Nuveen Asset Management LLC Sells 173,082 Shares of Magnite, Inc. (NASDAQ:MGNI)

Nuveen Asset Management LLC lowered its stake in Magnite, Inc. (NASDAQ:MGNI) by 4.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,942,780 shares of the company’s stock after selling 173,082 shares during the period. Nuveen Asset Management LLC’s holdings in Magnite were worth $62,769,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of MGNI. Capital Research Global Investors bought a new position in shares of Magnite in the fourth quarter worth $122,986,000. Boston Partners increased its position in shares of Magnite by 39.1% in the fourth quarter. Boston Partners now owns 4,756,323 shares of the company’s stock worth $76,061,000 after purchasing an additional 1,336,458 shares during the period. Maestria Partners LLC bought a new position in Magnite in the fourth quarter valued at about $15,161,000. CenterBook Partners LP acquired a new position in Magnite during the fourth quarter worth about $9,962,000. Finally, Stephens Investment Management Group LLC raised its stake in Magnite by 146.8% during the fourth quarter. Stephens Investment Management Group LLC now owns 996,644 shares of the company’s stock worth $15,867,000 after acquiring an additional 592,853 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Insider Buying and Selling

In related news, insider Sean Patrick Buckley sold 9,692 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.73, for a total value of $152,455.16. Following the sale, the insider now directly owns 347,394 shares in the company, valued at $5,464,507.62. This represents a 2.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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. Insiders have sold a total of 59,668 shares of company stock valued at $979,091 over the last 90 days. 3.80% of the stock is owned by insiders.

Analyst Ratings Changes

MGNI has been the subject of several research analyst reports. Royal Bank of Canada lowered their target price on Magnite from $22.00 to $19.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Rosenblatt Securities reissued a “buy” rating and set a $18.00 target price on shares of Magnite in a research note on Thursday, May 8th. Susquehanna boosted their target price on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research note on Thursday, February 27th. 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, May 8th. Finally, Needham & Company LLC boosted their target price on Magnite from $14.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.92.

Magnite Stock Performance

Shares of Magnite stock opened at $15.54 on Monday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $21.29. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of 259.00, a P/E/G ratio of 1.00 and a beta of 2.73. The company’s fifty day moving average is $12.15 and its 200 day moving average is $14.98.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping 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 company had revenue of $145.85 million for the quarter, compared to analysts’ expectations of $142.18 million. During the same quarter in the previous year, the firm posted $0.05 earnings per share. Magnite’s revenue for the quarter was up 4.3% on a year-over-year basis. Sell-side analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

Magnite Company Profile

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.