Vanguard Group Inc. Grows Position in Magnite, Inc. (NASDAQ:MGNI)

Vanguard Group Inc. boosted its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 1.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,605,104 shares of the company's stock after purchasing an additional 257,032 shares during the period. Vanguard Group Inc. owned approximately 9.67% of Magnite worth $216,593,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its stake in shares of Magnite by 2.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,033,104 shares of the company's stock worth $14,308,000 after buying an additional 26,656 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew 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 valued at $408,000 after buying an additional 2,298 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Magnite by 3.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 343,961 shares of the company's stock valued at $4,764,000 after buying an additional 10,994 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its position in Magnite by 1,271.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 145,577 shares of the company's stock worth $2,016,000 after acquiring an additional 134,959 shares during the period. Finally, Quarry LP boosted 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 acquiring an additional 4,508 shares during the last quarter. Institutional investors own 73.40% of the company's stock.

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Wall Street Analyst Weigh In

MGNI has been the topic of a number of recent research reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $20.00 target price on shares of Magnite in a report on Wednesday, April 2nd. Wolfe Research lifted their price objective on Magnite from $14.00 to $19.00 and gave the company an "outperform" rating in a research report on Friday, January 3rd. Royal Bank of Canada increased their target price on shares of Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a report on Friday, January 3rd. Wells Fargo & Company raised their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research note on Thursday, January 16th. Finally, Susquehanna upped their price target on shares of Magnite from $16.00 to $22.00 and gave the stock a "positive" rating in a research report on Thursday, February 27th. One research 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 presently has an average rating of "Moderate Buy" and a consensus price target of $19.27.

Insider Activity

In other Magnite news, insider Adam Lee Soroca sold 15,499 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the sale, the insider now directly owns 458,386 shares of the company's stock, valued at $7,219,579.50. The trade was a 3.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Paul Caine sold 5,000 shares of the company's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the sale, the director now owns 182,837 shares in the company, valued at approximately $3,720,732.95. This trade represents a 2.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 244,905 shares of company stock worth $4,718,855. 4.30% of the stock is currently owned by insiders.

Magnite Price Performance

MGNI stock traded down $1.10 during mid-day trading on Thursday, hitting $9.74. The company had a trading volume of 2,307,647 shares, compared to its average volume of 2,054,310. The company has a 50-day moving average price of $14.59 and a 200 day moving average price of $14.93. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $21.29. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of 162.33, a P/E/G ratio of 1.00 and a beta of 2.69. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

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

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.