Corebridge Financial Inc. Trims Stock Position in PubMatic, Inc. (NASDAQ:PUBM)

Corebridge Financial Inc. decreased its holdings in PubMatic, Inc. (NASDAQ:PUBM) by 7.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,790 shares of the company’s stock after selling 1,569 shares during the quarter. Corebridge Financial Inc.’s holdings in PubMatic were worth $305,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its stake in shares of PubMatic by 122.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 434,867 shares of the company’s stock worth $6,466,000 after acquiring an additional 239,406 shares during the last quarter. FMR LLC lifted its position in PubMatic by 201.6% during the third quarter. FMR LLC now owns 4,053 shares of the company’s stock valued at $60,000 after purchasing an additional 2,709 shares in the last quarter. Wellington Management Group LLP grew its holdings 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 purchasing an additional 519,275 shares during the period. Barclays PLC increased its position in PubMatic by 93.1% in the third quarter. Barclays PLC now owns 129,196 shares of the company’s stock worth $1,921,000 after buying an additional 62,284 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of PubMatic by 0.8% in the third quarter. Geode Capital Management LLC now owns 961,155 shares of the company’s stock worth $14,295,000 after buying an additional 7,225 shares during the period. 64.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PUBM. Scotiabank reduced their target price on shares of PubMatic from $17.00 to $15.00 and set a “sector perform” rating for the company in a report on Friday, February 28th. JMP Securities reissued a “market outperform” rating and issued a $20.00 price objective on shares of PubMatic in a research note on Monday, January 27th. Royal Bank of Canada dropped their target price 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. Finally, Lake Street Capital decreased their price target on PubMatic from $24.00 to $21.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.89.

PubMatic Stock Down 7.7 %

PUBM opened at $8.29 on Friday. PubMatic, Inc. has a 52 week low of $7.46 and a 52 week high of $25.36. The firm has a 50-day simple moving average of $11.61 and a two-hundred day simple moving average of $14.01. The company has a market capitalization of $402.29 million, a PE ratio of 26.74 and a beta of 1.50.

PubMatic (NASDAQ:PUBM) last announced its quarterly earnings results on Thursday, February 27th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). PubMatic had a net margin of 5.96% and a return on equity of 6.12%. The firm had revenue of $85.50 million for the quarter, compared to the consensus estimate of $88.24 million. As a group, sell-side analysts expect that PubMatic, Inc. will post 0.22 earnings per share for the current year.

Insider Activity at PubMatic

In related news, CEO Rajeev K. Goel sold 25,000 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $9.14, for a total value of $228,500.00. Following the completion of the transaction, the chief executive officer now owns 32,304 shares of the company’s stock, valued at approximately $295,258.56. This trade represents a 43.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mukul Kumar sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $16.51, for a total value of $115,570.00. Following the sale, the insider now directly owns 52,005 shares in the company, valued at $858,602.55. The trade was a 11.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 87,210 shares of company stock valued at $1,028,124. 2.90% of the stock is owned by corporate insiders.

PubMatic 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.