Zurcher Kantonalbank Zurich Cantonalbank Has $502,000 Stock Holdings in 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 raised its holdings in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 36.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 43,989 shares of the company's stock after buying 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.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MGNI. Capital Research Global Investors acquired a new stake in Magnite in the 4th quarter valued at approximately $122,986,000. Pacer Advisors Inc. acquired a new stake in Magnite in the 1st quarter valued at approximately $12,576,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Magnite in the 4th quarter valued at approximately $11,076,000. Nine Ten Capital Management LLC grew its holdings in Magnite by 18.8% in the 4th quarter. Nine Ten Capital Management LLC now owns 3,115,849 shares of the company's stock valued at $49,604,000 after buying an additional 493,983 shares during the last quarter. Finally, EAM Global Investors LLC acquired a new stake in Magnite in the 4th quarter valued at approximately $3,640,000. Institutional investors and hedge funds own 73.40% of the company's stock.

Insider Buying and Selling

In other Magnite news, Director James Rossman sold 137,007 shares of the 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 sale, the director 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Katie Seitz Evans sold 35,000 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $17.36, for a total transaction of $607,600.00. Following the sale, the insider directly owned 442,788 shares in the company, valued at approximately $7,686,799.68. This represents a 7.33% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 952,893 shares of company stock valued at $18,751,664. Insiders own 4.30% of the company's stock.

Magnite Price Performance

MGNI stock traded up $0.43 during trading on Tuesday, hitting $22.52. The company had a trading volume of 681,142 shares, compared to its average volume of 2,689,524. The company has a fifty day moving average price of $21.48 and a two-hundred day moving average price of $16.86. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The company has a market cap of $3.21 billion, a P/E ratio of 77.67, a P/E/G ratio of 1.65 and a beta of 3.05. Magnite, Inc. has a fifty-two week low of $8.22 and a fifty-two week high of $25.27.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.17 by $0.03. The business had revenue of $162.00 million for the quarter, compared to analyst estimates of $157.05 million. Magnite had a return on equity of 8.07% and a net margin of 6.30%. Magnite's quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.14 EPS. Equities research analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on MGNI shares. Susquehanna lifted their price objective on Magnite from $22.00 to $28.00 and gave the stock a "positive" rating in a report on Thursday, August 7th. Wells Fargo & Company lifted their price objective on Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Lake Street Capital dropped their price objective on shares of Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Needham & Company LLC increased their price objective on shares of Magnite from $18.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Finally, Rosenblatt Securities restated a "buy" rating and issued a $39.00 price objective on shares of Magnite in a research note on Thursday, August 7th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $25.82.

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.