Allspring Global Investments Holdings LLC Buys 15,762 Shares of Magnite, Inc. (NASDAQ:MGNI)

Allspring Global Investments Holdings LLC boosted its holdings in Magnite, Inc. (NASDAQ:MGNI) by 54.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 44,947 shares of the company’s stock after purchasing an additional 15,762 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Magnite were worth $513,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Arizona State Retirement System lifted its stake in Magnite by 1.5% in the fourth quarter. Arizona State Retirement System now owns 36,846 shares of the company’s stock worth $587,000 after purchasing an additional 559 shares during the last quarter. Summit Investment Advisors Inc. lifted its stake in Magnite by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company’s stock worth $210,000 after purchasing an additional 836 shares during the last quarter. ANTIPODES PARTNERS Ltd lifted its stake in Magnite by 13.4% in the fourth quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company’s stock worth $129,000 after purchasing an additional 956 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in Magnite by 20.6% in the fourth 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. Finally, SBI Securities Co. Ltd. bought a new stake in Magnite in the fourth quarter worth $25,000. 73.40% of the stock is owned by institutional investors.

Insider Activity at Magnite

In related news, CEO Michael G. Barrett sold 300,000 shares of the business’s stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $20.01, for a total transaction of $6,003,000.00. Following the transaction, the chief executive officer owned 356,708 shares in the company, valued at $7,137,727.08. The trade was a 45.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Rossman sold 137,007 shares of the business’s stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $18.78, for a total transaction of $2,572,991.46. Following the sale, the director directly owned 93,679 shares in the company, valued at $1,759,291.62. The trade was a 59.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 883,327 shares of company stock valued at $17,086,528 over the last three months. Corporate insiders own 3.80% of the company’s stock.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $23.45 on Friday. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $25.27. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98. The company’s 50-day moving average is $18.04 and its 200 day moving average is $15.82. The stock has a market capitalization of $3.31 billion, a P/E ratio of 117.26, a P/E/G ratio of 1.93 and a beta of 2.96.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.06. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The company had revenue of $145.85 million for the quarter, compared to analysts’ expectations of $142.18 million. During the same quarter in the previous year, the company earned $0.05 earnings per share. Magnite’s quarterly revenue was up 4.3% on a year-over-year basis. On average, sell-side analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on MGNI shares. Craig Hallum set a $24.00 price target on shares of Magnite and gave the stock a “buy” rating in a research note on Tuesday, May 20th. Benchmark lowered their price target on shares of Magnite from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Wells Fargo & Company boosted their price target on shares of Magnite from $13.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Rosenblatt Securities restated a “buy” rating and issued a $18.00 price objective on shares of Magnite in a research report on Thursday, May 8th. Finally, Wall Street Zen cut shares of Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, July 5th. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $20.33.

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.