PubMatic (NASDAQ:PUBM) Posts Quarterly Earnings Results, Beats Estimates By $0.05 EPS

PubMatic (NASDAQ:PUBM) issued its earnings results on Tuesday. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.05, reports. PubMatic had a net margin of 5.96% and a return on equity of 5.98%. The firm had revenue of $71.79 million for the quarter, compared to the consensus estimate of $66.14 million. PubMatic updated its FY 2024 guidance to EPS and its Q4 2024 guidance to EPS.

PubMatic Trading Down 1.0 %

Shares of PUBM opened at $16.26 on Thursday. PubMatic has a twelve month low of $13.18 and a twelve month high of $25.36. The company has a market cap of $806.17 million, a P/E ratio of 52.45 and a beta of 1.39. The company’s fifty day simple moving average is $14.90 and its 200-day simple moving average is $18.34.

Insider Buying and Selling

In related news, CEO Rajeev K. Goel sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $15.25, for a total transaction of $381,250.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other PubMatic news, General Counsel Andrew Woods sold 2,710 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $15.30, for a total transaction of $41,463.00. Following the transaction, the general counsel now directly owns 26,739 shares in the company, valued at $409,106.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Rajeev K. Goel sold 25,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $15.25, for a total value of $381,250.00. The disclosure for this sale can be found here. Insiders have sold 105,788 shares of company stock valued at $1,552,133 in the last ninety days. 2.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Redwood Wealth Management Group LLC purchased a new position in shares of PubMatic in the 2nd quarter valued at $29,000. Founders Capital Management grew its stake in PubMatic by 100.0% during the 3rd quarter. Founders Capital Management now owns 2,000 shares of the company’s stock worth $30,000 after buying an additional 1,000 shares during the last quarter. Headlands Technologies LLC acquired a new stake in PubMatic during the 2nd quarter worth about $38,000. New York State Teachers Retirement System acquired a new stake in PubMatic during the 3rd quarter worth about $51,000. Finally, FMR LLC lifted its holdings in shares of PubMatic by 201.6% in the 3rd quarter. FMR LLC now owns 4,053 shares of the company’s stock valued at $60,000 after buying an additional 2,709 shares during the period. 64.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on PUBM. Macquarie decreased their price objective on shares of PubMatic from $24.00 to $19.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Raymond James cut shares of PubMatic from an “outperform” rating to a “market perform” rating in a report on Friday, August 9th. Jefferies Financial Group dropped their price target on shares of PubMatic from $26.00 to $16.00 and set a “hold” rating for the company in a research report on Friday, August 9th. Evercore ISI raised their target price on shares of PubMatic from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Royal Bank of Canada reduced their price objective on PubMatic from $26.00 to $23.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 20th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.71.

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.