Magnite, Inc. (NASDAQ:MGNI) Shares Acquired by Nordea Investment Management AB

Nordea Investment Management AB raised its stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 4.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 893,989 shares of the company's stock after purchasing an additional 35,490 shares during the period. Nordea Investment Management AB owned 0.64% of Magnite worth $14,474,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Verdence Capital Advisors LLC increased its holdings in shares of Magnite by 4.8% in the 3rd quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company's stock worth $268,000 after buying an additional 892 shares during the last quarter. Mount Yale Investment Advisors LLC raised its position in Magnite by 4.6% during the third quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company's stock valued at $336,000 after purchasing an additional 1,068 shares during the period. Arizona State Retirement System lifted its stake in shares of Magnite by 3.4% in the 2nd quarter. Arizona State Retirement System now owns 35,256 shares of the company's stock valued at $469,000 after purchasing an additional 1,160 shares during the last quarter. Fulton Bank N.A. boosted its holdings in shares of Magnite by 6.4% in the 3rd quarter. Fulton Bank N.A. now owns 28,311 shares of the company's stock worth $392,000 after purchasing an additional 1,696 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Magnite by 8.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,449 shares of the company's stock valued at $408,000 after buying an additional 2,298 shares during the period. Hedge funds and other institutional investors own 73.40% of the company's stock.

Insider Buying and Selling at Magnite

In other news, CEO Michael G. Barrett sold 27,004 shares of Magnite stock in a transaction on Monday, November 25th. The stock was sold at an average price of $17.63, for a total value of $476,080.52. Following the transaction, the chief executive officer now directly owns 782,910 shares in the company, valued at approximately $13,802,703.30. This trade represents a 3.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Aaron Saltz sold 6,110 shares of the business's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $17.50, for a total value of $106,925.00. Following the completion of the transaction, the insider now directly owns 297,482 shares of the company's stock, valued at approximately $5,205,935. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 366,097 shares of company stock valued at $6,165,147. Company insiders own 4.30% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on MGNI. Needham & Company LLC lifted their price objective on shares of Magnite from $17.00 to $20.00 and gave the stock a "buy" rating in a research note on Thursday, December 5th. Scotiabank assumed coverage on shares of Magnite in a report on Thursday, December 5th. They set a "sector outperform" rating and a $22.00 price target on the stock. Benchmark reissued a "buy" rating and issued a $21.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Wells Fargo & Company began coverage on Magnite in a research report on Monday, October 28th. They set an "equal weight" rating and a $13.00 target price for the company. Finally, Royal Bank of Canada increased their price target on Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a report on Friday, January 3rd. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.19.

Magnite Stock Down 1.0 %

Shares of Magnite stock traded down $0.16 during trading on Thursday, hitting $16.46. 2,203,264 shares of the stock traded hands, compared to its average volume of 1,600,733. Magnite, Inc. has a 52-week low of $8.38 and a 52-week high of $18.38. The stock's fifty day simple moving average is $16.11 and its 200 day simple moving average is $14.26. The firm has a market cap of $2.32 billion, a P/E ratio of 274.33, a price-to-earnings-growth ratio of 1.35 and a beta of 2.51. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

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.