ:PUBM - Get Free Report) had its price target dropped by investment analysts at JMP Securities from $16.00 to $12.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a "market outperform" rating on the stock. JMP Securities' target price points to a potential upside of 43.88% from the stock's previous close.

Other analysts have also recently issued reports about the stock. Scotiabank lowered their target price on shares of PubMatic from $15.00 to $10.00 and set a "sector perform" rating for the company in a research note on Tuesday. Lake Street Capital cut shares of PubMatic from a "buy" rating to a "hold" rating and decreased their price objective for the company from $19.00 to $9.50 in a research note on Tuesday. Royal Bank Of Canada restated an "outperform" rating and set a $11.00 price objective (down from $14.00) on shares of PubMatic in a research note on Tuesday. Finally, B. Riley cut shares of PubMatic from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $17.00 to $9.00 in a research note on Tuesday. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $11.79.

PubMatic Stock Down 21.1%

Shares of PubMatic stock opened at $8.34 on Tuesday. The firm's 50 day moving average price is $11.92 and its 200-day moving average price is $11.57. PubMatic has a 52-week low of $7.01 and a 52-week high of $17.74. The company has a market cap of $404.74 million, a P/E ratio of -119.13 and a beta of 1.54.

PubMatic (NASDAQ:PUBM - Get Free Report) last released its earnings results on Monday, August 11th. The company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates of $0.02 by ($0.13). The company had revenue of $71.10 million during the quarter, compared to analyst estimates of $67.77 million. PubMatic had a negative return on equity of 0.63% and a negative net margin of 0.58%. The firm's revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter last year, the business earned $0.04 earnings per share. As a group, equities research analysts forecast that PubMatic will post 0.22 EPS for the current fiscal year.

Insider Activity

In other news, insider Mukul Kumar sold 5,366 shares of PubMatic stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $12.56, for a total transaction of $67,396.96. Following the completion of the transaction, the insider directly owned 68,960 shares of the company's stock, valued at $866,137.60. The trade was a 7.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Rajeev K. Goel sold 33,001 shares of PubMatic stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $12.56, for a total transaction of $414,492.56. Following the transaction, the chief executive officer directly owned 32,515 shares of the company's stock, valued at approximately $408,388.40. This trade represents a 50.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 285,294 shares of company stock worth $3,449,506. 26.42% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PubMatic

Several institutional investors have recently made changes to their positions in PUBM. GAMMA Investing LLC increased its holdings in shares of PubMatic by 23,208.3% during the 1st quarter. GAMMA Investing LLC now owns 2,797 shares of the company's stock valued at $26,000 after purchasing an additional 2,785 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of PubMatic during the 4th quarter valued at approximately $29,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of PubMatic during the 4th quarter valued at approximately $57,000. Headlands Technologies LLC purchased a new position in shares of PubMatic during the 1st quarter valued at approximately $69,000. Finally, CWM LLC increased its holdings in shares of PubMatic by 506.1% during the 2nd quarter. CWM LLC now owns 5,964 shares of the company's stock valued at $74,000 after purchasing an additional 4,980 shares in the last quarter. 64.26% of the stock is owned by hedge funds and other institutional investors.

PubMatic Company Profile

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.

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