Stephens Investment Management Group LLC Sells 45,988 Shares of Magnite, Inc. (NASDAQ:MGNI)

Stephens Investment Management Group LLC lessened its stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 4.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 950,656 shares of the company's stock after selling 45,988 shares during the quarter. Stephens Investment Management Group LLC owned about 0.67% of Magnite worth $10,847,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in MGNI. Jones Financial Companies Lllp boosted its holdings in shares of Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock valued at $93,000 after acquiring an additional 1,000 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Magnite by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,049,412 shares of the company's stock valued at $16,707,000 after acquiring an additional 16,308 shares during the last quarter. M&T Bank Corp purchased a new stake in shares of Magnite during the 4th quarter valued at about $230,000. Raymond James Financial Inc. purchased a new stake in shares of Magnite during the 4th quarter valued at about $8,685,000. Finally, HighTower Advisors LLC boosted its holdings in shares of Magnite by 18.6% during the 4th quarter. HighTower Advisors LLC now owns 20,551 shares of the company's stock valued at $327,000 after acquiring an additional 3,229 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MGNI shares. Needham & Company LLC raised their price target on shares of Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a report on Monday, May 12th. Craig Hallum set a $24.00 price objective on shares of Magnite and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Lake Street Capital lowered their price objective on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Wells Fargo & Company increased their price objective on shares of Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Finally, Benchmark lowered their price objective on shares of Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $20.33.

Magnite Stock Performance

NASDAQ MGNI traded up $0.67 on Tuesday, reaching $23.78. 587,982 shares of the stock were exchanged, compared to its average volume of 2,674,440. Magnite, Inc. has a one year low of $8.22 and a one year high of $25.27. The firm has a market capitalization of $3.36 billion, a PE ratio of 118.92, a PEG ratio of 1.84 and a beta of 2.96. The company's 50-day simple moving average is $18.46 and its two-hundred day simple moving average is $15.90. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47.

Magnite (NASDAQ:MGNI - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, topping analysts' consensus estimates of $0.06 by $0.06. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The company had revenue of $145.85 million for the quarter, compared to analysts' expectations of $142.18 million. During the same quarter last year, the business earned $0.05 EPS. The firm's revenue was up 4.3% compared to the same quarter last year. Analysts expect that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Activity

In other news, insider Adam Lee Soroca sold 42,584 shares of Magnite stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $25.00, for a total transaction of $1,064,600.00. Following the sale, the insider owned 366,672 shares in the company, valued at $9,166,800. This trade represents a 10.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael G. Barrett sold 300,000 shares of Magnite stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $20.01, for a total transaction of $6,003,000.00. Following the sale, the chief executive officer owned 356,708 shares in the company, valued at approximately $7,137,727.08. The trade was a 45.68% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 888,327 shares of company stock valued at $17,204,178. Company insiders own 4.30% of the company's stock.

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.