Franklin Resources Inc. Purchases 72,169 Shares of Magnite, Inc. (NASDAQ:MGNI)

Franklin Resources Inc. lifted its stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 99.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 144,563 shares of the company's stock after purchasing an additional 72,169 shares during the period. Franklin Resources Inc. owned 0.10% of Magnite worth $2,002,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Wellington Management Group LLP lifted its position in shares of Magnite by 125.3% in the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company's stock valued at $91,128,000 after buying an additional 3,659,759 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Magnite by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company's stock valued at $41,118,000 after purchasing an additional 63,545 shares during the last quarter. Nomura Asset Management Co. Ltd. bought a new position in Magnite during the third quarter worth $23,917,000. Marshall Wace LLP boosted its position in Magnite by 59.0% during the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company's stock worth $20,726,000 after purchasing an additional 578,678 shares during the period. Finally, Royce & Associates LP increased its holdings in shares of Magnite by 5.2% in the third quarter. Royce & Associates LP now owns 1,488,301 shares of the company's stock valued at $20,613,000 after purchasing an additional 73,555 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Insider Activity at Magnite

In other news, CAO Brian Gephart sold 2,156 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $15.00, for a total value of $32,340.00. Following the completion of the transaction, the chief accounting officer now owns 116,982 shares of the company's stock, valued at approximately $1,754,730. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO David Day sold 11,644 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $16.44, for a total transaction of $191,427.36. Following the completion of the sale, the chief financial officer now owns 400,859 shares in the company, valued at approximately $6,590,121.96. The trade was a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 352,752 shares of company stock valued at $5,938,282 over the last three months. 4.30% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on MGNI. Wells Fargo & Company began coverage on shares of Magnite in a research note on Monday, October 28th. They set an "equal weight" rating and a $13.00 target price for the company. Scotiabank initiated coverage on shares of Magnite in a research report on Thursday, December 5th. They set a "sector outperform" rating and a $22.00 price objective for the company. Macquarie reiterated an "outperform" rating and set a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Needham & Company LLC boosted their price target on Magnite from $17.00 to $20.00 and gave the company a "buy" rating in a research note on Thursday, December 5th. Finally, Benchmark reaffirmed a "buy" rating and issued a $21.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. 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.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $17.73.

Magnite Price Performance

Shares of NASDAQ:MGNI traded down $0.26 during midday trading on Friday, hitting $16.37. The stock had a trading volume of 1,160,224 shares, compared to its average volume of 1,643,287. The company's 50-day moving average price is $15.38 and its 200-day moving average price is $14.07. Magnite, Inc. has a fifty-two week low of $8.38 and a fifty-two week high of $18.38. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $2.30 billion, a P/E ratio of 272.83, a price-to-earnings-growth ratio of 1.35 and a beta of 2.50.

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.