PubMatic (NASDAQ:PUBM) Sets New 52-Week High - Here's What Happened

Key Points

• PubMatic hit a new 52-week high during Friday trading, reaching $19.74; it was last reported at $19.886, up from the previous close of $19.02.
• Analyst sentiment is broadly positive: the consensus is “Moderate Buy”, with an average price target of $21.00. Twelve analysts rate the stock Buy, while one rates it Hold and one Sell.
• Company insiders sold a combined 319,399 shares worth about $5.75 million over the past 90 days; meanwhile, institutional investors own 64.26% of PubMatic’s stock.

PubMatic, Inc. (NASDAQ:PUBM - Get Free Report) reached a new 52-week high during mid-day trading on Friday. The stock traded as high as $19.74 and last traded at $19.8860, with a volume of 157,541 shares. The stock had previously closed at $19.02.

Analyst Ratings Changes

PUBM has been the subject of several research reports. Scotiabank upgraded shares of PubMatic from a "sector perform" rating to a "sector outperform" rating and upped their price objective for the stock from $8.00 to $21.00 in a report on Friday, August 7th. Citizens Jmp lifted their price objective on PubMatic from $12.00 to $20.00 and gave the company a "market outperform" rating in a research note on Friday, August 7th. Craig Hallum assumed coverage on shares of PubMatic in a research note on Thursday, September 24th. They issued a "buy" rating and a $24.00 price target on the stock. Jefferies Financial Group increased their price objective on shares of PubMatic from $10.00 to $18.00 and gave the company a "hold" rating in a research report on Tuesday, August 11th. Finally, Wall Street Zen lowered shares of PubMatic from a "buy" rating to a "hold" rating in a research note on Saturday, October 24th. Twelve research 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's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $21.00.

PubMatic Stock Performance

The firm has a market cap of $912.59 million, a P/E ratio of -400.62 and a beta of 1.59. The business's 50-day simple moving average is $17.51 and its 200 day simple moving average is $12.52.

Insider Buying and Selling

In related news, Chairman Amar Goel sold 10,795 shares of the company's stock in a transaction on Monday, October 5th. The stock was sold at an average price of $18.66, for a total transaction of $201,434.70. Following the completion of the sale, the chairman owned 35,580 shares in the company, valued at approximately $663,922.80. This represents a 23.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Mukul Kumar sold 8,000 shares of the company's stock in a transaction on Friday, October 16th. The shares were sold at an average price of $17.12, for a total value of $136,960.00. Following the sale, the insider owned 117,041 shares of the company's stock, valued at approximately $2,003,741.92. This trade represents a 6.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 319,399 shares of company stock valued at $5,748,679 over the last ninety days. 27.78% of the stock is owned by insiders.

Hedge Funds Weigh In On PubMatic

Institutional investors have recently made changes to their positions in the business. First Trust Advisors LP bought a new stake in shares of PubMatic during the 3rd quarter valued at $439,000. Boston Partners purchased a new stake in shares of PubMatic in the 3rd quarter worth $20,230,000. Diversified Trust Co increased its stake in shares of PubMatic by 64.2% in the 3rd quarter. Diversified Trust Co now owns 28,841 shares of the company's stock worth $540,000 after purchasing an additional 11,277 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in PubMatic by 86.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 155,596 shares of the company's stock worth $2,915,000 after purchasing an additional 71,968 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in PubMatic in the 3rd quarter worth $39,000. Institutional investors own 64.26% of the company's stock.

PubMatic Company Profile

PubMatic is a digital advertising technology company that operates a sell-side platform for publishers and app developers. Its cloud-based platform helps clients manage and monetize advertising inventory by connecting it with demand from advertisers and media buyers through programmatic advertising. The company's services support advertising across web, mobile app, video and connected TV environments. Its tools include real-time bidding, inventory management, audience and data solutions, and analytics designed to help publishers optimize advertising revenue and give buyers access to digital audiences.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.