Magnite, Inc. $MGNI Shares Purchased by Stephens Inc. AR

Stephens Inc. AR increased its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 20.4% during the second quarter, HoldingsChannel reports. The fund owned 82,951 shares of the company’s stock after buying an additional 14,079 shares during the period. Stephens Inc. AR’s holdings in Magnite were worth $2,001,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. grew its holdings in Magnite by 74.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company’s stock worth $591,000 after acquiring an additional 22,131 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in Magnite by 54.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company’s stock worth $513,000 after acquiring an additional 15,762 shares during the period. Calamos Advisors LLC grew its holdings in Magnite by 85.7% in the first quarter. Calamos Advisors LLC now owns 65,275 shares of the company’s stock valued at $745,000 after purchasing an additional 30,132 shares during the last quarter. Vanguard Group Inc. grew its holdings in Magnite by 1.0% in the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company’s stock valued at $156,814,000 after purchasing an additional 138,417 shares during the last quarter. Finally, Brown Advisory Inc. acquired a new stake in Magnite in the first quarter valued at $290,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Insider Activity at Magnite

In other Magnite news, insider Aaron Saltz sold 8,522 shares of the firm’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $24.50, for a total transaction of $208,789.00. Following the sale, the insider directly owned 215,079 shares of the company’s stock, valued at $5,269,435.50. This trade represents a 3.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO David Buonasera sold 2,950 shares of the stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $25.37, for a total value of $74,841.50. Following the transaction, the chief technology officer owned 238,629 shares in the company, valued at $6,054,017.73. This trade represents a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 323,275 shares of company stock worth $7,877,776 over the last three months. Company insiders own 3.80% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Wells Fargo & Company lowered their target price on Magnite from $24.00 to $22.00 and set an “equal weight” rating on the stock in a report on Monday, October 6th. Scotiabank reissued an “outperform” rating and issued a $30.00 target price (up previously from $22.00) on shares of Magnite in a report on Thursday, August 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a report on Wednesday, October 8th. Susquehanna upped their target price on Magnite from $22.00 to $28.00 and gave the company a “positive” rating in a report on Thursday, August 7th. Finally, Needham & Company LLC upped their target price on Magnite from $18.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Ten investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.64.

Magnite Price Performance

Magnite stock opened at $19.14 on Friday. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $26.65. The stock has a market capitalization of $2.73 billion, a P/E ratio of 66.00, a P/E/G ratio of 1.30 and a beta of 3.02. The firm’s 50-day moving average is $22.28 and its two-hundred day moving average is $19.38. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.03. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The company had revenue of $162.00 million for the quarter, compared to analysts’ expectations of $157.05 million. During the same period last year, the company earned $0.14 EPS. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. Equities analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

Magnite 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.