Royal Bank of Canada Lowers PubMatic (NASDAQ:PUBM) Price Target to $19.00

PubMatic (NASDAQ:PUBM) had its target price decreased by stock analysts at Royal Bank of Canada from $21.00 to $19.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 23.94% from the stock’s current price.

Several other research firms have also issued reports on PUBM. Scotiabank started coverage on shares of PubMatic in a report on Thursday, December 5th. They issued a “sector perform” rating and a $17.00 target price on the stock. Macquarie reiterated a “neutral” rating and issued a $19.00 target price on shares of PubMatic in a report on Thursday, November 14th. Finally, Evercore ISI increased their price target on PubMatic from $20.00 to $22.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, PubMatic has an average rating of “Moderate Buy” and an average price target of $20.63.

PubMatic Price Performance

Shares of PUBM stock opened at $15.33 on Friday. PubMatic has a one year low of $13.18 and a one year high of $25.36. The business’s 50 day simple moving average is $15.69 and its 200 day simple moving average is $16.60. The stock has a market capitalization of $732.27 million, a PE ratio of 49.45 and a beta of 1.40.

Insiders Place Their Bets

In other PubMatic news, CEO Rajeev K. Goel sold 19,892 shares of PubMatic stock in a transaction on Monday, November 4th. The shares were sold at an average price of $14.44, for a total transaction of $287,240.48. Following the transaction, the chief executive officer now directly owns 4,330 shares of the company’s stock, valued at $62,525.20. The trade was a 82.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mukul Kumar sold 7,000 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $16.54, for a total transaction of $115,780.00. Following the completion of the sale, the insider now owns 44,888 shares of the company’s stock, valued at approximately $742,447.52. This represents a 13.49 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 108,799 shares of company stock worth $1,672,374. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On PubMatic

Several hedge funds have recently modified their holdings of PUBM. Renaissance Technologies LLC increased its position in shares of PubMatic by 28.8% during the second quarter. Renaissance Technologies LLC now owns 1,188,700 shares of the company’s stock valued at $24,142,000 after acquiring an additional 265,700 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of PubMatic by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 961,155 shares of the company’s stock worth $14,295,000 after buying an additional 7,225 shares during the last quarter. Wellington Management Group LLP grew its position in PubMatic by 222.8% during the third quarter. Wellington Management Group LLP now owns 752,329 shares of the company’s stock valued at $11,187,000 after buying an additional 519,275 shares during the period. Jacobs Levy Equity Management Inc. increased its holdings in PubMatic by 17.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 676,464 shares of the company’s stock worth $10,059,000 after buying an additional 100,479 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in PubMatic by 122.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 434,867 shares of the company’s stock worth $6,466,000 after acquiring an additional 239,406 shares during the period. Institutional investors own 64.26% of the company’s stock.

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.