Royal Bank of Canada Cuts PubMatic (NASDAQ:PUBM) Price Target to $19.00

PubMatic (NASDAQ:PUBM) had its target price reduced by Royal Bank of Canada from $21.00 to $19.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an outperform rating on the stock.

PUBM has been the subject of a number of other reports. Macquarie reiterated a “neutral” rating and issued a $19.00 target price on shares of PubMatic in a research note on Thursday, November 14th. Scotiabank began coverage on shares of PubMatic in a research note on Thursday, December 5th. They issued a “sector perform” rating and a $17.00 price objective for the company. Finally, Evercore ISI boosted their price objective 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. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.63.

PubMatic Stock Up 3.4 %

NASDAQ PUBM opened at $15.33 on Friday. The stock has a market capitalization of $732.27 million, a PE ratio of 49.45 and a beta of 1.40. The company has a 50 day moving average price of $15.69 and a two-hundred day moving average price of $16.57. PubMatic has a 12-month low of $13.18 and a 12-month high of $25.36.

Insider Buying and Selling

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

Institutional Investors Weigh In On PubMatic

Several institutional investors and hedge funds have recently bought and sold shares of PUBM. Redwood Wealth Management Group LLC bought a new stake in PubMatic in the 2nd quarter valued at $29,000. Founders Capital Management increased its holdings in PubMatic by 100.0% in the 3rd quarter. Founders Capital Management now owns 2,000 shares of the company’s stock valued at $30,000 after buying an additional 1,000 shares during the period. Headlands Technologies LLC bought a new stake in PubMatic in the 2nd quarter valued at $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 increased its holdings in 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 during the period. Institutional investors own 64.26% of the company’s stock.

PubMatic Company Profile

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.