Rhumbline Advisers Sells 7,335 Shares of PubMatic, Inc. (NASDAQ:PUBM)

Rhumbline Advisers lowered its stake in PubMatic, Inc. (NASDAQ:PUBM) by 10.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 61,092 shares of the company’s stock after selling 7,335 shares during the quarter. Rhumbline Advisers owned 0.12% of PubMatic worth $1,241,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in PUBM. SG Americas Securities LLC purchased a new position in shares of PubMatic during the first quarter valued at approximately $107,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of PubMatic by 56.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,132 shares of the company’s stock valued at $185,000 after buying an additional 3,280 shares during the period. Cornerstone Investment Partners LLC purchased a new position in shares of PubMatic during the first quarter valued at approximately $222,000. Mesirow Financial Investment Management Inc. increased its stake in shares of PubMatic by 25.3% during the second quarter. Mesirow Financial Investment Management Inc. now owns 12,142 shares of the company’s stock valued at $247,000 after buying an additional 2,453 shares during the period. Finally, Harbour Capital Advisors LLC purchased a new position in shares of PubMatic during the first quarter valued at approximately $266,000. 64.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PUBM. Wolfe Research began coverage on PubMatic in a research note on Tuesday, July 16th. They set an “outperform” rating and a $25.00 target price on the stock. B. Riley reduced their price target on PubMatic from $31.00 to $22.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Royal Bank of Canada reduced their price target on PubMatic from $26.00 to $23.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 20th. Raymond James cut PubMatic from an “outperform” rating to a “market perform” rating in a research note on Friday, August 9th. Finally, Macquarie reduced their price target on PubMatic from $24.00 to $19.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.00.

PubMatic Trading Down 1.1 %

NASDAQ PUBM opened at $14.52 on Friday. PubMatic, Inc. has a 12 month low of $10.92 and a 12 month high of $25.36. The stock has a market cap of $719.90 million, a P/E ratio of 69.15 and a beta of 1.40. The stock’s fifty day moving average price is $17.16 and its 200-day moving average price is $20.40.

PubMatic (NASDAQ:PUBM) last released its earnings results on Thursday, August 8th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.06. PubMatic had a return on equity of 6.92% and a net margin of 7.08%. The firm had revenue of $67.27 million for the quarter, compared to analysts’ expectations of $70.07 million. During the same period in the prior year, the firm posted ($0.11) earnings per share. The company’s quarterly revenue was up 6.2% on a year-over-year basis. As a group, analysts forecast that PubMatic, Inc. will post 0.2 earnings per share for the current fiscal year.

Insider Transactions at PubMatic

In other news, CEO Rajeev K. Goel sold 25,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $15.25, for a total transaction of $381,250.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Steven Pantelick sold 4,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $15.21, for a total transaction of $60,840.00. Following the transaction, the chief financial officer now directly owns 22,506 shares of the company’s stock, valued at $342,316.26. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Rajeev K. Goel sold 25,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $15.25, for a total value of $381,250.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 119,062 shares of company stock valued at $2,182,046. Insiders own 2.90% 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.