Victory Capital Management Inc. Sells 159,427 Shares of Magnite, Inc. (NASDAQ:MGNI)

Victory Capital Management Inc. decreased its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 11.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,181,278 shares of the company’s stock after selling 159,427 shares during the period. Victory Capital Management Inc. owned about 0.84% of Magnite worth $18,806,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wellington Management Group LLP grew its holdings in Magnite by 125.3% during the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after purchasing an additional 3,659,759 shares during the period. Nomura Asset Management Co. Ltd. purchased a new position in shares of Magnite during the 3rd quarter valued at about $23,917,000. Stephens Investment Management Group LLC grew its stake in shares of Magnite by 146.8% during the 4th quarter. Stephens Investment Management Group LLC now owns 996,644 shares of the company’s stock valued at $15,867,000 after acquiring an additional 592,853 shares during the period. Rice Hall James & Associates LLC purchased a new stake in Magnite in the 4th quarter worth approximately $3,000,000. Finally, Barclays PLC raised its stake in Magnite by 352.9% during the 3rd quarter. Barclays PLC now owns 210,598 shares of the company’s stock worth $2,917,000 after acquiring an additional 164,093 shares during the period. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Stock Performance

NASDAQ:MGNI opened at $12.42 on Wednesday. The company has a market cap of $1.78 billion, a price-to-earnings ratio of 207.00, a PEG ratio of 1.00 and a beta of 2.79. Magnite, Inc. has a 1 year low of $8.38 and a 1 year high of $21.29. The stock’s 50 day simple moving average is $16.92 and its two-hundred day simple moving average is $15.26. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on MGNI shares. Wells Fargo & Company upped their price target 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. Susquehanna upped their target price on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a report on Thursday, February 27th. Royal Bank of Canada raised their price target on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. 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 on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Magnite in a research report on Thursday, February 27th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $19.27.

Insider Transactions at Magnite

In other news, insider Adam Lee Soroca sold 15,499 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $15.75, for a total value of $244,109.25. Following the transaction, the insider now directly owns 458,386 shares in the company, valued at approximately $7,219,579.50. This represents a 3.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Brian Gephart sold 6,250 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $16.00, for a total transaction of $100,000.00. Following the transaction, the chief accounting officer now directly owns 132,909 shares in the company, valued at approximately $2,126,544. This trade represents a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 271,863 shares of company stock worth $5,169,262. 4.30% of the stock is currently owned by insiders.

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.