Arizona State Retirement System Has $460,000 Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

Arizona State Retirement System raised its position in Magnite, Inc. (NASDAQ:MGNI) by 9.5% during the first quarter, according to its most recent filing with the SEC. The firm owned 40,330 shares of the company’s stock after purchasing an additional 3,484 shares during the period. Arizona State Retirement System’s holdings in Magnite were worth $460,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the stock. Summit Investment Advisors Inc. raised its holdings in shares of Magnite by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company’s stock valued at $210,000 after acquiring an additional 836 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Magnite by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 124,547 shares of the company’s stock worth $1,421,000 after purchasing an additional 1,474 shares in the last quarter. Greenwood Capital Associates LLC boosted its position in Magnite by 2.9% in the first quarter. Greenwood Capital Associates LLC now owns 66,221 shares of the company’s stock valued at $756,000 after buying an additional 1,852 shares during the last quarter. MetLife Investment Management LLC boosted its position in Magnite by 2.9% in the fourth quarter. MetLife Investment Management LLC now owns 75,993 shares of the company’s stock valued at $1,210,000 after buying an additional 2,120 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Magnite by 3.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,580 shares of the company’s stock worth $1,140,000 after purchasing an additional 2,714 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $24.42 on Tuesday. The company’s fifty day moving average price is $19.30 and its 200 day moving average price is $16.12. Magnite, Inc. has a 12 month low of $8.22 and a 12 month 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 firm has a market capitalization of $3.45 billion, a P/E ratio of 122.11, a P/E/G ratio of 2.00 and a beta of 2.96.

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

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MGNI. Lake Street Capital dropped their target price on shares of Magnite from $21.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, May 8th. Wells Fargo & Company upped their price objective on Magnite from $13.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 8th. Benchmark cut their price target on Magnite from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $18.00 price target on shares of Magnite in a research report on Thursday, May 8th. Finally, Royal Bank Of Canada decreased their price target on Magnite from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.33.

Insider Buying and Selling at Magnite

In other Magnite news, CFO David Day sold 38,146 shares of Magnite stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $18.95, for a total transaction of $722,866.70. Following the sale, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Adam Lee Soroca sold 44,519 shares of Magnite stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $20.00, for a total value of $890,380.00. Following the completion of the sale, the insider owned 400,927 shares of the company’s stock, valued at $8,018,540. The trade was a 9.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 959,227 shares of company stock worth $18,854,021 over the last ninety days. 4.30% of the stock is owned by corporate insiders.

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.