PubMatic (NASDAQ:PUBM) Price Target Cut to $19.00 by Analysts at Royal Bank of Canada

PubMatic (NASDAQ:PUBM) had its target price reduced by Royal Bank of Canada from $21.00 to $19.00 in a research report released on Friday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other analysts have also recently commented on the company. Evercore ISI lifted their price objective on PubMatic from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Scotiabank initiated coverage on shares of PubMatic in a research report on Thursday, December 5th. They issued a “sector perform” rating and a $17.00 price objective for the company. Finally, Macquarie restated a “neutral” rating and set a $19.00 target price on shares of PubMatic in a research report on Thursday, November 14th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.63.

PubMatic Stock Performance

PubMatic stock opened at $15.33 on Friday. PubMatic has a fifty-two week low of $13.18 and a fifty-two week high of $25.36. The company has a market capitalization of $732.27 million, a price-to-earnings ratio of 49.45 and a beta of 1.40. The stock has a fifty day moving average of $15.69 and a two-hundred day moving average of $16.63.

Insider Buying and Selling at PubMatic

In other PubMatic news, CFO Steven Pantelick sold 4,000 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $14.45, for a total value of $57,800.00. Following the completion of the sale, the chief financial officer now owns 22,506 shares of the company’s stock, valued at $325,211.70. This trade represents a 15.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Rajeev K. Goel sold 25,000 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $16.31, for a total transaction of $407,750.00. The disclosure for this sale can be found here. Insiders have sold a total of 108,799 shares of company stock worth $1,672,374 in the last quarter. 2.90% of the stock is owned by insiders.

Hedge Funds Weigh In On PubMatic

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its stake in PubMatic by 222.8% in the third quarter. Wellington Management Group LLP now owns 752,329 shares of the company’s stock worth $11,187,000 after purchasing an additional 519,275 shares in the last quarter. Millennium Management LLC acquired a new position in shares of PubMatic in the 2nd quarter worth approximately $6,582,000. Acadian Asset Management LLC increased its holdings in shares of PubMatic by 28,255.4% in the 2nd quarter. Acadian Asset Management LLC now owns 291,493 shares of the company’s stock valued at $5,915,000 after acquiring an additional 290,465 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of PubMatic by 28.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,188,700 shares of the company’s stock valued at $24,142,000 after acquiring an additional 265,700 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake 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 purchasing an additional 239,406 shares during the last quarter. 64.26% of the stock is owned by hedge funds and other institutional investors.

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.