Raymond James Financial Inc. Takes $8.69 Million Position in Magnite, Inc. (NASDAQ:MGNI)

Raymond James Financial Inc. bought a new position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 545,564 shares of the company's stock, valued at approximately $8,685,000. Raymond James Financial Inc. owned approximately 0.39% of Magnite as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of MGNI. SBI Securities Co. Ltd. purchased a new position in Magnite during the 4th quarter valued at about $25,000. Quarry LP increased its stake in shares of Magnite by 446.8% during the 3rd quarter. Quarry LP now owns 5,517 shares of the company's stock worth $76,000 after purchasing an additional 4,508 shares in the last quarter. Jones Financial Companies Lllp raised its position in shares of Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock worth $93,000 after purchasing an additional 1,000 shares during the last quarter. KBC Group NV lifted its stake in Magnite by 66.5% in the 4th quarter. KBC Group NV now owns 5,943 shares of the company's stock valued at $95,000 after buying an additional 2,374 shares in the last quarter. Finally, Parkside Financial Bank & Trust lifted its stake in Magnite by 42.9% in the 4th quarter. Parkside Financial Bank & Trust now owns 9,886 shares of the company's stock valued at $157,000 after buying an additional 2,968 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company boosted their price target on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a report on Thursday, January 16th. Royal Bank of Canada lifted their price objective on Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a research report on Friday, January 3rd. Wolfe Research upped their target price on shares of Magnite from $14.00 to $19.00 and gave the company an "outperform" rating in a report on Friday, January 3rd. 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 for the company. Finally, Susquehanna boosted their price objective on shares of Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.27.

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Magnite Trading Up 1.9 %

Shares of NASDAQ MGNI traded up $0.25 during trading on Tuesday, hitting $13.53. 1,929,356 shares of the company traded hands, compared to its average volume of 1,938,178. The firm has a market capitalization of $1.93 billion, a P/E ratio of 225.50, a P/E/G ratio of 1.00 and a beta of 2.79. 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 50-day moving average price of $16.32 and a 200-day moving average price of $15.22. Magnite, Inc. has a 1 year low of $8.38 and a 1 year high of $21.29.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.39 by ($0.14). The firm had revenue of $180.20 million for the quarter, compared to analysts' expectations of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. On average, equities analysts predict that Magnite, Inc. will post 0.33 EPS for the current year.

Insider Transactions at Magnite

In other Magnite news, insider Sean Patrick Buckley sold 18,693 shares of the firm's stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $20.00, for a total value of $373,860.00. Following the transaction, the insider now directly owns 408,529 shares of the company's stock, valued at $8,170,580. This trade represents a 4.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO David Day sold 13,345 shares of the company's stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $17.00, for a total value of $226,865.00. Following the completion of the sale, the chief financial officer now directly owns 374,014 shares of the company's stock, valued at $6,358,238. The trade was a 3.45 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 258,250 shares of company stock worth $4,945,720. 4.30% of the stock is currently owned by company insiders.

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.