Zacks Investment Research Upgrades PubMatic (NASDAQ:PUBM) to Hold

PubMatic (NASDAQ:PUBM – Get Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday, Zacks.com reports.

According to Zacks, “PubMatic Inc. provides a cloud infrastructure platform which enables real-time programmatic advertising transactions. PubMatic Inc. is based in Redwood City, California. “

Several other research firms have also issued reports on PUBM. JMP Securities dropped their target price on PubMatic from $64.00 to $49.00 and set a “market outperform” rating on the stock in a report on Tuesday, March 1st. Royal Bank of Canada dropped their target price on PubMatic from $46.00 to $38.00 and set an “outperform” rating for the company in a research report on Wednesday, March 16th. Raymond James lowered their target price on PubMatic from $50.00 to $43.00 and set an “outperform” rating for the company in a report on Tuesday, March 1st. Finally, KeyCorp cut their target price on PubMatic from $52.00 to $48.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 1st. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $44.00.

NASDAQ:PUBM opened at $19.18 on Friday. The stock has a market cap of $994.87 million, a P/E ratio of 19.18 and a beta of 0.53. The stock has a 50-day simple moving average of $23.67 and a 200-day simple moving average of $28.48. PubMatic has a 1 year low of $18.30 and a 1 year high of $44.19.

PubMatic (NASDAQ:PUBM – Get Rating) last released its quarterly earnings data on Monday, February 28th. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.27 by $0.16. The company had revenue of $75.56 million during the quarter, compared to analysts’ expectations of $75.34 million. As a group, research analysts forecast that PubMatic will post 0.64 EPS for the current fiscal year.

In related news, General Counsel Thomas C. Chow sold 5,000 shares of PubMatic stock in a transaction that occurred on Friday, March 4th. The shares were sold at an average price of $21.82, for a total transaction of $109,100.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Amar K. Goel sold 24,000 shares of the business’s stock in a transaction that occurred on Monday, February 14th. The stock was sold at an average price of $29.85, for a total transaction of $716,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 143,693 shares of company stock valued at $3,520,895 in the last three months. Company insiders own 89.50% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fiera Capital Corp lifted its position in PubMatic by 0.9% in the first quarter. Fiera Capital Corp now owns 1,437,350 shares of the company’s stock valued at $37,544,000 after purchasing an additional 13,349 shares during the last quarter. Royal Bank of Canada increased its position in PubMatic by 1.1% during the third quarter. Royal Bank of Canada now owns 844,191 shares of the company’s stock valued at $22,245,000 after acquiring an additional 9,041 shares during the last quarter. BlackRock Inc. increased its position in PubMatic by 13.5% in the third quarter. BlackRock Inc. now owns 691,320 shares of the company’s stock worth $18,216,000 after buying an additional 81,969 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of PubMatic during the fourth quarter worth about $23,173,000. Finally, Millennium Management LLC grew its position in shares of PubMatic by 67.7% during the fourth quarter. Millennium Management LLC now owns 675,768 shares of the company’s stock worth $23,010,000 after purchasing an additional 272,694 shares in the last quarter. 37.58% of the stock is owned by institutional investors.

PubMatic Company Profile (Get Rating)

PubMatic, Inc provides a cloud infrastructure platform that enables real-time programmatic advertising transactions for Internet content creators and advertisers worldwide. The company's solutions include Openwrap, a header bidding solution that provides enterprise-grade management and analytics tools; Openwrap OTT, a header bidding management solution for OTT; Openwrap SDK, a header bidding solution for in-app developers; private marketplace solutions; and media buyer consoles.

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