Rhumbline Advisers Acquires 8,171 Shares of Magnite, Inc. (NASDAQ:MGNI)

Rhumbline Advisers boosted its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 4.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 192,502 shares of the company’s stock after purchasing an additional 8,171 shares during the period. Rhumbline Advisers owned about 0.13% of Magnite worth $2,196,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Magnite by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company’s stock valued at $216,593,000 after purchasing an additional 257,032 shares in the last quarter. Capital Research Global Investors bought a new position in Magnite in the 4th quarter valued at $122,986,000. Wellington Management Group LLP raised its position in Magnite by 6.8% in the 4th quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company’s stock valued at $111,918,000 after purchasing an additional 450,341 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Magnite by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company’s stock valued at $87,957,000 after purchasing an additional 170,532 shares during the last quarter. Finally, Boston Partners raised its position in Magnite by 39.1% in the 4th quarter. Boston Partners now owns 4,756,323 shares of the company’s stock valued at $76,061,000 after purchasing an additional 1,336,458 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

Insider Buying and Selling

In other news, CTO David Buonasera sold 3,653 shares of the business’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $15.03, for a total value of $54,904.59. Following the transaction, the chief technology officer now directly owns 267,444 shares of the company’s stock, valued at $4,019,683.32. The trade was a 1.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Brian Gephart sold 6,334 shares of the business’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $16.16, for a total value of $102,357.44. Following the completion of the transaction, the chief accounting officer now directly owns 126,575 shares in the company, valued at $2,045,452. This represents a 4.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 133,283 shares of company stock valued at $2,247,250 in the last three months. Insiders own 3.80% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on MGNI. Needham & Company LLC lifted their target price on Magnite from $14.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Royal Bank of Canada lowered their target price on Magnite from $22.00 to $19.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Craig Hallum set a $24.00 target price on Magnite and gave the company a “buy” rating in a research note on Tuesday, May 20th. Benchmark lowered their target price on Magnite from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $18.00 target price on shares of Magnite in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.58.

Magnite Trading Up 8.7%

NASDAQ MGNI opened at $18.58 on Tuesday. 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, Inc. has a twelve month low of $8.22 and a twelve month high of $21.29. The company has a market cap of $2.62 billion, a price-to-earnings ratio of 309.67, a price-to-earnings-growth ratio of 1.00 and a beta of 2.87. The business’s fifty day moving average is $14.18 and its 200 day moving average is $15.16.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.06. The business had revenue of $145.85 million during the quarter, compared to analyst estimates of $142.18 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. Magnite’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period last year, the company earned $0.05 EPS. As a group, sell-side analysts expect that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

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.