S Squared Technology LLC Purchases 135,000 Shares of Magnite, Inc. $MGNI

Key Points

• S Squared Technology LLC increased its Magnite stake by 50.4% in the fourth quarter, buying 135,000 shares and bringing its total holding to 402,862 shares worth about $6.54 million.
• Wall Street sentiment on Magnite remains constructive, with eight analysts rating the stock a Buy and two Hold, leading to a Moderate Buy consensus and a $23.89 average price target.
• Magnite recently beat earnings expectations, posting $0.13 EPS versus $0.11 expected and revenue of $164.37 million, while insiders have also sold shares in the latest quarter.

S Squared Technology LLC grew its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 50.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 402,862 shares of the company's stock after acquiring an additional 135,000 shares during the quarter. Magnite comprises approximately 2.5% of S Squared Technology LLC's holdings, making the stock its 16th largest holding. S Squared Technology LLC owned 0.28% of Magnite worth $6,538,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Smartleaf Asset Management LLC boosted its position in shares of Magnite by 20.5% during the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company's stock valued at $82,000 after acquiring an additional 577 shares during the last quarter. US Bancorp DE lifted its position in Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company's stock worth $35,000 after buying an additional 688 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Magnite by 45.1% in the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company's stock worth $53,000 after buying an additional 755 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its position in Magnite by 2.4% in the third quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company's stock worth $992,000 after buying an additional 1,047 shares during the last quarter. Finally, Neo Ivy Capital Management bought a new stake in Magnite in the third quarter worth $27,000. 73.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Needham & Company LLC restated a "buy" rating and issued a $25.00 price target on shares of Magnite in a research report on Thursday, April 16th. Scotiabank raised their price target on Magnite from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a research report on Thursday, May 7th. BTIG Research assumed coverage on Magnite in a research report on Tuesday, June 9th. They issued a "buy" rating and a $20.00 price target for the company. Royal Bank Of Canada reiterated an "outperform" rating on shares of Magnite in a research note on Thursday, May 28th. Finally, Wells Fargo & Company increased their target price on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research note on Friday, May 8th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $23.89.

Magnite Stock Performance

MGNI stock opened at $16.25 on Monday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The business's fifty day simple moving average is $13.50 and its two-hundred day simple moving average is $13.87. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of 15.63, a PEG ratio of 0.77 and a beta of 2.32.

Magnite (NASDAQ:MGNI - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.02. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The business had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. During the same quarter last year, the firm posted $0.12 earnings per share. The business's revenue was up 5.5% compared to the same quarter last year. Analysts predict that Magnite, Inc. will post 0.6 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Robert F. Spillane sold 10,000 shares of the firm's stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $13.33, for a total transaction of $133,300.00. Following the transaction, the director owned 43,917 shares in the company, valued at approximately $585,413.61. This trade represents a 18.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Douglas S. Knopper sold 10,766 shares of the firm's stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $15.73, for a total value of $169,349.18. Following the transaction, the director owned 163,147 shares in the company, valued at approximately $2,566,302.31. This represents a 6.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 32,941 shares of company stock worth $492,272 over the last quarter. Company insiders own 4.30% of the company's stock.

About Magnite

Magnite, Inc NASDAQ: MGNI operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite's offering is its supply-side platform (SSP), which connects publishers' ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).

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