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David S. Winter and David J. Millstone

According to a Schedule 13G filed with the SEC, 40 North Management, founded by David S. Winter and David J. Millstone, owns 2.87 million shares of The Rubicon Project Inc. (NYSE:RUBI), accounting for 6.5% of the company’s outstanding common stock. This compares with the 1.12 million-share position revealed through the latest round of 13Fs. The technology company that pursues its underlying mission of automating the buying and selling of advertising has seen its stock decline by 8% thus far in 2015. The digital advertising market is very competitive, while the increasing concentration of advertising spending may hinder Rubicon from delivering its much-awaited growth in the upcoming years. The Rubicon Project Inc. (NYSE:RUBI) offers a scalable platform that provides an automated advertising solution for both buyers and sellers in the digital advertising space, and acts more like an intermediary market that matches supply with demand. The company reported revenue of $64.3 million for the third quarter, compared with $32.2 million reported last year. This denotes an increase of 100% year-over-year, so Rubicon has been quite successful in sustaining high levels of demand and growing market acceptance for its platform. The company’s managed revenue, which is an operational measure that represents the advertising spending transacted on its platform, reached $244.4 million for the third quarter, up from $168.2 million registered in the same period of last year.

The technology company has been registering losses over the past several quarters, but analysts anticipate Rubicon to post profits in the next fiscal year. The number of hedge funds tracked by Insider Monkey with positions in the company climbed to 19 from 17 during the third quarter, while the value of these positions increased to $71.42 million from $58.49 million quarter-over-quarter. It is also worth mentioning that these investment vehicles accumulated 11.20% of the company’s shares on September 30. Donald Chiboucis’ Columbus Circle Investors acquired a 387,618-share stake in The Rubicon Project Inc. (NYSE:RUBI) during the September quarter.

David S. Winter And David J. Millstone
David S. Winter And David J. Millstone
40 North Management

Disclosure: None

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