Nuveen Asset Management LLC Sells 173,082 Shares of Magnite, Inc. (NASDAQ:MGNI)

Nuveen Asset Management LLC reduced its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 4.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,942,780 shares of the company’s stock after selling 173,082 shares during the quarter. Nuveen Asset Management LLC owned approximately 2.80% of Magnite worth $62,769,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake 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 acquiring an additional 257,032 shares in the last quarter. Capital Research Global Investors acquired a new stake in shares of Magnite in the 4th quarter valued at approximately $122,986,000. Wellington Management Group LLP boosted its holdings in shares of Magnite by 6.8% in the 4th quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company’s stock valued at $111,918,000 after buying an additional 450,341 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Magnite by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company’s stock valued at $87,957,000 after buying an additional 170,532 shares during the last quarter. Finally, Boston Partners boosted its holdings in shares of Magnite by 39.1% in the 4th quarter. Boston Partners now owns 4,756,323 shares of the company’s stock valued at $76,061,000 after buying an additional 1,336,458 shares during the last quarter. 73.40% of the stock is owned by institutional investors.

Insider Transactions at Magnite

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 completion of the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 directly owns 347,394 shares of the company’s stock, valued at $5,464,507.62. This represents a 2.71% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,668 shares of company stock valued at $979,091. 3.80% of the stock is currently owned by corporate insiders.

Magnite Trading Down 2.1%

Shares of Magnite stock opened at $15.54 on Monday. The business has a fifty day simple moving average of $12.15 and a two-hundred day simple moving average of $14.98. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $21.29. The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of 259.00, a P/E/G ratio of 1.00 and a beta of 2.73. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (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 business had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. During the same quarter last year, the firm posted $0.05 EPS. The company’s quarterly revenue was up 4.3% on a year-over-year basis. Research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on MGNI shares. Rosenblatt Securities reissued a “buy” rating and issued a $18.00 price objective on shares of Magnite in a report on Thursday, May 8th. 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. Susquehanna increased their price objective on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a report on Thursday, February 27th. 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. Finally, Needham & Company LLC increased their price objective on Magnite from $14.00 to $18.00 and gave the company a “buy” rating in a report on Monday, May 12th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.92.

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.