Williams Jones Wealth Management LLC. Reduces Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

Williams Jones Wealth Management LLC. cut its stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 10.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 602,244 shares of the company's stock after selling 72,277 shares during the period. Williams Jones Wealth Management LLC. owned 0.43% of Magnite worth $9,588,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of MGNI. Arizona State Retirement System grew its holdings in shares of Magnite by 1.5% during the fourth quarter. Arizona State Retirement System now owns 36,846 shares of the company's stock worth $587,000 after purchasing an additional 559 shares in the last quarter. Truist Financial Corp grew its holdings in shares of Magnite by 2.0% during the fourth quarter. Truist Financial Corp now owns 34,242 shares of the company's stock worth $545,000 after purchasing an additional 674 shares in the last quarter. Summit Investment Advisors Inc. grew its holdings in shares of Magnite by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company's stock worth $210,000 after purchasing an additional 836 shares in the last quarter. ANTIPODES PARTNERS Ltd grew its holdings in shares of Magnite by 13.4% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company's stock worth $129,000 after purchasing an additional 956 shares in the last quarter. Finally, Jones Financial Companies Lllp grew its holdings in shares of Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock worth $93,000 after purchasing an additional 1,000 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Magnite news, CAO Brian Gephart sold 6,334 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $16.16, for a total value of $102,357.44. Following the completion of the transaction, the chief accounting officer now owns 126,575 shares in the company, valued at approximately $2,045,452. This represents a 4.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Adam Lee Soroca sold 15,499 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total value of $244,109.25. Following the completion of the transaction, the insider now owns 458,386 shares of the company's stock, valued at approximately $7,219,579.50. This trade represents a 3.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold 57,469 shares of company stock valued at $919,285 over the last quarter. 3.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Lake Street Capital cut their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Craig Hallum set a $24.00 price objective on Magnite and gave the stock a "buy" rating in a report on Tuesday. Royal Bank of Canada cut their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Needham & Company LLC boosted 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. Finally, Benchmark cut their target price on Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. 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, Magnite has a consensus rating of "Moderate Buy" and an average target price of $19.23.

Magnite Trading Down 1.5%

Shares of NASDAQ:MGNI traded down $0.24 during trading on Friday, reaching $15.36. 1,056,744 shares of the company traded hands, compared to its average volume of 2,117,396. The business's fifty day moving average is $12.43 and its 200-day moving average is $15.07. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $21.29. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of 256.00, a P/E/G ratio of 1.00 and a beta of 2.73. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly 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 return on equity of 4.64% and a net margin of 2.62%. The company had revenue of $145.85 million during the quarter, compared to analyst estimates of $142.18 million. During the same quarter last year, the firm posted $0.05 earnings per share. The firm's revenue was up 4.3% on a year-over-year basis. As a group, analysts forecast that Magnite, Inc. will post 0.33 EPS 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.