Boston Partners Has $76.06 Million Stake in Magnite, Inc. (NASDAQ:MGNI)

Boston Partners lifted its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 39.1% in the 4th quarter, Holdings Channel reports. The institutional investor owned 4,756,323 shares of the company’s stock after acquiring an additional 1,336,458 shares during the period. Boston Partners’ holdings in Magnite were worth $76,061,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. grew its holdings in Magnite by 552.2% during the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock valued at $1,489,000 after purchasing an additional 91,031 shares during the period. Quest Partners LLC acquired a new position in shares of Magnite in the third quarter valued at approximately $233,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Magnite in the third quarter valued at approximately $2,065,000. Intech Investment Management LLC acquired a new position in shares of Magnite in the third quarter valued at approximately $649,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Magnite by 2.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,033,104 shares of the company’s stock valued at $14,308,000 after buying an additional 26,656 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Insider Buying and Selling

In related news, Director Paul Caine sold 5,000 shares of the firm’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $20.35, for a total transaction of $101,750.00. Following the transaction, the director now directly owns 182,837 shares of the company’s stock, valued at approximately $3,720,732.95. This trade represents a 2.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Brian Gephart sold 6,250 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $16.00, for a total transaction of $100,000.00. Following the transaction, the chief accounting officer now directly owns 132,909 shares in the company, valued at approximately $2,126,544. This represents a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 258,250 shares of company stock valued at $4,945,720. 4.30% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Benchmark reissued a “buy” rating and issued a $25.00 price objective on shares of Magnite in a research report on Monday, March 10th. Susquehanna boosted their price objective on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research report on Thursday, February 27th. Royal Bank of Canada boosted their price objective on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Magnite in a research report on Thursday, February 27th. Finally, Scotiabank assumed coverage on shares of Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target on the stock. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.27.

Magnite Price Performance

NASDAQ:MGNI opened at $13.37 on Thursday. Magnite, Inc. has a one year low of $8.38 and a one year high of $21.29. The company has a market cap of $1.91 billion, a P/E ratio of 222.83, a P/E/G ratio of 1.00 and a beta of 2.79. The firm’s fifty day moving average price is $16.47 and its two-hundred day moving average price is $15.21. 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 released its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.14). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The company had revenue of $180.20 million during the quarter, compared to analyst estimates of $183.90 million. Equities analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current year.

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.