PubMatic (NASDAQ:PUBM) Given New $23.00 Price Target at Rosenblatt Securities

Key Points

• Rosenblatt Securities raised PubMatic’s price target to $23 from $21 and maintained a “buy” rating, implying approximately 70.6% upside from the reported $13.48 share price.
• Analyst sentiment is broadly positive: PubMatic has a “Moderate Buy” consensus rating and an average target price of $14.11, while the company’s latest quarterly results exceeded expectations for both earnings and revenue.
• Institutional ownership stands at 64.26%, with several major funds increasing their positions; however, insiders sold $4.0 million worth of shares during the last quarter, primarily to cover tax obligations tied to equity vesting.

PubMatic (NASDAQ:PUBM - Get Free Report) had its price objective increased by equities research analysts at Rosenblatt Securities from $21.00 to $23.00 in a report issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Rosenblatt Securities' price objective would suggest a potential upside of 70.62% from the company's current price.

Other research analysts have also issued reports about the stock. Wall Street Zen raised shares of PubMatic from a "sell" rating to a "hold" rating in a research note on Saturday, April 25th. Scotiabank raised shares of PubMatic to an "outperform" rating in a research report on Friday. Royal Bank Of Canada raised their price objective on shares of PubMatic from $11.00 to $13.00 and gave the stock an "outperform" rating in a research report on Friday, May 8th. B. Riley Financial reaffirmed a "buy" rating on shares of PubMatic in a research report on Friday, May 8th. Finally, Citigroup reissued an "outperform" rating on shares of PubMatic in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $14.11.

PubMatic Stock Down 0.2%

Shares of NASDAQ PUBM opened at $13.48 on Friday. PubMatic has a 52-week low of $6.15 and a 52-week high of $14.04. The firm has a market cap of $626.01 million, a price-to-earnings ratio of -35.47 and a beta of 1.54. The company's 50-day simple moving average is $12.52 and its 200-day simple moving average is $9.87.

PubMatic (NASDAQ:PUBM - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.18) by $0.30. PubMatic had a negative return on equity of 6.98% and a negative net margin of 6.21%.The firm had revenue of $78.59 million for the quarter, compared to analyst estimates of $68.95 million. Equities research analysts anticipate that PubMatic will post -0.26 EPS for the current fiscal year.

Insider Buying and Selling at PubMatic

In related news, insider Mukul Kumar sold 7,897 shares of the business's stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $13.65, for a total transaction of $107,794.05. Following the completion of the transaction, the insider owned 112,945 shares in the company, valued at approximately $1,541,699.25. The trade was a 6.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Andrew Woods sold 5,758 shares of the firm's stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $13.65, for a total value of $78,596.70. Following the completion of the sale, the general counsel owned 81,331 shares in the company, valued at approximately $1,110,168.15. This represents a 6.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 324,284 shares of company stock worth $3,994,693. 27.78% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PubMatic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PUBM. Renaissance Technologies LLC lifted its position in shares of PubMatic by 26.3% during the 1st quarter. Renaissance Technologies LLC now owns 1,540,533 shares of the company's stock worth $12,602,000 after buying an additional 321,200 shares during the last quarter. Wellington Management Group LLP lifted its stake in PubMatic by 10.1% in the third quarter. Wellington Management Group LLP now owns 1,468,503 shares of the company's stock valued at $12,159,000 after buying an additional 135,070 shares during the last quarter. CenterBook Partners LP boosted its holdings in shares of PubMatic by 53.3% in the fourth quarter. CenterBook Partners LP now owns 1,147,055 shares of the company's stock valued at $10,174,000 after acquiring an additional 398,595 shares during the period. Jacobs Levy Equity Management Inc. increased its holdings in shares of PubMatic by 9.1% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 929,249 shares of the company's stock valued at $8,242,000 after acquiring an additional 77,566 shares during the period. Finally, Millennium Management LLC raised its stake in PubMatic by 320.0% during the 4th quarter. Millennium Management LLC now owns 918,127 shares of the company's stock valued at $8,144,000 after acquiring an additional 699,549 shares during the last quarter. 64.26% of the stock is owned by institutional investors and hedge funds.

About PubMatic

PubMatic is a cloud-based digital advertising technology company that provides a supply-side platform (SSP) enabling publishers to automate and optimize the sale of their ad inventory across display, mobile, video and connected TV channels. Its core offerings include real-time bidding infrastructure, header bidding solutions under the OpenWrap brand and data analytics tools that deliver actionable insights on audience engagement and monetization performance. By facilitating seamless auctions and providing transparent reporting, PubMatic helps publishers maximize yield while improving buyer experiences.

Founded in 2006 by Rajeev Goel and a team of ad-tech veterans, PubMatic grew from an early entrant in programmatic selling to a publicly traded company, listing on the Nasdaq symbol: PUBM in December 2020.

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