Raymond James Financial Inc. Has $4.13 Million Stock Holdings in Magnite, Inc. $MGNI

Key Points

• Raymond James Financial Inc. reduced its holdings in Magnite, Inc. by 33.7% during the 1st quarter, owning approximately 0.26% of the company after selling 183,788 shares.
• Magnite's stock opened at $24.85 and has experienced a 12-month high of $26.65, with a market capitalization of $3.54 billion.
• Analysts have set various price targets for Magnite, with an average target of $25.82 and a consensus rating of "Moderate Buy".

Raymond James Financial Inc. lessened its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 33.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 361,776 shares of the company's stock after selling 183,788 shares during the period. Raymond James Financial Inc. owned 0.26% of Magnite worth $4,129,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in MGNI. MCF Advisors LLC raised its holdings in shares of Magnite by 2,100.0% during the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after buying an additional 2,100 shares during the last quarter. AllSquare Wealth Management LLC increased its stake 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 valued at $41,000 after acquiring an additional 1,555 shares during the period. GAMMA Investing LLC increased its stake in shares of Magnite by 10,170.3% during the first quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock valued at $43,000 after acquiring an additional 3,763 shares during the period. Smithfield Trust Co increased its stake in shares of Magnite by 38.9% during the first quarter. Smithfield Trust Co now owns 5,930 shares of the company's stock valued at $67,000 after acquiring an additional 1,660 shares during the period. Finally, Larson Financial Group LLC increased its stake in shares of Magnite by 67.5% during the first quarter. Larson Financial Group LLC now owns 6,108 shares of the company's stock valued at $70,000 after acquiring an additional 2,461 shares during the period. Institutional investors own 73.40% of the company's stock.

Insider Activity at Magnite

In other news, insider Adam Lee Soroca sold 44,519 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $20.00, for a total transaction of $890,380.00. Following the completion of the transaction, the insider owned 400,927 shares of the company's stock, valued at approximately $8,018,540. This represents a 9.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Rossman sold 137,007 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $18.78, for a total transaction of $2,572,991.46. Following the transaction, the director directly owned 93,679 shares of the company's stock, valued at $1,759,291.62. This represents a 59.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,102,017 shares of company stock worth $23,311,109 over the last ninety days. Corporate insiders own 4.30% of the company's stock.

Magnite Stock Down 4.2%

Shares of NASDAQ MGNI traded down $1.02 during mid-day trading on Wednesday, reaching $23.37. 2,625,207 shares of the company traded hands, compared to its average volume of 2,744,099. The stock has a market cap of $3.33 billion, a PE ratio of 80.55, a price-to-earnings-growth ratio of 1.74 and a beta of 3.05. 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 fifty-two week low of $8.22 and a fifty-two week high of $26.65. The company's fifty day moving average is $23.72 and its two-hundred day moving average is $17.69.

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. The firm had revenue of $162.00 million during the quarter, compared to analyst estimates of $157.05 million. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The business's revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.14 EPS. On average, analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MGNI. Susquehanna raised their target price on Magnite from $22.00 to $28.00 and gave the company a "positive" rating in a research note on Thursday, August 7th. Scotiabank reaffirmed an "outperform" rating and set a $30.00 target price (up previously from $22.00) on shares of Magnite in a research note on Thursday, August 7th. Wall Street Zen upgraded shares of Magnite from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Benchmark increased their price objective on Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, Needham & Company LLC boosted their target price on Magnite from $18.00 to $25.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Ten analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $25.82.

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.