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

Corebridge Financial Inc. cut its position in shares of PubMatic, Inc. (NASDAQ:PUBM) by 7.0% in the fourth quarter, Holdings Channel.com reports. The firm 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 quarter.

Other hedge funds also recently added to or reduced their stakes in the company. LPL Financial LLC lifted its stake in PubMatic by 5.1% in the fourth quarter. LPL Financial LLC now owns 112,250 shares of the company’s stock worth $1,634,000 after purchasing an additional 5,432 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in shares of PubMatic during the 4th quarter worth approximately $401,000. KLP Kapitalforvaltning AS purchased a new position in PubMatic during the 4th quarter valued at $106,000. American Century Companies Inc. grew its position in PubMatic by 0.9% in the 4th quarter. American Century Companies Inc. now owns 271,864 shares of the company’s stock valued at $3,994,000 after acquiring an additional 2,461 shares during the last quarter. Finally, Magnetar Financial LLC bought a new stake in shares of PubMatic during the fourth quarter worth $422,000. 64.26% of the stock is currently owned by institutional investors.

PubMatic Stock Down 7.7 %

Shares of NASDAQ:PUBM opened at $8.29 on Friday. The company has a market capitalization of $402.29 million, a price-to-earnings ratio of 26.74 and a beta of 1.50. The firm has a 50 day moving average of $11.61 and a 200 day moving average of $14.01. PubMatic, Inc. has a 52 week low of $7.46 and a 52 week high of $25.36.

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

Insider Activity

In related news, CFO Steven Pantelick sold 4,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $15.14, for a total transaction of $60,560.00. Following the completion of the sale, the chief financial officer now owns 22,506 shares of the company’s stock, valued at $340,740.84. This represents a 15.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Rajeev K. Goel sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $9.14, for a total transaction of $228,500.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 87,210 shares of company stock worth $1,028,124. Corporate insiders own 2.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Royal Bank of Canada cut their price target on shares of PubMatic from $21.00 to $19.00 and set an “outperform” rating on the stock in a report on Friday, January 3rd. Lake Street Capital reduced their target price on shares of PubMatic from $24.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. JMP Securities reaffirmed a “market outperform” rating and set a $20.00 price target on shares of PubMatic in a research note on Monday, January 27th. Finally, Scotiabank dropped their price objective on PubMatic from $17.00 to $15.00 and set a “sector perform” rating on the stock in a research note on Friday, February 28th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, PubMatic presently has a consensus rating of “Moderate Buy” and an average target price of $19.89.

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.