PUBM insider ownership: who sold, why, and what they still hold

What stands out

Routine activity: 86% of sales were under disclosed plans, and no insider sold more than 1% of vested holdings.

A share of stake is shown for 0 of the 7 officers and directors who sold. 13 are left out

Left out: Amar Goel, Rajeev Goel, Steven Pantelick, Mukul Kumar, Paulina Klimenko, Andrew Woods, Nikhil Mehta, Susan Daimler, Anton Hanebrink, Shelagh Glaser, Yakov Shulman, Lisa Gimbel and Ramon Jones (share of stake is being verified).

Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Their share of stake is being verified and is not shown yet; amounts and trading plans are below.

Rajeev Goel

Chief Executive Officer, Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$15.7M91% planned, 9% to cover taxes

Steven Pantelick

Chief Financial Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$2.6M78% planned, 22% to cover taxes

Andrew Woods

General Counsel & Secretary

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$1.2M77% planned, 23% to cover taxes

Mukul Kumar

President, Engineering

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$845K56% planned, 44% to cover taxes

Paulina Klimenko

Chief Growth Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$708K75% planned, 25% to cover taxes

All 7 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesOne dollar scale for every month; the tallest bar is labeled

Recent activity

Past 30 days, Sep 17, 2026 to Oct 16, 2026

Oct 5, 20263 executives sold 43K shares ($803K) under a disclosed trading plan.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Steven Pantelick Chief Financial Officer	22,173	$18.66	n/a	n/a	Oct 5, 2026	Oct 6, 2026
Amar Goel Chairman, Chief Innovation Off, Director	10,795	$18.66	n/a	n/a	Oct 5, 2026	Oct 6, 2026
Andrew Woods General Counsel & Secretary	10,079	$18.65	n/a	n/a	Oct 5, 2026	Oct 6, 2026

Oct 2, 20265 executives sold 95K shares ($1.8M) to cover taxes on vesting stock.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Rajeev Goel Chief Executive Officer, Director	50,233	$18.97	n/a	n/a	Oct 2, 2026	Oct 5, 2026
Steven Pantelick Chief Financial Officer	23,491	$18.97	n/a	n/a	Oct 2, 2026	Oct 5, 2026
Mukul Kumar President, Engineering	7,878	$18.97	n/a	n/a	Oct 2, 2026	Oct 5, 2026
Amar Goel Chairman, Chief Innovation Off, Director	7,302	$18.97	n/a	n/a	Oct 2, 2026	Oct 5, 2026
Andrew Woods General Counsel & Secretary	5,744	$18.97	n/a	n/a	Oct 2, 2026	Oct 5, 2026

Oct 1, 2026Lisa Gimbel sold 500 shares ($9K) under a disclosed trading plan.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Lisa Gimbel Chief Accounting Officer	500	$18.99	n/a	n/a	Oct 1, 2026	Oct 2, 2026

Sep 24, 2026Rajeev Goel sold 50K shares ($931K) under a disclosed trading plan. 22K shares came in from vesting or option exercises the same day, so the holding rose by 5.8K net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Rajeev Goel Chief Executive Officer, Director	50,453	$18.45	n/a	n/a	Sep 24, 2026	Sep 25, 2026

"% of total stake" is the shares in an event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings are not confirmed, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Common questions

Is the PubMatic, Inc. CEO selling stock?

Yes. Rajeev Goel sold 1.34M shares ($15.7M) in the past 12 months, 91% of it under a trading plan disclosed in the filings.

Why are PubMatic, Inc. insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 86% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 14% were to cover taxes. A trading plan schedules sales in advance.

Are any PubMatic, Inc. insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

The evidence

Who sold7 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Rajeev Goel Chief Executive Officer, Director	$15.7M 1.34M shares	Not confirmed share of stake is being verified. Why	91% under a disclosed plan, 9% to cover taxes
Steven Pantelick Chief Financial Officer	$2.6M 188K shares	Not confirmed share of stake is being verified. Why	78% under a disclosed plan, 22% to cover taxes
Andrew Woods General Counsel & Secretary	$1.2M 74K shares	Not confirmed share of stake is being verified. Why	77% under a disclosed plan, 23% to cover taxes
Mukul Kumar President, Engineering	$845K 61K shares	Not confirmed share of stake is being verified. Why	56% under a disclosed plan, 44% to cover taxes
Paulina Klimenko Chief Growth Officer	$708K 69K shares	Not confirmed share of stake is being verified. Why	75% under a disclosed plan, 25% to cover taxes
Amar Goel Chairman, Chief Innovation Off, Director	$698K 50K shares	Not confirmed share of stake is being verified. Why	60% under a disclosed plan, 40% to cover taxes
Lisa Gimbel Chief Accounting Officer	$97K 8.1K shares	Not confirmed share of stake is being verified. Why	27% under a disclosed plan, 73% to cover taxes

The full ownership picture0 of 13 officers and directors confirmed

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 16, 2025

Sold

Held Oct 16, 2026

Still held

Amar Goel

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Amar Goel are complete.

