Principal Financial Group Inc. Buys 91,031 Shares of Magnite, Inc. (NASDAQ:MGNI)

Principal Financial Group Inc. grew its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 552.2% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 107,515 shares of the company’s stock after buying an additional 91,031 shares during the period. Principal Financial Group Inc. owned approximately 0.08% of Magnite worth $1,489,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Greenwood Capital Associates LLC lifted its position in shares of Magnite by 14.3% in the 3rd quarter. Greenwood Capital Associates LLC now owns 74,760 shares of the company’s stock worth $1,035,000 after acquiring an additional 9,368 shares during the period. Harbor Capital Advisors Inc. lifted its position in Magnite by 136.0% in the third quarter. Harbor Capital Advisors Inc. now owns 921,531 shares of the company’s stock worth $12,763,000 after purchasing an additional 531,069 shares during the period. Lebenthal Global Advisors LLC acquired a new stake in Magnite during the third quarter worth $141,000. Stephens Investment Management Group LLC acquired a new position in shares of Magnite in the 3rd quarter valued at $5,593,000. Finally, Mount Yale Investment Advisors LLC lifted its holdings in shares of Magnite by 4.6% during the 3rd quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company’s stock worth $336,000 after acquiring an additional 1,068 shares during the period. Institutional investors own 73.40% of the company’s stock.

Insider Buying and Selling at Magnite

In other news, CAO Brian Gephart sold 2,156 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $15.00, for a total transaction of $32,340.00. Following the transaction, the chief accounting officer now owns 116,982 shares of the company’s stock, valued at $1,754,730. This represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael G. Barrett sold 100,000 shares of Magnite stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $16.14, for a total value of $1,614,000.00. Following the completion of the sale, the chief executive officer now owns 809,914 shares of the company’s stock, valued at approximately $13,072,011.96. The trade was a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 140,051 shares of company stock worth $2,233,314. Insiders own 4.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on MGNI shares. Craig Hallum reissued a “buy” rating and issued a $20.00 price target on shares of Magnite in a research report on Wednesday, August 21st. Macquarie restated an “outperform” rating and set a $18.00 target price on shares of Magnite in a research report on Friday, November 8th. Wells Fargo & Company began coverage on Magnite in a research report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target on the stock. Benchmark reissued a “buy” rating and set a $21.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Finally, Bank of America boosted their target price on shares of Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, July 29th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Magnite has a consensus rating of “Moderate Buy” and a consensus price target of $16.96.

Magnite Price Performance

MGNI opened at $17.13 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The company’s 50 day simple moving average is $13.39 and its 200-day simple moving average is $13.19. Magnite, Inc. has a one year low of $7.97 and a one year high of $17.19. The stock has a market capitalization of $2.41 billion, a P/E ratio of 285.50, a price-to-earnings-growth ratio of 1.35 and a beta of 2.43.

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.