Magnite, Inc. (NASDAQ:MGNI) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. grew its holdings in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 552.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 107,515 shares of the company's stock after buying an additional 91,031 shares during the period. Principal Financial Group Inc. owned 0.08% of Magnite worth $1,489,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of MGNI. Verdence Capital Advisors LLC grew its stake in Magnite by 4.8% during the 3rd quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company's stock valued at $268,000 after acquiring an additional 892 shares in the last quarter. Mount Yale Investment Advisors LLC grew its position in shares of Magnite by 4.6% in 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 in the last quarter. Arizona State Retirement System grew its position in shares of Magnite by 3.4% in the second 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 in the last quarter. Fulton Bank N.A. increased its holdings in shares of Magnite by 6.4% in the third quarter. Fulton Bank N.A. now owns 28,311 shares of the company's stock valued at $392,000 after purchasing an additional 1,696 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Magnite by 8.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,449 shares of the company's stock worth $408,000 after buying an additional 2,298 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Brian Gephart sold 2,156 shares of the business's 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 completion of the transaction, the chief accounting officer now directly owns 116,982 shares of the company's stock, valued at approximately $1,754,730. The trade was a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Aaron Saltz sold 5,112 shares of the company's stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction of $69,012.00. Following the sale, the insider now owns 307,745 shares in the company, valued at $4,154,557.50. The trade was a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 352,752 shares of company stock valued at $5,938,282. 4.30% of the stock is currently owned by company insiders.

Magnite Trading Up 6.4 %

NASDAQ MGNI traded up $1.03 during trading on Friday, hitting $17.13. The stock had a trading volume of 1,432,328 shares, compared to its average volume of 1,364,314. The company has a market capitalization of $2.41 billion, a PE ratio of 285.50, a PEG ratio of 1.35 and a beta of 2.51. Magnite, Inc. has a twelve month low of $8.38 and a twelve month 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 firm has a 50 day moving average price of $15.78 and a 200 day moving average price of $14.17.

Wall Street Analyst Weigh In

A number of analysts have issued reports on MGNI shares. Scotiabank initiated coverage on Magnite in a research note on Thursday, December 5th. They issued a "sector outperform" rating and a $22.00 target price for the company. Wolfe Research raised their price objective on shares of Magnite from $14.00 to $19.00 and gave the stock an "outperform" rating in a research report on Friday. Needham & Company LLC lifted their target price 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. Benchmark reissued a "buy" rating and issued a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Royal Bank of Canada lifted their price target on shares of Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a research report on Friday. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, Magnite presently has an average rating of "Moderate Buy" and a consensus price target of $18.19.

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.