PubMatic (NASDAQ:PUBM) Price Target Cut to $23.00

PubMatic (NASDAQ:PUBM) had its price target cut by equities research analysts at Royal Bank of Canada from $26.00 to $23.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 50.33% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the stock. Macquarie dropped their price target on shares of PubMatic from $24.00 to $19.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. B. Riley dropped their price target on shares of PubMatic from $31.00 to $22.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Raymond James downgraded shares of PubMatic from an “outperform” rating to a “market perform” rating in a research note on Friday, August 9th. Wolfe Research initiated coverage on shares of PubMatic in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $25.00 target price for the company. Finally, Jefferies Financial Group lowered their target price on shares of PubMatic from $26.00 to $16.00 and set a “hold” rating for the company in a research note on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, PubMatic has an average rating of “Moderate Buy” and a consensus price target of $21.00.

PubMatic Trading Up 6.4 %

Shares of PUBM stock opened at $15.30 on Tuesday. PubMatic has a 1 year low of $10.92 and a 1 year high of $25.36. The firm’s 50 day moving average is $19.49 and its 200-day moving average is $20.75. The firm has a market capitalization of $763.94 million, a price-to-earnings ratio of 72.86 and a beta of 1.44.

PubMatic (NASDAQ:PUBM) last announced its earnings results on Thursday, August 8th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.06. PubMatic had a net margin of 7.08% and a return on equity of 6.92%. The company had revenue of $67.27 million for the quarter, compared to analyst estimates of $70.07 million. During the same period in the prior year, the business earned ($0.11) earnings per share. PubMatic’s quarterly revenue was up 6.2% on a year-over-year basis. On average, equities research analysts forecast that PubMatic will post 0.24 earnings per share for the current fiscal year.

Insider Transactions at PubMatic

In other news, Chairman Amar K. Goel sold 2,000 shares of the stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $24.50, for a total transaction of $49,000.00. Following the completion of the sale, the chairman now owns 2,640 shares of the company’s stock, valued at $64,680. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Chairman Amar K. Goel sold 3,755 shares of the stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $20.64, for a total transaction of $77,503.20. Following the completion of the sale, the chairman now owns 5,242 shares of the company’s stock, valued at $108,194.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Amar K. Goel sold 2,000 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $24.50, for a total transaction of $49,000.00. Following the transaction, the chairman now owns 2,640 shares of the company’s stock, valued at approximately $64,680. The disclosure for this sale can be found here. Insiders sold 120,551 shares of company stock valued at $2,432,679 over the last quarter. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Redwood Wealth Management Group LLC acquired a new position in PubMatic during the second quarter worth $29,000. Price T Rowe Associates Inc. MD boosted its holdings in PubMatic by 7.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 22,311 shares of the company’s stock worth $530,000 after purchasing an additional 1,561 shares during the last quarter. Empowered Funds LLC boosted its holdings in PubMatic by 9.1% during the first quarter. Empowered Funds LLC now owns 19,606 shares of the company’s stock worth $465,000 after purchasing an additional 1,632 shares during the last quarter. Versor Investments LP boosted its holdings in PubMatic by 8.2% during the second quarter. Versor Investments LP now owns 22,186 shares of the company’s stock worth $451,000 after purchasing an additional 1,677 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in PubMatic during the second quarter worth $38,000. Institutional investors and hedge funds 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.