PubMatic (NASDAQ:PUBM) Given New $10.00 Price Target at Scotiabank

PubMatic (NASDAQ:PUBM) had its target price decreased by Scotiabank from $15.00 to $10.00 in a research note published on Tuesday,Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

A number of other brokerages have also recently issued reports on PUBM. B. Riley cut shares of PubMatic from a “buy” rating to a “neutral” rating and dropped their target price for the company from $17.00 to $9.00 in a report on Tuesday. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $11.00 target price (down from $14.00) on shares of PubMatic in a report on Tuesday. Finally, Lake Street Capital reaffirmed a “hold” rating and issued a $9.50 target price (down from $19.00) on shares of PubMatic in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $14.36.

PubMatic Stock Down 21.1%

Shares of NASDAQ:PUBM opened at $8.34 on Tuesday. The company has a market cap of $404.74 million, a P/E ratio of -119.13 and a beta of 1.54. PubMatic has a 52 week low of $7.01 and a 52 week high of $17.74. The company has a 50-day moving average price of $11.92 and a 200 day moving average price of $11.57.

PubMatic (NASDAQ:PUBM) last announced its quarterly earnings data on Monday, August 11th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.13). The firm had revenue of $71.10 million during the quarter, compared to analyst estimates of $67.77 million. PubMatic had a negative net margin of 0.58% and a negative return on equity of 0.63%. PubMatic’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.04 EPS. Analysts expect that PubMatic will post 0.22 EPS for the current year.

Insider Buying and Selling at PubMatic

In other news, CEO Rajeev K. Goel sold 33,001 shares of the firm’s stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $12.56, for a total transaction of $414,492.56. Following the completion of the transaction, the chief executive officer directly owned 32,515 shares of the company’s stock, valued at $408,388.40. This trade represents a 50.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Amar K. Goel sold 4,417 shares of the firm’s stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $12.56, for a total transaction of $55,477.52. Following the transaction, the chairman directly owned 20,516 shares of the company’s stock, valued at approximately $257,680.96. This trade represents a 17.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 285,294 shares of company stock worth $3,449,506. 26.42% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PUBM. Rhumbline Advisers grew its stake in PubMatic by 2.3% in the 1st quarter. Rhumbline Advisers now owns 60,012 shares of the company’s stock worth $548,000 after acquiring an additional 1,341 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in PubMatic in the 4th quarter worth approximately $29,000. Tower Research Capital LLC TRC grew its stake in PubMatic by 75.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,220 shares of the company’s stock worth $77,000 after acquiring an additional 2,240 shares during the period. Russell Investments Group Ltd. grew its stake in PubMatic by 5.7% in the 4th quarter. Russell Investments Group Ltd. now owns 47,062 shares of the company’s stock worth $691,000 after acquiring an additional 2,528 shares during the period. Finally, US Bancorp DE grew its stake in PubMatic by 21.3% in the 1st quarter. US Bancorp DE now owns 14,736 shares of the company’s stock worth $135,000 after acquiring an additional 2,591 shares during the period. 64.26% of the stock is owned by hedge funds and other institutional investors.

PubMatic Company 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.