Insider Selling: PubMatic, Inc. (NASDAQ:PUBM) CEO Sells $283,957.04 in Stock

PubMatic, Inc. (NASDAQ:PUBM) CEO Rajeev K. Goel sold 18,391 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $15.44, for a total transaction of $283,957.04. Following the sale, the chief executive officer now owns 12,505 shares of the company’s stock, valued at approximately $193,077.20. This represents a 59.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

PubMatic Stock Down 4.3 %

Shares of PUBM opened at $14.10 on Friday. The company has a 50-day simple moving average of $15.67 and a 200-day simple moving average of $16.45. The company has a market capitalization of $673.51 million, a PE ratio of 45.48 and a beta of 1.41. PubMatic, Inc. has a 52-week low of $13.18 and a 52-week high of $25.36.

Hedge Funds Weigh In On PubMatic

Large investors have recently made changes to their positions in the stock. Wellington Management Group LLP increased its holdings in shares of PubMatic by 222.8% in the 3rd 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 in the last quarter. Millennium Management LLC purchased a new position in shares of PubMatic in the 2nd quarter valued at about $6,582,000. Victory Capital Management Inc. increased its holdings in shares of PubMatic by 99.2% in the 3rd quarter. Victory Capital Management Inc. now owns 72,083 shares of the company’s stock valued at $1,072,000 after purchasing an additional 35,898 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of PubMatic by 122.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 434,867 shares of the company’s stock valued at $6,466,000 after purchasing an additional 239,406 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in PubMatic by 28.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,188,700 shares of the company’s stock valued at $24,142,000 after acquiring an additional 265,700 shares in the last quarter. Hedge funds and other institutional investors own 64.26% of the company’s stock.

Wall Street Analyst Weigh In

PUBM has been the subject of a number of recent research reports. Scotiabank initiated coverage on shares of PubMatic in a research note on Thursday, December 5th. They set a “sector perform” rating and a $17.00 price target for the company. Macquarie reiterated a “neutral” rating and set a $19.00 price target on shares of PubMatic in a research note on Thursday, November 14th. Evercore ISI increased their price target 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 reduced their target price on shares of PubMatic from $21.00 to $19.00 and set an “outperform” rating for the company in a research note on Friday, January 3rd. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, PubMatic has a consensus rating of “Moderate Buy” and an average target price of $20.63.

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.