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

PubMatic, Inc. (NASDAQ:PUBM) shares gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $24.02, but opened at $25.17. PubMatic shares last traded at $24.27, with a volume of 284,861 shares.

The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.07. The business had revenue of $66.70 million during the quarter, compared to analysts’ expectations of $62.19 million. PubMatic had a return on equity of 3.29% and a net margin of 3.33%. The business’s revenue was up 20.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.09) earnings per share.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PUBM. B. Riley began coverage on PubMatic in a research note on Friday, April 19th. They issued a “buy” rating and a $27.00 price target on the stock. Royal Bank of Canada lifted their price target on PubMatic from $26.00 to $30.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, JMP Securities lifted their price target on PubMatic from $18.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Tuesday, February 27th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $23.00.

Insiders Place Their Bets

In other PubMatic news, insider Paulina Klimenko sold 24,275 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $20.27, for a total transaction of $492,054.25. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other PubMatic news, insider Paulina Klimenko sold 24,275 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $20.27, for a total transaction of $492,054.25. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Mukul Kumar sold 7,000 shares of the business’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $21.64, for a total value of $151,480.00. Following the transaction, the insider now directly owns 30,958 shares in the company, valued at approximately $669,931.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 192,063 shares of company stock valued at $4,110,143. Insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On PubMatic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PUBM. Wellington Management Group LLP purchased a new stake in PubMatic in the third quarter valued at $3,701,000. Dimensional Fund Advisors LP raised its position in PubMatic by 17.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,555,199 shares of the company’s stock valued at $25,366,000 after purchasing an additional 228,190 shares during the period. Russell Investments Group Ltd. raised its position in PubMatic by 1,073.9% in the first quarter. Russell Investments Group Ltd. now owns 126,037 shares of the company’s stock valued at $2,990,000 after purchasing an additional 115,300 shares during the period. Aptus Capital Advisors LLC purchased a new stake in PubMatic in the third quarter valued at $1,350,000. Finally, Panagora Asset Management Inc. raised its position in PubMatic by 139.3% in the fourth quarter. Panagora Asset Management Inc. now owns 150,219 shares of the company’s stock valued at $2,450,000 after purchasing an additional 87,435 shares during the period. Hedge funds and other institutional investors own 64.26% of the company’s stock.

PubMatic Stock Down 6.0 %

The company has a market cap of $1.13 billion, a PE ratio of 152.34 and a beta of 1.52. The stock has a 50-day simple moving average of $22.60 and a 200 day simple moving average of $17.96.

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.