Chairman, Chief Innovation Off, Director

n/a

−50K

n/a

Vesting, gifts, unvested awards and holding lines for Amar Goel

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Amar Goel are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
66,700	$15.38	Jan 25, 2034	$218K
51,923	$15.65	Feb 17, 2035	$156K

Estimate: options held × ($18.65 − strike price), using the most recent insider trade price on Form 4 (Oct 5, 2026), not a market close.

Rajeev Goel

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for Rajeev Goel are complete.

Chief Executive Officer, Director

n/a

−1.34M

n/a

Vesting, gifts, unvested awards and holding lines for Rajeev Goel

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Rajeev Goel are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
298,125	$2.15	May 1, 2027	$4.9M
100,000	$3.89	Mar 13, 2028	$1.5M
691,700	$15.38	Jan 25, 2034	$2.3M
269,231	$15.65	Feb 17, 2035	$808K
73,088	$2.15	May 1, 2027	$1.2M

Estimate: options held × ($18.65 − strike price), using the most recent insider trade price on Form 4 (Oct 5, 2026), not a market close.

Steven Pantelick

Chief Financial Officer

n/a

−188K

n/a

Vesting, gifts, unvested awards and holding lines for Steven Pantelick

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Steven Pantelick are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
118,663	$2.97	May 20, 2029	$1.9M
153,833	$2.16	Jul 28, 2030	$2.5M
143,281	$15.38	Jan 25, 2034	$469K
118,510	$15.65	Feb 17, 2035	$356K

Estimate: options held × ($18.65 − strike price), using the most recent insider trade price on Form 4 (Oct 5, 2026), not a market close.

Mukul Kumar

President, Engineering

n/a

−61K

n/a

Vesting, gifts, unvested awards and holding lines for Mukul Kumar

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Mukul Kumar are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
15,000	$2.15	May 1, 2027	$248K
64,229	$15.38	Jan 25, 2034	$210K
53,125	$15.65	Feb 17, 2035	$159K

Estimate: options held × ($18.65 − strike price), using the most recent insider trade price on Form 4 (Oct 5, 2026), not a market close.

Paulina Klimenko

Chief Growth Officer

n/a

−69K

n/a

Vesting, gifts, unvested awards and holding lines for Paulina Klimenko

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Paulina Klimenko are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
103,755	$15.38	Jan 25, 2034	$340K
85,817	$15.65	Feb 17, 2035	$258K

Estimate: options held × ($18.65 − strike price), using the most recent insider trade price on Form 4 (Oct 5, 2026), not a market close.

Andrew Woods

General Counsel & Secretary

n/a

−74K

n/a

Vesting, gifts, unvested awards and holding lines for Andrew Woods

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Andrew Woods are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
54,348	$15.38	Jan 25, 2034	$178K
44,952	$15.65	Feb 17, 2035	$135K
207,692	$6.29	Feb 16, 2036	$2.6M

Estimate: options held × ($18.65 − strike price), using the most recent insider trade price on Form 4 (Oct 5, 2026), not a market close.

Nikhil Mehta

Director

n/a

Vesting, gifts, unvested awards and holding lines for Nikhil Mehta

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Nikhil Mehta are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Susan Daimler

Director

n/a

Vesting, gifts, unvested awards and holding lines for Susan Daimler

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Susan Daimler are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Anton Hanebrink

Director

n/a

Vesting, gifts, unvested awards and holding lines for Anton Hanebrink

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Anton Hanebrink are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Shelagh Glaser

Director

n/a

Vesting, gifts, unvested awards and holding lines for Shelagh Glaser

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Shelagh Glaser are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Yakov Shulman

Director

n/a

Vesting, gifts, unvested awards and holding lines for Yakov Shulman

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Yakov Shulman are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Lisa Gimbel

Chief Accounting Officer

n/a

−8.1K

n/a

Vesting, gifts, unvested awards and holding lines for Lisa Gimbel

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Lisa Gimbel are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Ramon Jones

Director

n/a

Vesting, gifts, unvested awards and holding lines for Ramon Jones

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Ramon Jones are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Holdings and share of stake for PubMatic, Inc. are being verified, so no balances, unit counts or percentages are shown. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings.

What explains the selling$21.9M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $21.9M across 1,794,648 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $18.7M · 86%

14%

The lighter segment is sales with no plan disclosed in the filing ($3.1M), including tax-related sales outside a plan.

