PubMatic (PUBM) CEO Rajeev K. Goel Sells ~50k Shares

What Happened
Rajeev K. Goel, PubMatic's CEO, sold 49,979 shares in an open-market transaction on July 23, 2026 for a total of $617,006 (weighted average price $12.35). On the same date he also exercised/converted derivative securities: he acquired 21,870 shares by exercising options at $2.15 (cost $47,021) and reported conversions of 21,870 and 12,500 derivative shares (reported as non-cash conversions/automatic conversions). The net activity shows both an exercise/acquisition and a separate sale; the sale was executed under a Rule 10b5-1 trading plan.

Key Details

• Transaction date: July 23, 2026. Form 4 filed July 27, 2026 (timely filing).
• Sale: 49,979 shares sold at a weighted average price of $12.35 for proceeds of $617,006. Price range reported: $12.25–$12.56. (F4)
• Exercise/acquisition: 21,870 shares acquired by exercise at $2.15 for $47,021 (derivative exercise). Some conversion/derivative lines show $0, reflecting non-cash conversions.
• Shares held after transactions: 2,381,386 shares of Class A and Class B common stock (does not include unvested options/RSUs). (F2)
• Sales were effected pursuant to a Rule 10b5-1 trading plan adopted March 5, 2026. (F3)
• Options exercised were fully vested; related option award expires May 1, 2027. (F5, F2)
• Several holdings are held in trusts or as custodian for minors; the reporting person disclaims beneficial ownership of certain trust-held securities (F7–F11).

Context

• The filing reports both an option exercise (a typical way insiders convert options into shares) and an open-market sale. The exercise cost ($47k) is small relative to the sale proceeds (~$617k).
• The sale was pre-arranged under a 10b5-1 plan, a common mechanism for insiders to sell shares according to a predetermined schedule.
• Conversions reported at $0 generally reflect automatic or non-cash conversions (e.g., Class B to Class A) rather than market sales or cash transfers.
• These transactions are factual disclosures of insider activity and do not, by themselves, indicate the insider’s future view of the company.