Insider Selling: PubMatic, Inc. (NASDAQ:PUBM) Chairman Sells 4,087 Shares of Stock

PubMatic, Inc. (NASDAQ:PUBM) Chairman Amar K. Goel sold 4,087 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $14.84, for a total value of $60,651.08. Following the sale, the chairman now owns 14,044 shares in the company, valued at approximately $208,412.96. This trade represents a 22.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

PubMatic Stock Performance

Shares of PUBM stock traded up $0.50 during midday trading on Friday, reaching $15.33. 271,287 shares of the company were exchanged, compared to its average volume of 258,891. The company’s 50 day moving average price is $15.68 and its two-hundred day moving average price is $16.67. The company has a market cap of $732.27 million, a P/E ratio of 49.45 and a beta of 1.40. PubMatic, Inc. has a 12 month low of $13.18 and a 12 month high of $25.36.

Wall Street Analyst Weigh In

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

Institutional Trading of PubMatic

Several institutional investors have recently made changes to their positions in PUBM. Wellington Management Group LLP increased its stake in shares of PubMatic by 222.8% in the third quarter. Wellington Management Group LLP now owns 752,329 shares of the company’s stock worth $11,187,000 after purchasing an additional 519,275 shares during the period. Millennium Management LLC acquired a new position in shares of PubMatic during the second quarter worth approximately $6,582,000. Victory Capital Management Inc. raised its holdings in PubMatic by 99.2% during the 3rd quarter. Victory Capital Management Inc. now owns 72,083 shares of the company’s stock worth $1,072,000 after purchasing an additional 35,898 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in PubMatic by 122.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 434,867 shares of the company’s stock worth $6,466,000 after buying an additional 239,406 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of PubMatic by 28.8% in the second quarter. Renaissance Technologies LLC now owns 1,188,700 shares of the company’s stock worth $24,142,000 after acquiring an additional 265,700 shares in the last quarter. 64.26% of the stock is currently owned by institutional investors and hedge funds.

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.