Raymond James Financial Inc. Takes Position in Magnite, Inc. (NASDAQ:MGNI)

Raymond James Financial Inc. bought a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 545,564 shares of the company’s stock, valued at approximately $8,685,000. Raymond James Financial Inc. owned approximately 0.39% of Magnite at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. SBI Securities Co. Ltd. bought a new position in Magnite in the fourth quarter worth about $25,000. Quarry LP grew its position in Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after buying an additional 4,508 shares during the last quarter. Jones Financial Companies Lllp grew its position in Magnite by 20.6% during the 4th 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 in the last quarter. KBC Group NV grew its position in Magnite by 66.5% during the 4th quarter. KBC Group NV now owns 5,943 shares of the company’s stock worth $95,000 after purchasing an additional 2,374 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its holdings in shares of Magnite by 42.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 9,886 shares of the company’s stock valued at $157,000 after acquiring an additional 2,968 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on MGNI shares. Wells Fargo & Company boosted their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Wolfe Research upped their target price on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Royal Bank of Canada increased their target price on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Scotiabank initiated coverage on shares of Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price for the company. Finally, Benchmark reiterated a “buy” rating and issued a $25.00 price target on shares of Magnite in a research note on Monday, March 10th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.27.

Magnite Stock Performance

Shares of MGNI stock opened at $13.30 on Friday. The firm has a market capitalization of $1.90 billion, a PE ratio of 221.67, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79. The firm has a fifty day simple moving average of $16.36 and a two-hundred day simple moving average of $15.19. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $21.29.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). The business had revenue of $180.20 million for the quarter, compared to the consensus estimate of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. Analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Transactions at Magnite

In other news, CAO Brian Gephart sold 6,250 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total value of $100,000.00. Following the completion of the sale, the chief accounting officer now owns 132,909 shares in the company, valued at $2,126,544. This represents a 4.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Adam Lee Soroca sold 15,499 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $15.75, for a total transaction of $244,109.25. Following the transaction, the insider now owns 458,386 shares of the company’s stock, valued at approximately $7,219,579.50. The trade was a 3.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 258,250 shares of company stock worth $4,945,720 in the last quarter. 4.30% of the stock is currently 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.