Nuveen Asset Management LLC Decreases Stake in Magnite, Inc. (NASDAQ:MGNI)

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

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Magnite by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company's stock worth $216,593,000 after buying an additional 257,032 shares in the last quarter. Capital Research Global Investors bought a new position in shares of Magnite during the 4th quarter worth approximately $122,986,000. Wellington Management Group LLP boosted its holdings in shares of Magnite by 6.8% during the 4th quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company's stock worth $111,918,000 after buying an additional 450,341 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Magnite by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company's stock worth $87,957,000 after buying an additional 170,532 shares in the last quarter. Finally, Boston Partners boosted its holdings in shares of Magnite by 39.1% during the 4th quarter. Boston Partners now owns 4,756,323 shares of the company's stock worth $76,061,000 after buying an additional 1,336,458 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MGNI has been the topic of a number of recent research reports. Benchmark cut their target price on Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Royal Bank of Canada cut their target price on Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Lake Street Capital cut their target price on Magnite from $21.00 to $19.00 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. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $18.00 target price on shares of Magnite in a report on Thursday, May 8th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Magnite currently has an average rating of "Moderate Buy" and an average target price of $19.23.

Insiders Place Their Bets

In other news, insider Adam Lee Soroca sold 15,499 shares of Magnite stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the sale, the insider now directly owns 458,386 shares in the company, valued at $7,219,579.50. The trade was a 3.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Sean Patrick Buckley sold 9,692 shares of Magnite stock in a transaction on Friday, May 16th. The stock was sold at an average price of $15.73, for a total value of $152,455.16. Following the sale, the insider now owns 347,394 shares in the company, valued at $5,464,507.62. The trade was a 2.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 57,469 shares of company stock valued at $919,285 in the last three months. 3.80% of the stock is currently owned by insiders.

Magnite Stock Down 1.5%

MGNI traded down $0.24 during mid-day trading on Friday, reaching $15.36. 1,056,744 shares of the stock were exchanged, compared to its average volume of 2,117,396. 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 stock has a market capitalization of $2.17 billion, a PE ratio of 256.00, a price-to-earnings-growth ratio of 1.00 and a beta of 2.73. The company has a 50 day moving average price of $12.43 and a two-hundred day moving average price of $15.07. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $21.29.

Magnite (NASDAQ:MGNI - Get Free Report) last posted 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. The firm had revenue of $145.85 million for the quarter, compared to the consensus estimate of $142.18 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.05 EPS. As a group, research analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

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.