Magnite, Inc. $MGNI Holdings Lifted by Principal Financial Group Inc.

Principal Financial Group Inc. increased its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 51.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 162,440 shares of the company’s stock after acquiring an additional 55,425 shares during the period. Principal Financial Group Inc. owned approximately 0.11% of Magnite worth $3,538,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. American Century Companies Inc. grew its stake in shares of Magnite by 63.1% in the 2nd quarter. American Century Companies Inc. now owns 4,829,197 shares of the company’s stock worth $116,480,000 after purchasing an additional 1,868,188 shares during the last quarter. Frontier Capital Management Co. LLC increased its holdings in shares of Magnite by 419.4% in the second quarter. Frontier Capital Management Co. LLC now owns 1,793,830 shares of the company’s stock valued at $43,267,000 after buying an additional 1,448,456 shares in the last quarter. Stephens Investment Management Group LLC lifted its position in shares of Magnite by 42.0% during the 2nd quarter. Stephens Investment Management Group LLC now owns 1,350,096 shares of the company’s stock valued at $32,564,000 after acquiring an additional 399,440 shares during the last quarter. Dilation Capital Management LP bought a new stake in shares of Magnite during the 2nd quarter worth $8,074,000. Finally, Boston Partners boosted its stake in shares of Magnite by 5.7% during the 2nd quarter. Boston Partners now owns 5,574,604 shares of the company’s stock worth $133,037,000 after acquiring an additional 298,248 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Trading Up 4.5%

NASDAQ:MGNI opened at $11.70 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01. Magnite, Inc. has a fifty-two week low of $8.22 and a fifty-two week high of $26.65. The stock’s 50-day moving average is $14.96 and its two-hundred day moving average is $18.19. The stock has a market cap of $1.68 billion, a PE ratio of 30.79, a price-to-earnings-growth ratio of 0.64 and a beta of 2.39.

Insider Buying and Selling

In other Magnite news, insider Adam Lee Soroca sold 16,656 shares of the company’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $17.00, for a total value of $283,152.00. Following the transaction, the insider owned 326,114 shares in the company, valued at approximately $5,543,938. This represents a 4.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert F. Spillane sold 12,500 shares of Magnite stock in a transaction on Friday, November 21st. The shares were sold at an average price of $14.22, for a total transaction of $177,750.00. Following the sale, the director directly owned 53,917 shares of the company’s stock, valued at $766,699.74. This trade represents a 18.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 4.30% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on MGNI. Rosenblatt Securities reaffirmed a “buy” rating and set a $39.00 target price on shares of Magnite in a report on Thursday, November 6th. Benchmark restated a “buy” rating on shares of Magnite in a report on Monday, January 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a report on Thursday, January 22nd. Wall Street Zen downgraded shares of Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Wells Fargo & Company reduced their price target on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Friday, November 7th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $27.00.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).