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.
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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