PubMatic (NASDAQ:PUBM) Shares Gap Up to $27.52

PubMatic, Inc. (NASDAQ:PUBM)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $27.52, but opened at $28.79. PubMatic shares last traded at $27.98, with a volume of 9,622 shares.

PUBM has been the topic of a number of research reports. Raymond James raised PubMatic from a “market perform” rating to an “outperform” rating and set a $43.00 price objective on the stock in a research note on Wednesday, August 11th. JMP Securities reissued an “outperform” rating and set a $64.00 target price on shares of PubMatic in a research report on Thursday, June 17th. Berenberg Bank initiated coverage on PubMatic in a research report on Wednesday, September 22nd. They issued a “buy” rating and a $37.00 price objective on the stock. KeyCorp cut their price objective on PubMatic from $55.00 to $50.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 11th. They noted that the move was a valuation call. Finally, Macquarie initiated coverage on PubMatic in a research report on Tuesday, August 31st. They issued an “outperform” rating and a $37.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $43.50.

The firm has a market capitalization of $1.40 billion and a PE ratio of 59.83. The company has a fifty day simple moving average of $27.71 and a two-hundred day simple moving average of $35.35.

PubMatic (NASDAQ:PUBM) last issued its earnings results on Tuesday, August 10th. The company reported $0.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.10. The firm had revenue of $49.66 million during the quarter, compared to analysts’ expectations of $45.74 million. The company’s revenue for the quarter was up 88.4% on a year-over-year basis. On average, research analysts expect that PubMatic, Inc. will post 0.47 EPS for the current year.

In related news, CFO Steven Pantelick sold 1,196 shares of the company’s stock in a transaction on Friday, October 1st. The stock was sold at an average price of $25.47, for a total transaction of $30,462.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder August Capital Management V, L sold 39,568 shares of the company’s stock in a transaction on Tuesday, August 24th. The stock was sold at an average price of $27.80, for a total value of $1,099,990.40. The disclosure for this sale can be found here. Insiders have sold a total of 77,649 shares of company stock valued at $2,156,930 over the last 90 days. 89.50% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Jasper Ridge Partners L.P. purchased a new stake in PubMatic in the second quarter valued at about $539,000. Marshall Wace LLP purchased a new stake in PubMatic in the second quarter valued at about $2,926,000. Marshall Wace North America L.P. purchased a new stake in PubMatic in the second quarter valued at about $7,556,000. Morgan Stanley increased its holdings in shares of PubMatic by 1,361.7% in the second quarter. Morgan Stanley now owns 334,409 shares of the company’s stock valued at $13,065,000 after purchasing an additional 311,531 shares during the period. Finally, Advisor Resource Council acquired a new position in shares of PubMatic in the second quarter valued at about $4,581,000. Institutional investors own 17.82% of the company’s stock.

PubMatic Company Profile (NASDAQ:PUBM)

PubMatic, Inc provides a cloud infrastructure platform that enables real-time programmatic advertising transactions for Internet content creators and advertisers worldwide. The company's solutions include PubMatic Cloud, which offers a customizable platform as a service; Openwrap, a header bidding solution that provides enterprise-grade management and analytics tools; Openwrap OTT, a header bidding management solution for OTT; Openwrap SDK, a header bidding solution for in-app developers; private marketplace solutions; and media buyer consoles.

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