Boston Partners Grows Position in Magnite, Inc. (NASDAQ:MGNI)

Key Points

• Boston Partners increased its stake in Magnite, Inc. by 10.9%, acquiring an additional 520,033 shares, bringing its total ownership to approximately 3.73% valued at $60,187,000.
• Institutional investors collectively own 73.40% of Magnite's stock, with several large investors raising their stakes during the previous quarter.
• Magnite reported $0.20 earnings per share for the latest quarter, exceeding the consensus estimate of $0.17, alongside a revenue increase of 6.4% year-over-year.

Boston Partners grew its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 10.9% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 5,276,356 shares of the company's stock after acquiring an additional 520,033 shares during the period. Boston Partners owned about 3.73% of Magnite worth $60,187,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Summit Investment Advisors Inc. raised its position in Magnite by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company's stock valued at $210,000 after buying an additional 836 shares during the last quarter. Perkins Capital Management Inc. grew its stake in shares of Magnite by 0.9% during the 1st quarter. Perkins Capital Management Inc. now owns 145,125 shares of the company's stock worth $1,656,000 after acquiring an additional 1,300 shares during the period. Principal Financial Group Inc. raised its position in shares of Magnite by 1.2% in the first quarter. Principal Financial Group Inc. now owns 124,547 shares of the company's stock valued at $1,421,000 after purchasing an additional 1,474 shares during the period. AllSquare Wealth Management LLC lifted its position in shares of Magnite by 76.8% during the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock worth $41,000 after acquiring an additional 1,555 shares in the last quarter. Finally, Smithfield Trust Co grew its holdings in Magnite by 38.9% during the 1st quarter. Smithfield Trust Co now owns 5,930 shares of the company's stock valued at $67,000 after buying an additional 1,660 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Aaron Saltz sold 13,860 shares of the business's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $23.34, for a total transaction of $323,492.40. Following the sale, the insider directly owned 247,954 shares of the company's stock, valued at $5,787,246.36. The trade was a 5.29% 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, CEO Michael G. Barrett sold 70,900 shares of the business's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $23.27, for a total value of $1,649,843.00. Following the completion of the transaction, the chief executive officer directly owned 285,808 shares of the company's stock, valued at approximately $6,650,752.16. This trade represents a 19.88% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 965,695 shares of company stock worth $19,189,114. Insiders own 4.30% of the company's stock.

Analyst Ratings Changes

MGNI has been the subject of several research analyst reports. Wall Street Zen raised Magnite from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Lake Street Capital decreased their target price on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Needham & Company LLC boosted their target price on Magnite from $18.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Craig Hallum set a $24.00 price objective on shares of Magnite and gave the stock a "buy" rating in a report on Tuesday, May 20th. Finally, Susquehanna increased their price target on shares of Magnite from $22.00 to $28.00 and gave the stock a "positive" rating in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $25.82.

Magnite Price Performance

Shares of MGNI traded up $0.11 during mid-day trading on Friday, hitting $23.70. 2,903,873 shares of the stock were exchanged, compared to its average volume of 2,870,881. The company has a market cap of $3.37 billion, a PE ratio of 81.73, a price-to-earnings-growth ratio of 1.63 and a beta of 3.05. The firm has a 50-day moving average of $21.96 and a two-hundred day moving average of $17.02. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.00. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $25.27.

Magnite (NASDAQ:MGNI - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.17 by $0.03. Magnite had a return on equity of 8.07% and a net margin of 6.30%. The business had revenue of $162.00 million for the quarter, compared to analyst estimates of $157.05 million. During the same quarter last year, the firm posted $0.14 earnings per share. The business's revenue was up 6.4% compared to the same quarter last year. On average, equities analysts predict that Magnite, Inc. will post 0.33 earnings per share 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.