PubMatic (NASDAQ:PUBM) Hits New 52-Week High – Time to Buy?

PubMatic, Inc. (NASDAQ:PUBM) reached a new 52-week high on Thursday. The company traded as high as $19.30 and last traded at $19.2190, with a volume of 334227 shares changing hands. The stock had previously closed at $18.73.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Rosenblatt Securities increased their target price on shares of PubMatic from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Evercore reiterated an “outperform” rating and issued a $21.00 target price on shares of PubMatic in a report on Monday, August 10th. Raymond James Financial upgraded shares of PubMatic from a “market perform” rating to an “outperform” rating and set a $22.00 price objective for the company in a research note on Friday, August 7th. Wall Street Zen raised PubMatic from a “hold” rating to a “buy” rating in a research note on Saturday, September 26th. Finally, Scotiabank raised shares of PubMatic from a “sector perform” rating to a “sector outperform” rating and boosted their target price for the stock from $8.00 to $21.00 in a research report on Friday, August 7th. Eleven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.73.

PubMatic Price Performance

The company has a market capitalization of $877.29 million, a P/E ratio of -64.20 and a beta of 1.58. The stock’s 50 day moving average is $16.22 and its 200-day moving average is $12.57.

PubMatic (NASDAQ:PUBM) last announced its earnings results on Thursday, August 6th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.15. The business had revenue of $78.59 million during the quarter, compared to the consensus estimate of $68.95 million. PubMatic had a negative net margin of 4.66% and a negative return on equity of 5.41%. On average, equities research analysts anticipate that PubMatic, Inc. will post -0.09 EPS for the current year.

Insider Activity at PubMatic

In other news, CFO Steven Pantelick sold 22,203 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $17.25, for a total transaction of $383,001.75. Following the sale, the chief financial officer directly owned 30,069 shares of the company’s stock, valued at $518,690.25. This represents a 42.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Rajeev Goel sold 211,302 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $17.74, for a total value of $3,748,497.48. Following the sale, the chief executive officer directly owned 31,692 shares in the company, valued at $562,216.08. The trade was a 86.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 477,262 shares of company stock worth $8,087,761 over the last 90 days. Company insiders own 27.78% of the company’s stock.

Hedge Funds Weigh In On PubMatic

Institutional investors have recently made changes to their positions in the company. Quantinno Capital Management LP raised its stake in shares of PubMatic by 248.0% during the 1st quarter. Quantinno Capital Management LP now owns 206,815 shares of the company’s stock worth $1,692,000 after acquiring an additional 147,386 shares in the last quarter. Renaissance Technologies LLC increased its stake in PubMatic by 26.3% during the 1st quarter. Renaissance Technologies LLC now owns 1,540,533 shares of the company’s stock valued at $12,602,000 after purchasing an additional 321,200 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in PubMatic during the 2nd quarter worth about $872,000. CenterBook Partners LP raised its position in PubMatic by 53.3% during the 4th quarter. CenterBook Partners LP now owns 1,147,055 shares of the company’s stock worth $10,174,000 after buying an additional 398,595 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of PubMatic during the second quarter worth $1,595,000. Hedge funds and other institutional investors own 64.26% of the company’s stock.

About PubMatic

PubMatic, Inc (NASDAQ: PUBM) operates a cloud infrastructure platform that helps digital publishers and app developers manage and monetize advertising inventory. Its sell-side platform connects publishers with advertisers, agencies and demand-side platforms, enabling automated buying and selling of digital advertising.

The company’s solutions support advertising across the open internet, including websites, mobile applications, connected television, online video and digital out-of-home environments.