New York State Common Retirement Fund Has $7.49 Million Stock Position in Magnite, Inc. (NASDAQ:MGNI)

New York State Common Retirement Fund cut its holdings in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 1.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 656,141 shares of the company's stock after selling 11,457 shares during the quarter. New York State Common Retirement Fund owned about 0.46% of Magnite worth $7,487,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of MGNI. Vanguard Group Inc. boosted its position in Magnite by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company's stock worth $216,593,000 after purchasing an additional 257,032 shares during the period. Capital Research Global Investors acquired a new position in shares of Magnite in the fourth quarter valued at $122,986,000. Wellington Management Group LLP raised its stake in Magnite by 6.8% during 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 in the last quarter. Dimensional Fund Advisors LP raised its stake in Magnite by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company's stock worth $87,957,000 after acquiring an additional 170,532 shares in the last quarter. Finally, Nine Ten Capital Management LLC raised its stake in Magnite by 18.8% during the fourth quarter. Nine Ten Capital Management LLC now owns 3,115,849 shares of the company's stock worth $49,604,000 after acquiring an additional 493,983 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Benchmark lifted their price objective on Magnite from $24.00 to $30.00 and gave the company a "buy" rating in a report on Tuesday. Royal Bank Of Canada reduced their target price on Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Wall Street Zen upgraded Magnite from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. 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 report on Thursday, May 8th. Finally, Craig Hallum set a $24.00 target price on Magnite and gave the company a "buy" rating in a research report on Tuesday, May 20th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $20.83.

Magnite Stock Down 3.8%

MGNI stock traded down $0.92 during midday trading on Tuesday, hitting $23.50. The company's stock had a trading volume of 2,219,216 shares, compared to its average volume of 2,273,118. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The firm has a 50-day simple moving average of $19.30 and a 200-day simple moving average of $16.12. The firm has a market capitalization of $3.32 billion, a P/E ratio of 117.44, a PEG ratio of 2.00 and a beta of 2.96. 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 announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, beating analysts' consensus estimates of $0.06 by $0.06. The firm had revenue of $145.85 million during the quarter, compared to analysts' expectations of $142.18 million. Magnite had a net margin of 4.58% and a return on equity of 6.71%. Magnite's quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.05 earnings per share. As a group, equities analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

Insider Buying and Selling

In other news, insider Adam Lee Soroca sold 42,584 shares of the firm's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $25.00, for a total value of $1,064,600.00. Following the transaction, the insider directly owned 366,672 shares in the company, valued at approximately $9,166,800. This trade represents a 10.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael G. Barrett sold 70,900 shares of the firm's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $23.27, for a total transaction of $1,649,843.00. Following the completion of the transaction, the chief executive officer owned 285,808 shares in the company, valued at approximately $6,650,752.16. The trade was a 19.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 959,227 shares of company stock valued at $18,854,021. 4.30% of the stock is owned by corporate insiders.

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.