Frontier Capital Management Co. LLC Has $10.30 Million Holdings in Magnite, Inc. (NASDAQ:MGNI)

Frontier Capital Management Co. LLC trimmed its holdings in Magnite, Inc. (NASDAQ:MGNI) by 0.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 646,683 shares of the company’s stock after selling 1,112 shares during the period. Frontier Capital Management Co. LLC’s holdings in Magnite were worth $10,295,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in MGNI. SBI Securities Co. Ltd. acquired a new position in Magnite in the 4th quarter valued at $25,000. Larson Financial Group LLC raised its stake in Magnite by 179.2% in the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock valued at $58,000 after purchasing an additional 2,341 shares in the last quarter. Quantbot Technologies LP bought a new stake in Magnite during the fourth quarter worth about $87,000. Jones Financial Companies Lllp grew its stake in Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after buying an additional 1,000 shares in the last quarter. Finally, KBC Group NV increased its holdings in Magnite by 66.5% in the 4th quarter. KBC Group NV now owns 5,943 shares of the company’s stock valued at $95,000 after buying an additional 2,374 shares during the period. 73.40% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Adam Lee Soroca sold 15,499 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the completion of the transaction, the insider now directly owns 458,386 shares in the company, valued at $7,219,579.50. This trade represents a 3.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Brian Gephart sold 6,250 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total value of $100,000.00. Following the completion of the sale, the chief accounting officer now owns 132,909 shares in the company, valued at $2,126,544. The trade was a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,276 shares of company stock valued at $647,241. 3.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on MGNI shares. Royal Bank of Canada cut their price target on shares of Magnite from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. Susquehanna raised their target price on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a report on Thursday, February 27th. Needham & Company LLC reissued a “buy” rating and set a $14.00 price target on shares of Magnite in a report on Monday, April 21st. Wells Fargo & Company raised their price objective on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Finally, Benchmark lowered their target price on Magnite from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.62.

Magnite Stock Performance

Magnite stock opened at $15.10 on Friday. The business has a 50 day moving average of $11.86 and a 200-day moving average of $14.83. The company has a market capitalization of $2.13 billion, a P/E ratio of 251.67, a P/E/G ratio of 1.00 and a beta of 2.73. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $21.29. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.06. Magnite had a net margin of 2.62% and a return on equity of 4.64%. The firm had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. During the same quarter last year, the firm earned $0.05 earnings per share. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities research analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

About Magnite

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company’s platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.