Insider Selling: PubMatic (NASDAQ:PUBM) CEO Sells $952,920.01 in Stock

PubMatic, Inc. (NASDAQ:PUBM) CEO Rajeev Goel sold 50,233 shares of the company’s stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $18.97, for a total transaction of $952,920.01. Following the completion of the sale, the chief executive officer directly owned 47,424 shares of the company’s stock, valued at $899,633.28. The trade was a 51.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

PubMatic Stock Performance

NASDAQ PUBM opened at $18.57 on Thursday. The company has a market cap of $845.86 million, a PE ratio of -61.90 and a beta of 1.56. The firm’s 50 day moving average price is $16.81 and its 200-day moving average price is $12.94. PubMatic, Inc. has a 52-week low of $6.15 and a 52-week high of $19.48.

PubMatic (NASDAQ:PUBM) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.15. The company had revenue of $78.59 million during the quarter, compared to the consensus estimate of $68.95 million. PubMatic had a negative net margin of 4.66% and a negative return on equity of 5.41%. On average, analysts forecast that PubMatic, Inc. will post -0.09 earnings per share for the current fiscal year.

Trending Headlines about PubMatic

Here are the key news stories impacting PubMatic this week:

• Positive Sentiment: Sony Pictures partnership expands connected-TV prospects: Sony Pictures Entertainment named PubMatic its preferred programmatic advertising partner for Live TV on PS5. The agreement could give PubMatic access to more gaming and entertainment ad inventory, increasing impressions, advertiser demand and future revenue opportunities. Sony Pictures Entertainment Names PubMatic Its Preferred Programmatic Advertising Partner
• Neutral Sentiment: Analyst support remains favorable: Analysts maintain a consensus “Moderate Buy” rating, with several firms assigning price targets above or around the current share price. This supports sentiment, but the stock’s proximity to its 12-month high may limit near-term upside. PubMatic Stock Rated Moderate Buy by Wall Street Brokerages
• Negative Sentiment: Several executives sold shares: CEO Rajeev Goel, CFO Steven Pantelick, Chairman Amar Goel, General Counsel Andrew Woods and insider Mukul Kumar disclosed sales totaling roughly 94,600 shares and about $1.8 million across recent transactions. Woods also sold 10,079 shares, while Pantelick sold more than 22,000 shares and Amar Goel sold more than 10,000. Most sales were executed under pre-arranged Rule 10b5-1 plans; one Woods transaction covered tax withholding. Those details reduce the bearish significance, but the sizable reductions in insider ownership could weigh on confidence and create additional share supply. PubMatic Insider Trading Alert

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PUBM shares. B. Riley Financial raised their price objective on PubMatic from $17.00 to $21.00 and gave the company a “buy” rating in a research report on Friday, September 18th. Weiss Ratings lowered PubMatic from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, August 11th. Wall Street Zen upgraded shares of PubMatic from a “hold” rating to a “buy” rating in a report on Saturday, September 26th. Citigroup reissued an “outperform” rating on shares of PubMatic in a research report on Friday, August 7th. Finally, Scotiabank upgraded shares of PubMatic from a “sector perform” rating to a “sector outperform” rating and raised their price target for the company from $8.00 to $21.00 in a report on Friday, August 7th. Eleven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.73.

Institutional Trading of PubMatic

Hedge funds and other institutional investors have recently made changes to their positions in the business. Quantinno Capital Management LP grew its stake in PubMatic by 248.0% during the 1st quarter. Quantinno Capital Management LP now owns 206,815 shares of the company’s stock worth $1,692,000 after buying an additional 147,386 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in PubMatic during the 2nd quarter valued at about $872,000. Renaissance Technologies LLC raised its stake in PubMatic by 26.3% in the first quarter. Renaissance Technologies LLC now owns 1,540,533 shares of the company’s stock valued at $12,602,000 after buying an additional 321,200 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in PubMatic in the second quarter valued at about $1,595,000. Finally, CenterBook Partners LP boosted its holdings in PubMatic by 53.3% in the fourth quarter. CenterBook Partners LP now owns 1,147,055 shares of the company’s stock worth $10,174,000 after acquiring an additional 398,595 shares in the last quarter. Hedge funds and other institutional investors own 64.26% of the company’s stock.

About PubMatic

PubMatic, Inc is a cloud infrastructure and digital advertising technology company that operates a sell-side platform (SSP). Its technology helps publishers, mobile application developers and other digital content creators manage and monetize advertising inventory across websites, apps, connected television and other digital channels.

The company’s platform connects digital media sellers with advertisers and agencies through programmatic advertising, enabling the automated buying and selling of ad space.