PubMatic (NASDAQ:PUBM) Price Target Cut to $19.00 by Analysts at Royal Bank of Canada

PubMatic (NASDAQ:PUBM) had its target price dropped by equities research analysts at Royal Bank of Canada from $21.00 to $19.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 27.18% from the company’s previous close.

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

PubMatic Price Performance

Shares of NASDAQ:PUBM traded up $0.11 on Friday, hitting $14.94. The company’s stock had a trading volume of 70,744 shares, compared to its average volume of 162,819. The company has a market capitalization of $713.64 million, a PE ratio of 48.19 and a beta of 1.40. The company has a 50-day simple moving average of $15.68 and a 200 day simple moving average of $16.67. PubMatic has a 1 year low of $13.18 and a 1 year high of $25.36.

Insider Activity

In other news, CFO Steven Pantelick sold 4,000 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $14.45, for a total value of $57,800.00. Following the completion of the transaction, the chief financial officer now owns 22,506 shares in the company, valued at $325,211.70. The trade was a 15.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mukul Kumar sold 7,000 shares of PubMatic stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $16.52, for a total value of $115,640.00. Following the completion of the sale, the insider now owns 44,888 shares of the company’s stock, valued at $741,549.76. The trade was a 13.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 68,570 shares of company stock worth $1,075,336 over the last 90 days. 2.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp raised its position in PubMatic by 8.1% in the second quarter. Bank of New York Mellon Corp now owns 156,134 shares of the company’s stock worth $3,171,000 after acquiring an additional 11,712 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of PubMatic by 56.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,132 shares of the company’s stock valued at $185,000 after buying an additional 3,280 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of PubMatic by 14.8% during the 2nd quarter. Principal Financial Group Inc. now owns 30,236 shares of the company’s stock valued at $614,000 after acquiring an additional 3,894 shares during the period. Acadian Asset Management LLC increased its holdings in PubMatic by 28,255.4% in the 2nd quarter. Acadian Asset Management LLC now owns 291,493 shares of the company’s stock worth $5,915,000 after acquiring an additional 290,465 shares in the last quarter. Finally, Quest Partners LLC lifted its holdings in PubMatic by 561.8% during the second quarter. Quest Partners LLC now owns 17,583 shares of the company’s stock valued at $357,000 after purchasing an additional 14,926 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.