REDWOOD CITY, Calif.—Steven Pantelick, the Chief Financial Officer of PubMatic, Inc. (NASDAQ:PUBM), recently executed a series of transactions involving the company's stock. According to a filing with the Securities and Exchange Commission, Pantelick sold 4,000 shares of PubMatic's Class A common stock on November 4, 2024. The shares were sold at a weighted average price of $14.4503, with prices ranging from $14.33 to $14.63, generating proceeds of $57,801.
The sale was conducted under a Rule 10b5-1 trading plan, which Pantelick adopted on May 9, 2024. Following this transaction, Pantelick holds 22,506 shares of Class A common stock directly.
Additionally, the filing noted a conversion of 4,000 shares of Class B common stock into Class A common stock, with no monetary exchange involved, maintaining Pantelick's direct ownership at 26,506 shares post-conversion.
These transactions are part of Pantelick's ongoing management of his equity holdings in the company.
In other recent news, digital advertising technology company, PubMatic, reported a 6% revenue increase in the second quarter of 2024, despite market challenges. The company's GAAP gross profit rose to $42.1 million, marking a 10% year-over-year increase, and adjusted EBITDA reached $21 million. Looking forward, PubMatic projects third-quarter revenue between $65 million and $67 million and full-year revenue between $288 million and $292 million.
RBC Capital recently adjusted its price target on PubMatic shares to $23.00, down from $26.00, while maintaining an Outperform rating. Despite near-term challenges, RBC Capital's analysis anticipates potential positive developments for PubMatic, with room for growth in areas such as supply-path optimization, mobile advertising, and connected TV.
These recent developments reflect PubMatic's ability to navigate a complex market landscape and maintain growth. The company's strong performance in omnichannel video, mobile app, and emerging revenue products, along with key partnerships and investments, are driving this growth. Despite a contraction in PubMatic's peer multiples influencing the valuation, RBC Capital's outlook on the company remains positive.
InvestingPro Insights
To provide additional context to Steven Pantelick's recent stock transactions, it's worth examining some key financial metrics and insights about PubMatic (NASDAQ:PUBM) from InvestingPro.
As of the latest data, PubMatic's market capitalization stands at $786.4 million. The company's P/E ratio is currently 39.92, which suggests that investors are willing to pay a premium for the company's earnings. This valuation metric aligns with one of the InvestingPro Tips, which indicates that PubMatic is "Trading at a high earnings multiple."
Despite the high valuation, another InvestingPro Tip points out that PubMatic "Holds more cash than debt on its balance sheet." This strong financial position is further supported by the fact that the company's "Liquid assets exceed short term obligations," which could provide comfort to investors concerned about the company's financial stability in light of the CFO's stock sale.
It's also noteworthy that PubMatic has been "Profitable over the last twelve months," with a revenue of $282.25 million in the last twelve months as of Q2 2024. The company's profitability is expected to continue, as analysts predict the company will remain profitable this year.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights. In fact, there are 13 more InvestingPro Tips available for PubMatic, which could provide valuable context for understanding the company's financial position and market performance.
REDWOOD CITY, Calif.—Steven Pantelick, the Chief Financial Officer of PubMatic, Inc. (NASDAQ:PUBM), recently executed a series of transactions involving the company's stock. According to a filing with the Securities and Exchange Commission, Pantelick sold 4,000 shares of PubMatic's Class A common stock on November 4, 2024. The shares were sold at a weighted average price of $14.4503, with prices ranging from $14.33 to $14.63, generating proceeds of $57,801.
The sale was conducted under a Rule 10b5-1 trading plan, which Pantelick adopted on May 9, 2024. Following this transaction, Pantelick holds 22,506 shares of Class A common stock directly.
Additionally, the filing noted a conversion of 4,000 shares of Class B common stock into Class A common stock, with no monetary exchange involved, maintaining Pantelick's direct ownership at 26,506 shares post-conversion.
These transactions are part of Pantelick's ongoing management of his equity holdings in the company.
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