Principal Financial Group Inc. raised its position in Magnite, Inc. (NASDAQ:MGNI – Free Report) by 88.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 445,950 shares of the company’s stock after buying an additional 208,730 shares during the quarter. Principal Financial Group Inc. owned 0.31% of Magnite worth $5,298,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp bought a new stake in shares of Magnite in the first quarter valued at about $699,000. Money Concepts Capital Corp acquired a new stake in Magnite in the 1st quarter worth about $139,000. Elevation Point Wealth Partners LLC acquired a new stake in Magnite in the 1st quarter worth about $281,000. Pictet Asset Management Holding SA boosted its holdings in Magnite by 13.8% in the 1st quarter. Pictet Asset Management Holding SA now owns 25,755 shares of the company’s stock valued at $306,000 after purchasing an additional 3,114 shares during the period. Finally, Penbrook Management LLC grew its position in shares of Magnite by 260.6% during the 1st quarter. Penbrook Management LLC now owns 112,190 shares of the company’s stock worth $1,333,000 after purchasing an additional 81,075 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.
Insider Activity
In other news, insider Sean Patrick Buckley sold 19,233 shares of Magnite stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $21.03, for a total value of $404,469.99. Following the transaction, the insider owned 354,281 shares in the company, valued at approximately $7,450,529.43. This trade represents a 5.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO David Buonasera sold 1,224 shares of the company’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $21.00, for a total value of $25,704.00. Following the sale, the chief technology officer owned 268,485 shares of the company’s stock, valued at approximately $5,638,185. This represents a 0.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 491,639 shares of company stock valued at $8,676,734. Corporate insiders own 3.20% of the company’s stock.
Magnite Price Performance
Magnite (NASDAQ:MGNI – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. The business had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter last year, the business posted $0.12 EPS. On average, equities research analysts predict that Magnite, Inc. will post 0.55 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Magnite in a report on Thursday, April 16th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Scotiabank increased their target price on Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th. Finally, BTIG Research started coverage on Magnite in a report on Tuesday, June 9th. They set a “buy” rating and a $20.00 target price on the stock. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $24.56.
Check Out Our Latest Research Report on MGNI
Magnite Profile
Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.
At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).
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