PubMatic (NASDAQ:PUBM) Shares Gap Up on Strong Earnings

PubMatic, Inc. (NASDAQ:PUBM) shares gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $16.43, but opened at $17.74. PubMatic shares last traded at $15.30, with a volume of 244,526 shares.

The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.05. PubMatic had a return on equity of 5.98% and a net margin of 5.96%. The company had revenue of $71.79 million during the quarter, compared to analysts’ expectations of $66.14 million.

Analyst Ratings Changes

PUBM has been the subject of a number of analyst reports. Jefferies Financial Group reduced their price target on PubMatic from $26.00 to $16.00 and set a “hold” rating for the company in a research report on Friday, August 9th. Raymond James cut PubMatic from an “outperform” rating to a “market perform” rating in a research report on Friday, August 9th. Evercore ISI boosted their price objective on PubMatic from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Wednesday. Royal Bank of Canada cut their price objective on PubMatic from $26.00 to $23.00 and set an “outperform” rating for the company in a research report on Tuesday, August 20th. Finally, Macquarie cut their price objective on PubMatic from $24.00 to $19.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $21.71.

Insider Activity

In related news, CEO Rajeev K. Goel sold 25,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $15.25, for a total transaction of $381,250.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Rajeev K. Goel sold 25,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $15.25, for a total transaction of $381,250.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Lisa Gimbel sold 2,397 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.66, for a total value of $32,743.02. Following the sale, the chief accounting officer now owns 3,956 shares in the company, valued at approximately $54,038.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 105,788 shares of company stock worth $1,552,133. Company insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. FMR LLC lifted its holdings in PubMatic by 201.6% during the 3rd quarter. FMR LLC now owns 4,053 shares of the company’s stock worth $60,000 after buying an additional 2,709 shares in the last quarter. Pitcairn Co. lifted its holdings in PubMatic by 45.6% during the 3rd quarter. Pitcairn Co. now owns 20,177 shares of the company’s stock worth $300,000 after buying an additional 6,322 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in PubMatic by 122.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 434,867 shares of the company’s stock worth $6,466,000 after buying an additional 239,406 shares in the last quarter. Intech Investment Management LLC acquired a new position in PubMatic during the 3rd quarter worth $170,000. Finally, Quest Partners LLC lifted its holdings in PubMatic by 130.6% during the 3rd quarter. Quest Partners LLC now owns 40,539 shares of the company’s stock worth $603,000 after buying an additional 22,956 shares in the last quarter. Institutional investors and hedge funds own 64.26% of the company’s stock.

PubMatic Trading Down 1.0 %

The firm has a fifty day simple moving average of $14.87 and a 200-day simple moving average of $18.36. The stock has a market cap of $806.17 million, a price-to-earnings ratio of 52.32 and a beta of 1.39.

About PubMatic

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.