PubMatic CEO Rajeev Goel Has Sold $35.8M in PUBM Stock Across 362 Transactions

Rajeev Goel, CEO and co-founder of PubMatic (PUBM), has sold $35.8 million in company stock across 362 Form 4 filings — an unusually high frequency for a company of PubMatic's size.

The Numbers

Metric	Value
Career Sell Value	$35.8M
Career Buy Value	$0
Total Transactions	362
Last Transaction	2026-02-02
Shares Remaining	234,373

Recent Activity

Date	Type	Shares	Price	Est. Value
2026-02-02	Sell	44,000	$7.2561	$319K
2026-01-30	Sell	21,592	$7.3167	$158K
2026-01-29	Exercise	42,203	N/A	$0

In late January and early February 2026, Goel executed multiple exercise-and-sell transactions at prices around $7.26–$7.32 per share, selling 44,000 and 21,592 shares respectively. The exercise prices as low as $1.11 suggest early-stage options being monetized.

What It Means

Goel co-founded PubMatic in 2006 and holds triple roles as CEO, director, and 10% beneficial owner. With 234,373 shares still in hand, he retains meaningful upside exposure — roughly $1.7M at current prices. But the 362-transaction cadence indicates near-continuous selling, likely through a structured 10b5-1 plan.

The adtech sector has faced headwinds from cookie deprecation delays and AI-driven disruption to digital advertising. PUBM trades well below its 2021 highs, making Goel's ongoing sales at single-digit prices notable. His $1.11 exercise price on recent options suggests these are deep-in-the-money grants that generate guaranteed profit regardless of share direction.

What to Watch

• PUBM revenue trajectory amid programmatic advertising shifts
• Whether Goel's selling pace decelerates at lower share prices
• Any insider buying from other PubMatic executives or directors
• Institutional holder changes in upcoming 13F filings