Northern Trust Corp Buys 21,230 Shares of Magnite, Inc. (NASDAQ:MGNI)

Northern Trust Corp lifted its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 1.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,658,535 shares of the company's stock after acquiring an additional 21,230 shares during the quarter. Northern Trust Corp owned approximately 1.18% of Magnite worth $26,404,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Magnite by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company's stock valued at $216,593,000 after purchasing an additional 257,032 shares during the last quarter. Capital Research Global Investors bought a new stake in shares of Magnite during the fourth quarter worth approximately $122,986,000. Wellington Management Group LLP grew its position in shares of Magnite by 6.8% in the fourth quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company's stock valued at $111,918,000 after purchasing an additional 450,341 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Magnite by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company's stock worth $87,957,000 after purchasing an additional 170,532 shares during the period. Finally, Boston Partners lifted its holdings in 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 purchasing an additional 1,336,458 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Price Performance

NASDAQ:MGNI traded up $0.28 on Wednesday, hitting $16.59. The company had a trading volume of 2,126,740 shares, compared to its average volume of 2,196,131. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $21.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of 276.50, a PEG ratio of 1.00 and a beta of 2.73. The firm has a 50 day moving average of $11.94 and a two-hundred day moving average of $14.90.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.06 by $0.06. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The firm had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. During the same period last year, the company earned $0.05 earnings per share. The business's quarterly revenue was up 4.3% on a year-over-year basis. On average, research analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Brian Gephart sold 6,250 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $16.00, for a total value of $100,000.00. Following the sale, the chief accounting officer now directly owns 132,909 shares in the company, valued at $2,126,544. This represents a 4.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Adam Lee Soroca sold 15,499 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the insider now owns 458,386 shares in the company, valued at $7,219,579.50. This trade represents a 3.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,276 shares of company stock worth $545,491 in the last ninety days. Company insiders own 4.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Benchmark dropped their target price on Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Needham & Company LLC boosted their price objective on shares of Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a report on Monday. Lake Street Capital dropped their price target on shares of Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Royal Bank of Canada dropped 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. Finally, Wells Fargo & Company raised their price target on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 16th. 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, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $18.92.

Magnite Company 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.