PubMatic (NASDAQ:PUBM) Price Target Cut to $19.00

PubMatic (NASDAQ:PUBM) had its price objective reduced by Macquarie from $24.00 to $19.00 in a research note released on Friday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other analysts also recently issued reports on the company. Wolfe Research initiated coverage on PubMatic in a research note on Tuesday, July 16th. They issued an outperform rating and a $25.00 price objective on the stock. Raymond James cut shares of PubMatic from an outperform rating to a market perform rating in a research report on Friday. B. Riley lowered their price objective on shares of PubMatic from $31.00 to $22.00 and set a buy rating for the company in a research report on Friday. Royal Bank of Canada upped their target price on shares of PubMatic from $26.00 to $30.00 and gave the company an outperform rating in a research report on Wednesday, May 8th. Finally, Jefferies Financial Group dropped their price target on PubMatic from $26.00 to $16.00 and set a hold rating for the company in a research report on Friday. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, PubMatic presently has a consensus rating of Moderate Buy and an average price target of $21.43.

PubMatic Stock Performance

Shares of NASDAQ PUBM traded down $5.54 during midday trading on Friday, reaching $14.06. The stock had a trading volume of 4,047,637 shares, compared to its average volume of 313,477. PubMatic has a 12-month low of $10.92 and a 12-month high of $25.36. The stock has a 50-day moving average of $20.63 and a 200-day moving average of $20.81. The company has a market capitalization of $702.02 million, a price-to-earnings ratio of 66.96 and a beta of 1.44.

Insider Activity at PubMatic

In other PubMatic news, Chairman Amar K. Goel sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $24.50, for a total value of $49,000.00. Following the completion of the sale, the chairman now owns 2,640 shares of the company’s stock, valued at $64,680. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other PubMatic news, Chairman Amar K. Goel sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $24.50, for a total value of $49,000.00. Following the transaction, the chairman now owns 2,640 shares of the company’s stock, valued at approximately $64,680. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Rajeev K. Goel sold 25,000 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $18.73, for a total value of $468,250.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 117,324 shares of company stock worth $2,394,449. Insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On PubMatic

Several large investors have recently added to or reduced their stakes in PUBM. Redwood Wealth Management Group LLC purchased a new position in PubMatic during the 2nd quarter worth $29,000. Headlands Technologies LLC bought a new position in PubMatic during the 2nd quarter worth about $38,000. SG Americas Securities LLC purchased a new position in PubMatic during the 1st quarter valued at about $107,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of PubMatic by 56.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,132 shares of the company’s stock valued at $185,000 after purchasing an additional 3,280 shares in the last quarter. Finally, Cornerstone Investment Partners LLC purchased a new stake in shares of PubMatic in the 1st quarter worth approximately $222,000. 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.