Renaissance Technologies LLC Lowers Stock Position in PubMatic, Inc. (NASDAQ:PUBM)

Renaissance Technologies LLC trimmed its stake in shares of PubMatic, Inc. (NASDAQ:PUBM - Free Report) by 2.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 1,063,500 shares of the company's stock after selling 30,100 shares during the quarter. Renaissance Technologies LLC owned about 2.23% of PubMatic worth $15,623,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of PUBM. SBI Securities Co. Ltd. bought a new stake in PubMatic during the fourth quarter worth about $27,000. FMR LLC raised its position in shares of PubMatic by 201.6% in the 3rd quarter. FMR LLC now owns 4,053 shares of the company's stock valued at $60,000 after buying an additional 2,709 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of PubMatic during the 4th quarter worth approximately $106,000. Virtu Financial LLC acquired a new stake in shares of PubMatic during the 3rd quarter worth approximately $240,000. Finally, Pitcairn Co. increased its stake in PubMatic by 7.3% in the fourth quarter. Pitcairn Co. now owns 21,654 shares of the company's stock valued at $318,000 after acquiring an additional 1,477 shares during the last quarter. Institutional investors own 64.26% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PUBM. Lake Street Capital reduced their target price on PubMatic from $24.00 to $21.00 and set a "buy" rating on the stock in a report on Friday, February 28th. Royal Bank of Canada reduced their price objective on PubMatic from $21.00 to $19.00 and set an "outperform" rating on the stock in a research note on Friday, January 3rd. Scotiabank lowered their target price on PubMatic from $17.00 to $15.00 and set a "sector perform" rating for the company in a research note on Friday, February 28th. Finally, JMP Securities reissued a "market outperform" rating and issued a $20.00 target price on shares of PubMatic in a report on Monday, January 27th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $19.89.

PubMatic Trading Up 12.2 %

NASDAQ:PUBM traded up $0.99 during trading hours on Friday, hitting $9.13. 1,340,384 shares of the company were exchanged, compared to its average volume of 460,082. The company has a fifty day simple moving average of $10.70 and a 200 day simple moving average of $13.76. The stock has a market capitalization of $443.05 million, a price-to-earnings ratio of 29.45 and a beta of 1.50. PubMatic, Inc. has a one year low of $7.46 and a one year high of $25.36.

PubMatic (NASDAQ:PUBM - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.11). PubMatic had a return on equity of 6.12% and a net margin of 5.96%. The business had revenue of $85.50 million during the quarter, compared to the consensus estimate of $88.24 million. Equities research analysts predict that PubMatic, Inc. will post 0.22 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Steven Pantelick sold 4,000 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $15.14, for a total transaction of $60,560.00. Following the transaction, the chief financial officer now directly owns 22,506 shares of the company's stock, valued at $340,740.84. This represents a 15.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Rajeev K. Goel sold 25,000 shares of the firm's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $9.14, for a total transaction of $228,500.00. Following the completion of the transaction, the chief executive officer now directly owns 32,304 shares in the company, valued at $295,258.56. This trade represents a 43.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 87,210 shares of company stock worth $1,028,124 in the last quarter. 2.90% of the stock is owned by corporate insiders.

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.