State Street Corp Has $42.29 Million Position in Magnite, Inc. (NASDAQ:MGNI)

State Street Corp decreased its holdings in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 2.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,053,604 shares of the company's stock after selling 67,346 shares during the period. State Street Corp owned approximately 2.17% of Magnite worth $42,292,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. UMB Bank n.a. boosted its stake in Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company's stock valued at $30,000 after buying an additional 1,188 shares in the last quarter. Asset Dedication LLC bought a new stake in shares of Magnite during the 2nd quarter valued at approximately $52,000. Blue Trust Inc. bought a new stake in shares of Magnite during the 2nd quarter valued at approximately $56,000. Benjamin F. Edwards & Company Inc. lifted its stake in Magnite by 973.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company's stock valued at $58,000 after purchasing an additional 3,972 shares during the last quarter. Finally, Quarry LP boosted its position in Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company's stock valued at $76,000 after buying an additional 4,508 shares in the last quarter. Institutional investors own 73.40% of the company's stock.

Insider Activity

In other Magnite news, CRO Sean Patrick Buckley sold 10,001 shares of Magnite stock in a transaction on Monday, November 18th. The shares were sold at an average price of $15.60, for a total value of $156,015.60. Following the completion of the sale, the executive now directly owns 303,743 shares of the company's stock, valued at approximately $4,738,390.80. The trade was a 3.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Brian Gephart sold 2,156 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $15.00, for a total transaction of $32,340.00. Following the transaction, the chief accounting officer now directly owns 116,982 shares in the company, valued at $1,754,730. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 352,752 shares of company stock valued at $5,938,282 in the last ninety days. 4.30% of the stock is owned by company insiders.

Magnite Trading Up 3.9 %

MGNI traded up $0.62 during trading on Friday, reaching $16.34. 2,798,106 shares of the stock traded hands, compared to its average volume of 1,655,700. 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 stock's 50-day moving average is $14.88 and its 200 day moving average is $13.94. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $18.38. The stock has a market capitalization of $2.30 billion, a PE ratio of 272.33, a P/E/G ratio of 1.35 and a beta of 2.50.

Analyst Ratings Changes

MGNI has been the subject of several research analyst reports. Wells Fargo & Company started coverage on shares of Magnite in a report on Monday, October 28th. They set an "equal weight" rating and a $13.00 price target for the company. Benchmark reaffirmed a "buy" rating and issued a $21.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Needham & Company LLC lifted 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. Scotiabank assumed coverage on Magnite in a research note on Thursday, December 5th. They issued a "sector outperform" rating and a $22.00 price objective for the company. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $17.73.

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.