Rhumbline Advisers Sells 5,353 Shares of Magnite, Inc. (NASDAQ:MGNI)

Rhumbline Advisers decreased its position in Magnite, Inc. (NASDAQ:MGNI) by 2.8% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 184,331 shares of the company’s stock after selling 5,353 shares during the period. Rhumbline Advisers owned about 0.13% of Magnite worth $2,935,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of MGNI. Stephens Investment Management Group LLC bought a new stake in shares of Magnite in the third quarter worth $5,593,000. Lebenthal Global Advisors LLC bought a new stake in Magnite during the 3rd quarter worth about $141,000. Harbor Capital Advisors Inc. boosted its stake in shares of Magnite by 136.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 921,531 shares of the company’s stock worth $12,763,000 after buying an additional 531,069 shares during the last quarter. Greenwood Capital Associates LLC grew its holdings 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 valued at $1,035,000 after acquiring an additional 9,368 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Magnite by 552.2% in the 3rd quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock valued at $1,489,000 after acquiring an additional 91,031 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on MGNI shares. Scotiabank started coverage on Magnite in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price target for the company. Needham & Company LLC reissued a “buy” rating and issued a $20.00 target price on shares of Magnite in a research note on Thursday. Royal Bank of Canada upped their price target on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Wolfe Research lifted their price objective on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Finally, Benchmark upped their target price on shares of Magnite from $21.00 to $25.00 and gave the company a “buy” rating in a report on Thursday. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.27.

Insiders Place Their Bets

In related news, CEO Michael G. Barrett sold 147,996 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $17.52, for a total transaction of $2,592,889.92. Following the sale, the chief executive officer now owns 634,914 shares of the company’s stock, valued at $11,123,693.28. This represents a 18.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO David Buonasera sold 1,969 shares of Magnite stock in a transaction on Friday, December 13th. The shares were sold at an average price of $16.31, for a total value of $32,114.39. Following the completion of the transaction, the chief technology officer now directly owns 223,795 shares of the company’s stock, valued at $3,650,096.45. This represents a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 398,110 shares of company stock worth $7,418,043 in the last quarter. 4.30% of the stock is currently owned by corporate insiders.

Magnite Price Performance

Magnite stock opened at $15.77 on Friday. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of 262.83, a PEG ratio of 1.00 and a beta of 2.52. The stock’s 50 day moving average is $17.30 and its 200-day moving average is $15.22. 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 posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.14). The firm had revenue of $180.20 million for the quarter, compared to the consensus estimate of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. Equities research analysts expect that Magnite, Inc. will post 0.33 EPS for the current year.

Magnite Company 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.