Zurcher Kantonalbank Zurich Cantonalbank Buys 11,827 Shares of Magnite, Inc. (NASDAQ:MGNI)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Magnite, Inc. by 36.8%, owning 43,989 shares worth $502,000 as of the end of the first quarter.
• Magnite's latest quarterly earnings report showed a net margin of 6.30% and earnings per share of $0.20, exceeding analyst expectations.
• Several analysts have upgraded their ratings and price targets for Magnite, with Needham & Company boosting the target from $18 to $25 and Wells Fargo increasing it from $13 to $24.

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 36.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,989 shares of the company's stock after purchasing an additional 11,827 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Magnite were worth $502,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. MCF Advisors LLC grew 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 worth $25,000 after purchasing an additional 2,100 shares in the last quarter. AllSquare Wealth Management LLC boosted its stake in Magnite by 76.8% in the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock worth $41,000 after buying an additional 1,555 shares in the last quarter. GAMMA Investing LLC boosted its stake in Magnite by 10,170.3% in the first quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock worth $43,000 after buying an additional 3,763 shares in the last quarter. Larson Financial Group LLC boosted its stake in Magnite by 67.5% in the first quarter. Larson Financial Group LLC now owns 6,108 shares of the company's stock worth $70,000 after buying an additional 2,461 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in Magnite by 7,043.0% in the first quarter. Farther Finance Advisors LLC now owns 6,643 shares of the company's stock worth $76,000 after buying an additional 6,550 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company's stock.

Insider Transactions at Magnite

In related news, CFO David Day sold 36,000 shares of the stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $20.95, for a total transaction of $754,200.00. Following the sale, the chief financial officer directly owned 443,528 shares of the company's stock, valued at $9,291,911.60. This trade represents a 7.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael G. Barrett sold 70,900 shares of the stock in a transaction on 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 sale, the chief executive officer directly owned 285,808 shares in the company, valued at $6,650,752.16. This trade represents a 19.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 959,227 shares of company stock valued at $18,854,021. 3.80% of the stock is currently owned by corporate insiders.

Magnite Stock Up 3.3%

MGNI stock traded up $0.72 during midday trading on Friday, hitting $22.47. The stock had a trading volume of 4,302,281 shares, compared to its average volume of 2,781,658. The firm has a market cap of $3.17 billion, a price-to-earnings ratio of 54.80, a price-to-earnings-growth ratio of 1.83 and a beta of 3.05. The business has a 50-day moving average of $21.37 and a two-hundred day moving average of $16.82. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $25.27. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98.

Magnite (NASDAQ:MGNI - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.03. Magnite had a return on equity of 8.13% and a net margin of 6.30%. The firm had revenue of $162.00 million for the quarter, compared to analysts' expectations of $157.05 million. During the same period in the prior year, the firm posted $0.14 earnings per share. The company's quarterly revenue was up 6.4% on a year-over-year basis. As a group, equities research analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on MGNI. Lake Street Capital cut their target price on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Benchmark upped their target price on Magnite from $30.00 to $31.00 and gave the stock a "buy" rating in a research note on Thursday. Royal Bank Of Canada upped their target price on Magnite from $19.00 to $27.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Wall Street Zen upgraded Magnite from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Finally, Needham & Company LLC boosted their price objective on Magnite from $18.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $25.82.

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.