PubMatic (NASDAQ:PUBM) Price Target Cut to $19.00 by Analysts at Royal Bank of Canada

PubMatic (NASDAQ:PUBM) had its price target trimmed by Royal Bank of Canada from $21.00 to $19.00 in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other analysts also recently weighed in on PUBM. Macquarie reiterated a “neutral” rating and issued a $19.00 price objective on shares of PubMatic in a research report on Thursday, November 14th. Evercore ISI boosted their price objective on PubMatic from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Finally, Scotiabank initiated coverage on PubMatic in a research report on Thursday, December 5th. They issued a “sector perform” rating and a $17.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, PubMatic presently has an average rating of “Moderate Buy” and a consensus target price of $20.63.

PubMatic Price Performance

NASDAQ:PUBM opened at $15.33 on Friday. The firm has a market capitalization of $732.27 million, a P/E ratio of 49.45 and a beta of 1.40. The business has a 50 day simple moving average of $15.69 and a 200 day simple moving average of $16.63. PubMatic has a 12-month low of $13.18 and a 12-month high of $25.36.

Insiders Place Their Bets

In related news, CEO Rajeev K. Goel sold 19,892 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $14.44, for a total transaction of $287,240.48. Following the completion of the transaction, the chief executive officer now owns 4,330 shares of the company’s stock, valued at approximately $62,525.20. The trade was a 82.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Andrew Woods sold 3,529 shares of PubMatic stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.84, for a total value of $52,370.36. Following the completion of the transaction, the general counsel now directly owns 34,702 shares in the company, valued at approximately $514,977.68. This represents a 9.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,799 shares of company stock valued at $1,672,374 over the last 90 days. 2.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PubMatic

Institutional investors have recently added to or reduced their stakes in the company. Redwood Wealth Management Group LLC bought a new stake in shares of PubMatic in the 2nd quarter worth approximately $29,000. Founders Capital Management lifted its position in PubMatic by 100.0% in the third quarter. Founders Capital Management now owns 2,000 shares of the company’s stock worth $30,000 after purchasing an additional 1,000 shares during the period. Headlands Technologies LLC acquired a new stake in PubMatic during the second quarter worth $38,000. New York State Teachers Retirement System bought a new stake in PubMatic in the 3rd quarter valued at $51,000. Finally, FMR LLC raised its stake in shares of PubMatic by 201.6% in the 3rd quarter. FMR LLC now owns 4,053 shares of the company’s stock valued at $60,000 after buying an additional 2,709 shares in the last quarter. 64.26% of the stock is 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.