Principal Financial Group Inc. Purchases 1,474 Shares of Magnite, Inc. (NASDAQ:MGNI)

Principal Financial Group Inc. lifted its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 1.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 124,547 shares of the company’s stock after acquiring an additional 1,474 shares during the period. Principal Financial Group Inc. owned approximately 0.09% of Magnite worth $1,421,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Teacher Retirement System of Texas bought a new stake in shares of Magnite in the 1st quarter valued at $233,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Magnite by 54.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company’s stock valued at $513,000 after purchasing an additional 15,762 shares during the last quarter. Oppenheimer & Co. Inc. bought a new stake in shares of Magnite in the 1st quarter valued at $319,000. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Magnite by 74.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company’s stock valued at $591,000 after purchasing an additional 22,131 shares during the last quarter. Finally, 1858 Wealth Management LLC bought a new stake in shares of Magnite in the 1st quarter valued at $144,000. Institutional investors own 73.40% of the company’s stock.

Insider Buying and Selling at Magnite

In other Magnite news, CFO David Day sold 38,146 shares of the business’s stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $18.95, for a total transaction of $722,866.70. Following the transaction, the chief financial officer directly owned 443,528 shares of the company’s stock, valued at approximately $8,404,855.60. The trade was a 7.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Rossman sold 137,007 shares of the business’s stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $18.78, for a total transaction of $2,572,991.46. Following the transaction, the director directly owned 93,679 shares in the company, valued at approximately $1,759,291.62. The trade was a 59.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 959,227 shares of company stock worth $18,854,021. 3.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on MGNI shares. Needham & Company LLC increased their target price on shares of Magnite from $14.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Royal Bank Of Canada dropped their price objective on shares of Magnite from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Benchmark dropped their price objective on shares of Magnite from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. Wells Fargo & Company raised their price objective on shares of Magnite from $13.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 8th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Magnite in a research note on Thursday, May 8th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.33.

Magnite Trading Up 0.9%

Shares of Magnite stock opened at $24.48 on Friday. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $25.27. The firm has a market cap of $3.45 billion, a PE ratio of 122.41, a PEG ratio of 2.00 and a beta of 2.96. 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 has a 50 day simple moving average of $19.30 and a two-hundred day simple moving average of $16.12.

Magnite (NASDAQ:MGNI) last announced its 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. The business had revenue of $145.85 million during the quarter, compared to analyst estimates of $142.18 million. Magnite had a net margin of 4.58% and a return on equity of 6.71%. Magnite’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.05 earnings per share. Analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current fiscal 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.