Magnite, Inc. (NASDAQ:MGNI) Shares Sold by S Squared Technology LLC

S Squared Technology LLC cut its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 20.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 561,621 shares of the company’s stock after selling 146,956 shares during the quarter. Magnite accounts for about 3.7% of S Squared Technology LLC’s investment portfolio, making the stock its 13th largest holding. S Squared Technology LLC owned about 0.40% of Magnite worth $8,941,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Magnite by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company’s stock worth $216,593,000 after buying an additional 257,032 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Magnite by 6.8% in the fourth 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 last quarter. Boston Partners boosted its stake in Magnite by 39.1% in the fourth quarter. Boston Partners now owns 4,756,323 shares of the company’s stock valued at $76,061,000 after acquiring an additional 1,336,458 shares during the period. Geode Capital Management LLC grew its holdings in shares of Magnite by 2.2% during the third quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock valued at $41,118,000 after purchasing an additional 63,545 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its position in shares of Magnite by 8.5% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 1,873,835 shares of the company’s stock worth $29,831,000 after purchasing an additional 146,974 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Performance

Shares of NASDAQ MGNI opened at $9.90 on Thursday. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $21.29. The firm has a market cap of $1.42 billion, a P/E ratio of 165.00, a PEG ratio of 1.00 and a beta of 2.69. The stock has a fifty day moving average price of $13.86 and a two-hundred day moving average price of $14.83. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Magnite (NASDAQ:MGNI) last announced its earnings results 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). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The firm had revenue of $180.20 million for the quarter, compared to the consensus estimate of $183.90 million. Research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Adam Lee Soroca sold 15,499 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the completion of the sale, the insider now owns 458,386 shares in the company, valued at approximately $7,219,579.50. This represents a 3.27 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Brian Gephart sold 6,250 shares of Magnite stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $16.00, for a total value of $100,000.00. Following the completion of the transaction, the chief accounting officer now owns 132,909 shares in the company, valued at $2,126,544. The trade was a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 244,905 shares of company stock worth $4,718,855 in the last ninety days. 4.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Wells Fargo & Company boosted their price objective on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. 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 report on Friday, January 3rd. Royal Bank of Canada increased their price objective on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Benchmark reissued a “buy” rating and set a $25.00 target price on shares of Magnite in a research note on Monday, March 10th. Finally, Susquehanna raised their price target on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research note on Thursday, February 27th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.81.

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.