Cerity Partners LLC Has $1.43 Million Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

Cerity Partners LLC cut its holdings in Magnite, Inc. (NASDAQ:MGNI) by 0.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 103,366 shares of the company’s stock after selling 757 shares during the quarter. Cerity Partners LLC’s holdings in Magnite were worth $1,432,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of MGNI. Verdence Capital Advisors LLC increased its position in shares of Magnite by 4.8% in the third quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock valued at $268,000 after acquiring an additional 892 shares during the last quarter. Mount Yale Investment Advisors LLC raised its position in shares of Magnite by 4.6% in the 3rd quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company’s stock valued at $336,000 after buying an additional 1,068 shares in the last quarter. Arizona State Retirement System raised its position in Magnite by 3.4% during the second quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock valued at $469,000 after purchasing an additional 1,160 shares in the last quarter. UMB Bank n.a. lifted its position in shares of Magnite by 111.8% during the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after buying an additional 1,188 shares during the last quarter. Finally, Fulton Bank N.A. lifted its stake in Magnite by 6.4% in the 3rd quarter. Fulton Bank N.A. now owns 28,311 shares of the company’s stock valued at $392,000 after purchasing an additional 1,696 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

Insider Activity

In related news, insider Aaron Saltz sold 5,112 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $13.50, for a total transaction of $69,012.00. Following the sale, the insider now directly owns 307,745 shares of the company’s stock, valued at approximately $4,154,557.50. This represents a 1.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael G. Barrett sold 27,004 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $17.63, for a total transaction of $476,080.52. Following the sale, the chief executive officer now directly owns 782,910 shares of the company’s stock, valued at $13,802,703.30. This trade represents a 3.33 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 191,143 shares of company stock valued at $3,121,851. Company insiders own 4.30% of the company’s stock.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $17.06 on Wednesday. The stock has a market cap of $2.40 billion, a PE ratio of 284.33, a PEG ratio of 1.41 and a beta of 2.50. Magnite, Inc. has a 52 week low of $8.05 and a 52 week high of $18.38. The company’s fifty day moving average is $13.88 and its 200 day moving average is $13.56. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Wall Street Analyst Weigh In

MGNI has been the subject of several analyst reports. Royal Bank of Canada restated an “outperform” rating and set a $19.00 price target on shares of Magnite in a report on Friday, September 27th. Wells Fargo & Company assumed coverage on shares of Magnite in a report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price objective for the company. Craig Hallum reissued a “buy” rating and set a $20.00 price target on shares of Magnite in a research report on Wednesday, August 21st. Needham & Company LLC reiterated a “buy” rating and issued a $15.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Macquarie reissued an “outperform” rating and set a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $16.96.

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.