Cerity Partners LLC Reduces Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Cerity Partners LLC reduced its stake in Magnite, Inc. (NASDAQ:MGNI) by 2.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 100,544 shares of the company’s stock after selling 2,822 shares during the period. Cerity Partners LLC owned approximately 0.07% of Magnite worth $1,600,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Boston Partners boosted its stake in Magnite by 39.1% in the 4th quarter. Boston Partners now owns 4,756,323 shares of the company’s stock worth $76,061,000 after purchasing an additional 1,336,458 shares during the period. Maestria Partners LLC bought a new position in shares of Magnite in the fourth quarter valued at approximately $15,161,000. Stephens Investment Management Group LLC boosted its position in shares of Magnite by 146.8% in the fourth 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. Raymond James Financial Inc. purchased a new position in Magnite during the fourth quarter valued at approximately $8,685,000. Finally, Wellington Management Group LLP increased its holdings in Magnite by 6.8% during the 4th quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company’s stock worth $111,918,000 after acquiring an additional 450,341 shares during the period. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on MGNI shares. Wolfe Research boosted their price target 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. Wells Fargo & Company upped their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Royal Bank of Canada lifted their price target on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Needham & Company LLC restated a “buy” rating and issued a $14.00 price objective on shares of Magnite in a research report on Tuesday. Finally, Benchmark reaffirmed a “buy” rating and issued a $25.00 target price on shares of Magnite in a research note on Monday, March 10th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.81.

Insider Buying and Selling

In related news, Director James Rossman sold 149,936 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the transaction, the director now owns 219,920 shares in the company, valued at $4,279,643.20. The trade was a 40.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Adam Lee Soroca sold 15,499 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total value of $244,109.25. Following the completion of the sale, the insider now owns 458,386 shares in the company, valued at $7,219,579.50. The trade was a 3.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 244,905 shares of company stock valued at $4,718,855 over the last three months. 4.30% of the stock is owned by company insiders.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $11.13 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a market cap of $1.59 billion, a PE ratio of 185.50, a PEG ratio of 1.00 and a beta of 2.69. The company’s fifty day moving average is $13.67 and its 200 day moving average is $14.81. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $21.29.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). The company had revenue of $180.20 million during 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%. Research analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

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.