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PubMatic president of engineering sells over $11k in company stock By Investing.com

PubMatic president of engineering sells over $11k in company stock By Investing.com

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PubMatic, Inc. (NASDAQ:PUBM) reported a notable transaction by one of its top executives in a recent SEC filing. Kumar Mukul, the company’s President of Engineering, executed a sale of 475 shares of Class A Common Stock on April 1st, 2024, for a total value of approximately $11,227. The shares were sold at a weighted average price of $23.6366, with individual sale prices ranging from $23.52 to $23.76.

The transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission, which is used to report changes in company ownership by insiders and is publicly available for investor scrutiny. According to the filing, the sale was conducted to cover tax withholding obligations associated with the vesting of restricted stock units (RSUs). This “sell to cover” transaction is a common practice where executives sell a portion of their vested shares to pay for the taxes incurred upon vesting.

In addition to the sale, Mukul also reported a derivative transaction where he acquired 1055 RSUs, which represent the right to receive an equal number of shares of Class A Common Stock at no cost upon settlement. These RSUs are part of a scheduled vesting plan that began on June 30, 2021, with a fraction of the total shares vesting quarterly, contingent upon continued service to the company.

The filing also indicated that following these transactions, Mukul still holds a significant number of shares in the company, with 25,162 shares of Class A Common Stock remaining in his direct ownership.

Investors and market observers often watch insider transactions such as these for signals about executives’ confidence in their company’s prospects. Transactions like Mukul’s sale can be routine and planned in advance, often as part of a structured diversification strategy or to fulfill tax obligations, rather than reflecting a change in the executive’s view of the company’s future performance.

PubMatic, headquartered in Redwood (NYSE:) City, California, operates within the technology sector, specializing in services related to computer programming, data processing, and other tech-related services.

InvestingPro Insights

PubMatic, Inc. (NASDAQ:PUBM) has been navigating the tech market with some notable financial metrics. As investors scrutinize insider transactions, it’s also essential to consider the company’s broader financial health and market performance. Here are some insights based on recent data from InvestingPro:

InvestingPro Data reveals that PubMatic holds a…

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