PubMatic (NASDAQ:PUBM) Given New $12.00 Price Target at Evercore ISI

Key Points

• Evercore ISI has lowered its price target for PubMatic from $16.00 to $12.00, while maintaining an "outperform" rating, indicating a potential upside of 43.88% from its current price.
• Multiple analysts have revised their ratings and price targets for PubMatic, with JMP Securities and Lake Street Capital both decreasing their targets to $12.00 and $9.50, respectively.
• PubMatic reported a loss of ($0.11) earnings per share for the last quarter, missing analyst expectations, despite achieving revenue of $71.10 million, which was above forecasts.

PubMatic (NASDAQ:PUBM - Get Free Report) had its price target decreased by investment analysts at Evercore ISI from $16.00 to $12.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Evercore ISI's target price indicates a potential upside of 43.88% from the company's current price.

Several other equities analysts also recently weighed in on the company. JMP Securities dropped their price objective on PubMatic from $16.00 to $12.00 and set a "market outperform" rating for the company in a research note on Tuesday. Royal Bank Of Canada reissued an "outperform" rating and issued a $11.00 target price (down previously from $14.00) on shares of PubMatic in a report on Tuesday. Lake Street Capital cut PubMatic from a "buy" rating to a "hold" rating and dropped their price target for the company from $19.00 to $9.50 in a research report on Tuesday. B. Riley downgraded PubMatic from a "buy" rating to a "neutral" rating and cut their price target for the stock from $17.00 to $9.00 in a research note on Tuesday. Finally, Scotiabank lowered their price objective on shares of PubMatic from $15.00 to $10.00 and set a "sector perform" rating on the stock in a research note on Tuesday. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $11.79.

PubMatic Price Performance

PUBM opened at $8.34 on Wednesday. PubMatic has a 12 month low of $7.01 and a 12 month high of $17.74. The stock has a market capitalization of $404.74 million, a P/E ratio of -119.13 and a beta of 1.54. The business has a 50 day simple moving average of $11.92 and a 200-day simple moving average of $11.57.

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

Insider Transactions at PubMatic

In other news, CEO Rajeev K. Goel sold 44,000 shares of the business's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $12.80, for a total value of $563,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Steven Pantelick sold 15,690 shares of the company's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $12.82, for a total transaction of $201,145.80. Following the transaction, the chief financial officer directly owned 30,702 shares in the company, valued at $393,599.64. The trade was a 33.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 285,294 shares of company stock worth $3,449,506 in the last ninety days. Company insiders own 26.42% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PUBM. Cubist Systematic Strategies LLC acquired a new stake in shares of PubMatic during the fourth quarter worth $29,000. GAMMA Investing LLC lifted its position in PubMatic by 23,208.3% during the first quarter. GAMMA Investing LLC now owns 2,797 shares of the company's stock worth $26,000 after buying an additional 2,785 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in PubMatic in the 4th quarter worth about $57,000. Tower Research Capital LLC TRC boosted its stake in PubMatic by 75.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,220 shares of the company's stock worth $77,000 after buying an additional 2,240 shares during the last quarter. Finally, CWM LLC grew its holdings in PubMatic by 506.1% in the 2nd quarter. CWM LLC now owns 5,964 shares of the company's stock valued at $74,000 after buying an additional 4,980 shares during the period. Hedge funds and other institutional investors own 64.26% of the company's stock.

About PubMatic

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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