Principal Financial Group Inc. Sells 7,292 Shares of PubMatic, Inc. (NASDAQ:PUBM)

Principal Financial Group Inc. cut its holdings in shares of PubMatic, Inc. (NASDAQ:PUBM) by 24.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,944 shares of the company’s stock after selling 7,292 shares during the period. Principal Financial Group Inc.’s holdings in PubMatic were worth $341,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PUBM. Redwood Wealth Management Group LLC bought a new stake in PubMatic in the 2nd quarter worth about $29,000. Founders Capital Management grew its stake in shares of PubMatic by 100.0% during the 3rd quarter. Founders Capital Management now owns 2,000 shares of the company’s stock worth $30,000 after acquiring an additional 1,000 shares during the period. Headlands Technologies LLC bought a new stake in shares of PubMatic in the second quarter valued at approximately $38,000. New York State Teachers Retirement System bought a new position in shares of PubMatic in the third quarter worth $51,000. Finally, FMR LLC grew its holdings in PubMatic by 201.6% during 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. 64.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PUBM has been the subject of several research analyst reports. Scotiabank started coverage on PubMatic in a research note on Thursday, December 5th. They set a “sector perform” rating and a $17.00 price objective for the company. Evercore ISI boosted their target price on PubMatic from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Macquarie reaffirmed a “neutral” rating and set a $19.00 price objective on shares of PubMatic in a research note on Thursday, November 14th. Finally, Royal Bank of Canada reduced their price objective on shares of PubMatic from $21.00 to $19.00 and set an “outperform” rating on the stock in a research report on Friday. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, PubMatic has a consensus rating of “Moderate Buy” and a consensus price target of $20.63.

Insider Buying and Selling

In related news, CFO Steven Pantelick sold 4,000 shares of PubMatic stock in a transaction on Monday, November 4th. The shares were sold at an average price of $14.45, for a total transaction of $57,800.00. Following the transaction, the chief financial officer now owns 22,506 shares in the company, valued at approximately $325,211.70. The trade was a 15.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Rajeev K. Goel sold 19,892 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $14.44, for a total value of $287,240.48. Following the sale, the chief executive officer now owns 4,330 shares of the company’s stock, valued at $62,525.20. This represents a 82.12 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 108,799 shares of company stock worth $1,672,374. 2.90% of the stock is owned by insiders.

PubMatic Stock Performance

PUBM opened at $15.33 on Tuesday. The company’s 50-day simple moving average is $15.70 and its two-hundred day simple moving average is $16.54. PubMatic, Inc. has a 52-week low of $13.18 and a 52-week high of $25.36. The stock has a market capitalization of $732.27 million, a P/E ratio of 49.45 and a beta of 1.41.

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.