Tubemogul Inc (TUBE): Discovery Group Buys More Shares of Struggling Advertiser

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Michael Murphy and Daniel Donoghue‘s Discovery Group recently filed a Form 13D with the Securities and Exchange Commission, in which it reported holding 3.07 million shares of Tubemogul Inc (NASDAQ:TUBE), which account for 8.5% of the company’s outstanding stock. This represents an increase in the fund’s stake, as Discovery Group previously owned 2.71 million shares or 7.5% of the company’s outstanding stock, as per its 13D filing on August 16.

TubeMogul is a company that develops software for digital brand advertising. Over the past 12 months, the company’s stock is down by 22.53%. For the second quarter of 2016, Tubemogul Inc (NASDAQ:TUBE) disclosed a loss per share of $0.11, missing estimates of a loss per share of $0.07, and revenue of $55.4 million, also below analysts’ consensus estimate of $58.1 million.

There has been a lot of analyst ratings activity on Tubemogul’s stock recently, with many cutting their price targets on it. To begin with, First Analysis downgraded its rating on the company’s shares to ‘Equal Weight’ from ‘Overweight’ and lowered its price target on them to $11 from $17, while Piper Jaffray reiterated its ‘Overweight’ rating but reduced its price target on the stock to $17 from $23. JPMorgan Chase & Co. also lowered its price target on the stock to $17, from $20, and has an ‘Overweight’ rating on it. Meanwhile, JMP Securities downgraded its rating on Tubemogul to ‘Market Perform’ from ‘Outperform’, while Oppenheimer lowered its price target to $14 from $18 and has an ‘Outperform’ rating. Lastly, Citigroup Inc. also reduced its price target on the stock, to $15 from $18, while having a ‘Buy’ rating on it.

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The number of hedge funds in Insider Monkey’s database long the stock decreased by one during the second quarter, as at the end of June, there were seven investors long Tubemogul Inc (NASDAQ:TUBE). Anand Parekh’s Alyeska Investment Group held a position valued at $16.29 million, while Glenn Russell Dubin’s Highbridge Capital Management initiated a position worth $208,000 on June 30.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Discovery Equity Partners 3,071,251 3,071,251 3,071,251 8.5%
Discovery Group I 3,071,251 3,071,251 3,071,251 8.5%
Daniel J. Donoghue 3,071,251 3,071,251 3,071,251 8.5%
Michael R. Murphy 3,071,251 3,071,251 3,071,251 8.5%

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Page 1 of 9 – SEC Filing



D.C. 20549






TO §

TO § 240.13d-2(a)



(Amendment No. 3)*


TubeMogul, Inc.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
(CUSIP Number)
Michael R. Murphy
Discovery Group I, LLC
300 South Wacker Drive
Suite 600
Chicago, Illinois 60606
Telephone Number: (312) 265-9600
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 29, 2016
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule
13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box. ¨

Note: Schedules filed in paper format shall include a
signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are
to be sent.

*The remainder of this cover page shall be filled
out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent
amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page
shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).

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