Nuveen Asset Management LLC Has $62.77 Million Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Nuveen Asset Management LLC trimmed its holdings in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 4.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,942,780 shares of the company's stock after selling 173,082 shares during the period. Nuveen Asset Management LLC owned about 2.80% of Magnite worth $62,769,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. SBI Securities Co. Ltd. bought a new position in shares of Magnite during the 4th quarter valued at about $25,000. Larson Financial Group LLC raised its holdings in Magnite by 179.2% during the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company's stock worth $58,000 after buying an additional 2,341 shares during the period. Quantbot Technologies LP bought a new position in Magnite in the fourth quarter valued at approximately $87,000. Jones Financial Companies Lllp lifted its stake in Magnite by 20.6% in the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock valued at $93,000 after buying an additional 1,000 shares in the last quarter. Finally, KBC Group NV boosted its holdings in shares of Magnite by 66.5% in the fourth quarter. KBC Group NV now owns 5,943 shares of the company's stock valued at $95,000 after buying an additional 2,374 shares during the period. 73.40% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Magnite news, insider Sean Patrick Buckley sold 9,692 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.73, for a total transaction of $152,455.16. Following the transaction, the insider now owns 347,394 shares of the company's stock, valued at $5,464,507.62. The trade was a 2.71% 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, insider Adam Lee Soroca sold 15,499 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total value of $244,109.25. Following the completion of the sale, the insider now directly owns 458,386 shares of the company's stock, valued at approximately $7,219,579.50. The trade was a 3.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,141 shares of company stock valued at $777,709. 3.80% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Benchmark dropped their price objective on shares of Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Susquehanna increased their target price on Magnite from $16.00 to $22.00 and gave the stock a "positive" rating in a report on Thursday, February 27th. Rosenblatt Securities restated a "buy" rating and issued a $18.00 price target on shares of Magnite in a report on Thursday, May 8th. Royal Bank of Canada reduced their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Finally, Needham & Company LLC increased their price objective on Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, May 12th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $18.92.

Magnite Stock Up 0.6%

NASDAQ MGNI traded up $0.09 during trading hours on Thursday, hitting $15.60. 1,345,311 shares of the company traded hands, compared to its average volume of 2,125,418. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The business's 50-day moving average is $12.33 and its 200-day moving average is $15.02. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of 260.00, a P/E/G ratio of 1.00 and a beta of 2.73. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $21.29.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.06. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The company had revenue of $145.85 million for the quarter, compared to analysts' expectations of $142.18 million. During the same quarter in the prior year, the business posted $0.05 EPS. The business's revenue was up 4.3% compared to the same quarter last year. Sell-side analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

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.