Scotiabank Begins Coverage on PubMatic (NASDAQ:PUBM)

Equities researchers at Scotiabank started coverage on shares of PubMatic (NASDAQ:PUBM) in a note issued to investors on Thursday,Benzinga reports. The brokerage set a “sector perform” rating and a $17.00 price target on the stock. Scotiabank’s price target would indicate a potential upside of 0.35% from the stock’s previous close.

A number of other research firms also recently commented on PUBM. Royal Bank of Canada cut their target price on shares of PubMatic from $26.00 to $23.00 and set an “outperform” rating for the company in a research report on Tuesday, August 20th. Raymond James downgraded shares of PubMatic from an “outperform” rating to a “market perform” rating in a research report on Friday, August 9th. Macquarie reaffirmed a “neutral” rating and issued a $19.00 target price on shares of PubMatic in a research report on Thursday, November 14th. Jefferies Financial Group cut their target price on shares of PubMatic from $26.00 to $16.00 and set a “hold” rating for the company in a research report on Friday, August 9th. Finally, B. Riley dropped their price target on shares of PubMatic from $31.00 to $22.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, PubMatic currently has an average rating of “Moderate Buy” and a consensus price target of $21.13.

PubMatic Trading Up 1.6 %

NASDAQ:PUBM opened at $16.94 on Thursday. PubMatic has a 12 month low of $13.18 and a 12 month high of $25.36. The company has a market cap of $809.22 million, a PE ratio of 54.65 and a beta of 1.40. The company has a 50 day simple moving average of $15.27 and a two-hundred day simple moving average of $17.59.

Insider Activity at PubMatic

In related news, CEO Rajeev K. Goel sold 25,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $14.46, for a total transaction of $361,500.00. Following the transaction, the chief executive officer now directly owns 24,222 shares in the company, valued at approximately $350,250.12. This represents a 50.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Steven Pantelick sold 4,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $16.56, for a total transaction of $66,240.00. Following the completion of the transaction, the chief financial officer now owns 22,506 shares in the company, valued at $372,699.36. This represents a 15.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 108,459 shares of company stock worth $1,636,246. 2.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PubMatic

Institutional investors have recently modified their holdings of the stock. Redwood Wealth Management Group LLC purchased a new position in shares of PubMatic during the second quarter worth approximately $29,000. Headlands Technologies LLC bought a new position in shares of PubMatic during the second quarter valued at approximately $38,000. Founders Capital Management boosted its stake in shares of PubMatic by 100.0% during the third quarter. Founders Capital Management now owns 2,000 shares of the company’s stock valued at $30,000 after purchasing an additional 1,000 shares in the last quarter. New York State Teachers Retirement System bought a new position in shares of PubMatic during the third quarter valued at approximately $51,000. Finally, FMR LLC boosted its stake in shares of PubMatic by 201.6% during the third quarter. FMR LLC now owns 4,053 shares of the company’s stock valued at $60,000 after purchasing an additional 2,709 shares in the last quarter. 64.26% of the stock is owned by hedge funds and other institutional investors.

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.