PubMatic (NASDAQ:PUBM) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of PubMatic (NASDAQ:PUBM) from a buy rating to a hold rating in a report released on Wednesday morning, Zacks.com reports.

According to Zacks, “PubMatic Inc. provides a cloud infrastructure platform which enables real-time programmatic advertising transactions. PubMatic Inc. is based in Redwood City, California. “

Several other brokerages also recently commented on PUBM. Evercore ISI boosted their target price on PubMatic from $44.00 to $50.00 and gave the stock an outperform rating in a report on Wednesday, November 10th. Berenberg Bank initiated coverage on PubMatic in a report on Wednesday, September 22nd. They issued a buy rating and a $37.00 target price on the stock. Royal Bank of Canada boosted their target price on PubMatic from $47.00 to $56.00 and gave the stock an outperform rating in a report on Wednesday, November 10th. Oppenheimer boosted their target price on PubMatic from $45.00 to $50.00 and gave the stock an outperform rating in a report on Wednesday, November 10th. Finally, Raymond James boosted their target price on PubMatic from $43.00 to $50.00 and gave the stock an outperform rating in a report on Wednesday, November 10th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, PubMatic presently has a consensus rating of Buy and a consensus price target of $48.67.

PUBM stock opened at $26.20 on Wednesday. PubMatic has a 1-year low of $21.61 and a 1-year high of $76.96. The firm has a market cap of $1.34 billion and a P/E ratio of 30.82. The business’s 50 day moving average is $34.85 and its 200-day moving average is $31.32.

PubMatic (NASDAQ:PUBM) last released its quarterly earnings data on Tuesday, November 9th. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.15. The company had revenue of $58.09 million during the quarter, compared to the consensus estimate of $52.29 million. On average, research analysts expect that PubMatic will post 0.77 earnings per share for the current fiscal year.

In other PubMatic news, major shareholder Howard Hartenbaum sold 20,000 shares of the company’s stock in a transaction on Wednesday, November 10th. The shares were sold at an average price of $39.35, for a total transaction of $787,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Amar K. Goel sold 3,407 shares of the company’s stock in a transaction on Monday, October 18th. The shares were sold at an average price of $30.00, for a total transaction of $102,210.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 377,371 shares of company stock worth $13,529,227. Company insiders own 89.50% of the company’s stock.

Several institutional investors have recently modified their holdings of PUBM. Dark Forest Capital Management LP bought a new stake in shares of PubMatic during the 3rd quarter valued at $33,000. Spire Wealth Management bought a new stake in shares of PubMatic during the 4th quarter valued at $34,000. Captrust Financial Advisors increased its position in shares of PubMatic by 30.4% in the 3rd quarter. Captrust Financial Advisors now owns 1,304 shares of the company’s stock valued at $34,000 after buying an additional 304 shares in the last quarter. Advisor Group Holdings Inc. increased its position in shares of PubMatic by 661.6% in the 2nd quarter. Advisor Group Holdings Inc. now owns 1,409 shares of the company’s stock valued at $54,000 after buying an additional 1,224 shares in the last quarter. Finally, StepStone Group LP bought a new stake in shares of PubMatic in the 3rd quarter valued at $63,000. Institutional investors own 18.40% of the company’s stock.

PubMatic Company Profile

PubMatic, Inc provides a cloud infrastructure platform that enables real-time programmatic advertising transactions for Internet content creators and advertisers worldwide. The company's solutions include PubMatic Cloud, which offers a customizable platform as a service; Openwrap, a header bidding solution that provides enterprise-grade management and analytics tools; Openwrap OTT, a header bidding management solution for OTT; Openwrap SDK, a header bidding solution for in-app developers; private marketplace solutions; and media buyer consoles.

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