KLP Kapitalforvaltning AS Purchases Shares of 27,800 Magnite, Inc. (NASDAQ:MGNI)

KLP Kapitalforvaltning AS purchased a new stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 27,800 shares of the company's stock, valued at approximately $443,000.

A number of other large investors have also added to or reduced their stakes in MGNI. Wellington Management Group LLP grew its holdings in shares of Magnite by 125.3% during the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company's stock worth $91,128,000 after purchasing an additional 3,659,759 shares in the last quarter. Boston Partners grew its stake in Magnite by 39.1% during the fourth quarter. Boston Partners now owns 4,756,323 shares of the company's stock worth $76,061,000 after buying an additional 1,336,458 shares in the last quarter. Geode Capital Management LLC increased its holdings in Magnite by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company's stock valued at $41,118,000 after buying an additional 63,545 shares during the period. Nomura Asset Management Co. Ltd. acquired a new position in shares of Magnite in the 3rd quarter valued at approximately $23,917,000. Finally, Royce & Associates LP lifted its holdings in shares of Magnite by 7.4% during the 4th quarter. Royce & Associates LP now owns 1,597,896 shares of the company's stock worth $25,439,000 after acquiring an additional 109,595 shares during the period. Institutional investors and hedge funds own 73.40% of the company's stock.

Insider Activity at Magnite

In other news, Director James Rossman sold 149,936 shares of the firm's stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the completion of the sale, the director now owns 219,920 shares of the company's stock, valued at $4,279,643.20. This trade represents a 40.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Sean Patrick Buckley sold 18,693 shares of the business's stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.00, for a total transaction of $373,860.00. Following the transaction, the insider now owns 408,529 shares in the company, valued at $8,170,580. The trade was a 4.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 244,905 shares of company stock worth $4,718,855 in the last 90 days. Corporate insiders own 4.30% of the company's stock.

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Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Susquehanna upped 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. Royal Bank of Canada raised their price objective on Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a research note on Friday, January 3rd. Needham & Company LLC reissued a "buy" rating and issued a $20.00 target price on shares of Magnite in a report on Wednesday, April 2nd. Wells Fargo & Company upped their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 16th. Finally, Wolfe Research raised their target price on shares of Magnite from $14.00 to $19.00 and gave the company an "outperform" rating in a research report on Friday, January 3rd. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.27.

Magnite Trading Up 20.4 %

Shares of NASDAQ MGNI traded up $1.84 during midday trading on Wednesday, reaching $10.84. The stock had a trading volume of 4,770,709 shares, compared to its average volume of 2,050,395. The company's 50 day moving average price is $14.74 and its 200 day moving average price is $14.96. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $21.29. The firm has a market cap of $1.55 billion, a price-to-earnings ratio of 180.67, a price-to-earnings-growth ratio of 1.00 and a beta of 2.69.

Magnite (NASDAQ:MGNI - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.14). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The firm had revenue of $180.20 million during the quarter, compared to analyst estimates of $183.90 million. As a group, sell-side analysts expect that Magnite, Inc. will post 0.33 EPS 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.