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

Principal Financial Group Inc. lifted its position in Magnite, Inc. (NASDAQ:MGNI) by 552.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 107,515 shares of the company’s stock after purchasing an additional 91,031 shares during the quarter. Principal Financial Group Inc. owned 0.08% of Magnite worth $1,489,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Asset Dedication LLC purchased a new stake in Magnite in the second quarter worth approximately $52,000. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Magnite by 973.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after purchasing an additional 3,972 shares in the last quarter. Quarry LP boosted its stake in shares of Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after purchasing an additional 4,508 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in Magnite in the 2nd quarter worth $93,000. Finally, Blue Trust Inc. lifted its stake in Magnite by 87.0% in the third quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock worth $105,000 after purchasing an additional 3,689 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

Magnite Stock Performance

Magnite stock opened at $17.13 on Friday. Magnite, Inc. has a fifty-two week low of $8.38 and a fifty-two week high of $18.38. The stock’s 50 day simple moving average is $15.78 and its two-hundred day simple moving average is $14.16. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market cap of $2.41 billion, a price-to-earnings ratio of 285.50, a PEG ratio of 1.35 and a beta of 2.50.

Insider Activity at Magnite

In other news, CTO David Buonasera sold 1,969 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $16.31, for a total value of $32,114.39. Following the sale, the chief technology officer now directly owns 223,795 shares of the company’s stock, valued at $3,650,096.45. The trade was a 0.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO Sean Patrick Buckley sold 10,001 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $15.60, for a total value of $156,015.60. Following the completion of the sale, the executive now owns 303,743 shares in the company, valued at $4,738,390.80. The trade was a 3.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 352,752 shares of company stock worth $5,938,282 over the last ninety days. 4.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MGNI. Benchmark reaffirmed a “buy” rating and set a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Macquarie restated an “outperform” rating and set a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Scotiabank began coverage on Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective for the company. Wells Fargo & Company began coverage on shares of Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 target price on the stock. Finally, Wolfe Research upped their price target on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $18.19.

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.