Magnite, Inc. (NASDAQ:MGNI) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. raised its position in Magnite, Inc. (NASDAQ:MGNI) by 14.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 123,073 shares of the company’s stock after acquiring an additional 15,558 shares during the quarter. Principal Financial Group Inc.’s holdings in Magnite were worth $1,959,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of MGNI. Wellington Management Group LLP grew its position in Magnite by 125.3% in the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after acquiring an additional 3,659,759 shares in the last quarter. Nomura Asset Management Co. Ltd. purchased a new position in shares of Magnite in the 3rd quarter valued at about $23,917,000. Stephens Investment Management Group LLC boosted its stake in shares of Magnite by 146.8% in the 4th quarter. Stephens Investment Management Group LLC now owns 996,644 shares of the company’s stock valued at $15,867,000 after buying an additional 592,853 shares during the period. Barclays PLC boosted its stake in shares of Magnite by 352.9% in the 3rd quarter. Barclays PLC now owns 210,598 shares of the company’s stock valued at $2,917,000 after buying an additional 164,093 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Magnite in the 3rd quarter valued at about $2,065,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Paul Caine sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $20.35, for a total value of $101,750.00. Following the transaction, the director now owns 182,837 shares of the company’s stock, valued at approximately $3,720,732.95. The trade was a 2.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Sean Patrick Buckley sold 18,693 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $20.00, for a total value of $373,860.00. Following the completion of the transaction, the insider now directly owns 408,529 shares in the company, valued at approximately $8,170,580. The trade was a 4.38 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 271,863 shares of company stock valued at $5,169,262. Company insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

MGNI has been the subject of several recent research reports. Wolfe Research lifted their price objective on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Royal Bank of Canada lifted their price objective on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Scotiabank initiated coverage on Magnite in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective for the company. Macquarie reiterated an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. Finally, Benchmark lifted their price objective on Magnite from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, February 27th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $19.27.

Magnite Trading Down 1.1 %

MGNI opened at $14.49 on Thursday. The firm has a market cap of $2.07 billion, a price-to-earnings ratio of 241.50, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79. Magnite, Inc. has a 52 week low of $8.38 and a 52 week high of $21.29. The business’s 50 day moving average is $17.20 and its two-hundred day moving average is $15.27. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) 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 analyst estimates of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. On average, research analysts predict that Magnite, Inc. will post 0.33 EPS for the current year.

About Magnite

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.