Taxes

$4.9M of sales (22.2%) cite tax obligations in their footnotes, $1.7M of them also under a plan. Example: Andrew Woods, Oct 2, 2026

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Rajeev Goel Chief Executive Officer, Director	1.34M	$15.7M	91%	72%	Oct 27, 2025 to Oct 2, 2026
Steven Pantelick Chief Financial Officer	188K	$2.6M	78%	12%	Jan 2, 2026 to Oct 5, 2026
Andrew Woods General Counsel & Secretary	74K	$1.2M	77%	5%	Jan 2, 2026 to Oct 5, 2026
Mukul Kumar President, Engineering	61K	$845K	56%	4%	Jan 1, 2026 to Oct 2, 2026
Paulina Klimenko Chief Growth Officer	69K	$708K	75%	3%	Jan 2, 2026 to Jul 6, 2026
Amar Goel Chairman, Chief Innovation Off, Director	50K	$698K	60%	3%	Jan 2, 2026 to Oct 5, 2026
Lisa Gimbel Chief Accounting Officer	8.1K	$97K	27%	0.4%	Nov 17, 2025 to Oct 1, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$384K	$384K	$0	$0
Nov 2025	$721K	$711K	$10K	$0
Dec 2025	$789K	$789K	$0	$0
Jan 2026	$1.7M	$1.6M	$168K	$0
Feb 2026	$604K	$596K	$8K	$0
Mar 2026	$740K	$740K	$0	$0
Apr 2026	$1.9M	$1.0M	$808K	$0
May 2026	$931K	$878K	$52K	$0
Jun 2026	$1.1M	$1.1M	$0	$0
Jul 2026	$3.1M	$2.8M	$276K	$0
Aug 2026	$6.1M	$6.1M	$0	$0
Sep 2026	$1.2M	$1.2M	$0	$0
Oct 2026	$2.6M	$813K	$1.8M	$0

Is this normal? Selling year by year4 earlier years to compare with

More than usual: about 1.9x the 4-year average. 7 insiders sold; the average is 8 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 16, 2026 Latest 12 months	1.79M	7	$21.9M
Oct 16, 2025 1 year earlier	1.04M	7	$11.8M
Oct 16, 2024 2 years earlier	911K	7	$17.5M
Oct 17, 2023 3 years earlier	519K	9	$8.0M
Oct 17, 2022 4 years earlier	1.30M	8	$36.5M
Oct 17, 2021 5 years earlier · filings don't cover the whole year	3.39M	8	$71.2M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty13 officers and directors not confirmed

Holdings and share of stake are being verified. Balances, unit counts and every share-of-stake figure for PubMatic, Inc. are held back until that check is finished. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings and are complete.

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology558 filings on record, 83 filed in the 12-month period, and how we read them

All 558 Forms 3, 4 and 5 on record for PubMatic, Inc. (SEC CIK 1422930), filed from Dec 8, 2020 to Oct 6, 2026; 83 of them were filed in the 12 months this page covers, retrieved from SEC EDGAR on Oct 16, 2026. Prices are the ones reported in each filing, often weighted averages.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (13)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Eric Carlborg	Jun 2, 2023	281,833 shares, last reported balance as of May 31, 2023
Cathleen Black	Jun 2, 2023	18,529 shares, last reported balance as of Feb 18, 2022
Zweep van der	Jun 2, 2023	44,178 shares, last reported balance as of Jun 1, 2023
Eric Carlborg	Jun 2, 2023	No balance on record
Jeffrey Hirsch	Apr 4, 2023	13,784 shares, last reported balance as of Apr 3, 2023
Thomas Chow	Jul 7, 2022	4,910 shares, last reported balance as of Jul 5, 2022
CNH Capital Co Ltd	Mar 22, 2022	1,127,691 shares, last reported balance as of Jun 16, 2021
August Capital Management V, L.L.C.	Feb 14, 2022	2,156,638 shares, last reported balance as of Nov 16, 2021
Narendra Gupta	Dec 3, 2021	2,057,572 shares, last reported balance as of Dec 1, 2021
Narendra Gupta	Dec 3, 2021	No balance on record
Ashish Gupta	Dec 1, 2021	2,409,157 shares, last reported balance as of Nov 29, 2021
NEXUS INDIA CAPITAL I L P	Nov 16, 2021	2,624,843 shares, last reported balance as of Nov 12, 2021
DRAPER ASSOCIATES L P	Jun 2, 2021	717,828 shares, last reported balance as of May 28, 2021

Spotted something wrong on this page? Report an error. We check every report against the SEC filing and list what we fix in the corrections log.

PubMatic, Inc. insiders sold $21.9M in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Recent activity

Common questions

Is the PubMatic, Inc. CEO selling stock?

Why are PubMatic, Inc. insiders selling?

Are any PubMatic, Inc. insiders buying?

The evidence

Taxes

Sales by month