Principal Financial Group Inc. Purchases 91,031 Shares of Magnite, Inc. (NASDAQ:MGNI)

Principal Financial Group Inc. grew its position in Magnite, Inc. (NASDAQ:MGNI) by 552.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 107,515 shares of the company’s stock after buying an additional 91,031 shares during the period. Principal Financial Group Inc.’s holdings in Magnite were worth $1,489,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Magnite by 9.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,151 shares of the company’s stock valued at $361,000 after acquiring an additional 2,316 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Magnite by 668.3% during the second quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company’s stock valued at $1,084,000 after purchasing an additional 70,956 shares in the last quarter. Arizona State Retirement System boosted its position in shares of 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 buying an additional 1,160 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in Magnite in the 2nd quarter worth about $619,000. Finally, Asset Dedication LLC purchased a new position in Magnite in the 2nd quarter worth about $52,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Price Performance

NASDAQ MGNI opened at $17.13 on Friday. The stock has a market cap of $2.41 billion, a price-to-earnings ratio of 285.50, a PEG ratio of 1.35 and a beta of 2.50. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $18.38. The company’s 50 day moving average is $15.78 and its two-hundred day moving average is $14.16. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

Insider Activity

In related news, insider Aaron Saltz sold 5,112 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction of $69,012.00. Following the completion of the sale, the insider now owns 307,745 shares in the company, valued at approximately $4,154,557.50. This trade represents a 1.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO David Buonasera sold 1,969 shares of Magnite stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $16.31, for a total value of $32,114.39. Following the sale, the chief technology officer now directly owns 223,795 shares in the company, valued at $3,650,096.45. This trade represents a 0.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 352,752 shares of company stock worth $5,938,282 in the last three months. Company insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

MGNI has been the topic of a number of recent analyst reports. Benchmark reiterated a “buy” rating and issued a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Wells Fargo & Company began coverage on shares of Magnite in a research report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 target price for the company. Wolfe Research increased their price target on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday. Macquarie reaffirmed an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Finally, Needham & Company LLC upped their price objective on Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $18.19.

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.