Insider Selling: PubMatic, Inc. (NASDAQ:PUBM) CEO Sells 18,391 Shares of Stock

PubMatic, Inc. (NASDAQ:PUBM) CEO Rajeev K. Goel sold 18,391 shares of PubMatic stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $15.44, for a total transaction of $283,957.04. Following the sale, the chief executive officer now owns 12,505 shares of the company’s stock, valued at approximately $193,077.20. This trade represents a 59.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

PubMatic Stock Performance

PUBM opened at $14.10 on Friday. The company’s 50 day simple moving average is $15.67 and its 200 day simple moving average is $16.45. PubMatic, Inc. has a 1 year low of $13.18 and a 1 year high of $25.36. The stock has a market capitalization of $673.51 million, a PE ratio of 45.48 and a beta of 1.41.

Wall Street Analysts Forecast Growth

PUBM has been the subject of a number of recent research reports. Royal Bank of Canada lowered their price target on shares of PubMatic from $21.00 to $19.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. Evercore ISI lifted their price target on shares of PubMatic from $20.00 to $22.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Macquarie reiterated a “neutral” rating and set a $19.00 price target on shares of PubMatic in a report on Thursday, November 14th. Finally, Scotiabank initiated coverage on shares of PubMatic in a report on Thursday, December 5th. They set a “sector perform” rating and a $17.00 price target for the company. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.63.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP lifted its position in PubMatic by 222.8% during the third quarter. Wellington Management Group LLP now owns 752,329 shares of the company’s stock valued at $11,187,000 after buying an additional 519,275 shares in the last quarter. Millennium Management LLC acquired a new position in PubMatic during the second quarter valued at approximately $6,582,000. Victory Capital Management Inc. lifted its position in PubMatic by 99.2% during the third quarter. Victory Capital Management Inc. now owns 72,083 shares of the company’s stock valued at $1,072,000 after buying an additional 35,898 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in PubMatic by 122.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 434,867 shares of the company’s stock valued at $6,466,000 after buying an additional 239,406 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in PubMatic by 28.8% during the second quarter. Renaissance Technologies LLC now owns 1,188,700 shares of the company’s stock valued at $24,142,000 after buying an additional 265,700 shares in the last quarter. 64.26% of the stock is owned by institutional investors and hedge funds.

PubMatic Company Profile

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.