Principal Financial Group Inc. Has $5.30 Million Stock Position in Magnite, Inc. $MGNI

Principal Financial Group Inc. grew its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 88.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 445,950 shares of the company’s stock after buying an additional 208,730 shares during the quarter. Principal Financial Group Inc.’s holdings in Magnite were worth $5,298,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Fifth Third Bancorp bought a new position in shares of Magnite in the 1st quarter valued at $699,000. Money Concepts Capital Corp bought a new stake in Magnite during the 1st quarter worth $139,000. Elevation Point Wealth Partners LLC bought a new stake in Magnite during the 1st quarter worth $281,000. Pictet Asset Management Holding SA increased its holdings in Magnite by 13.8% in the 1st quarter. Pictet Asset Management Holding SA now owns 25,755 shares of the company’s stock worth $306,000 after purchasing an additional 3,114 shares in the last quarter. Finally, Penbrook Management LLC increased its holdings in Magnite by 260.6% in the 1st quarter. Penbrook Management LLC now owns 112,190 shares of the company’s stock worth $1,333,000 after purchasing an additional 81,075 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have commented on MGNI. BTIG Research initiated coverage on Magnite in a research report on Tuesday, June 9th. They issued a “buy” rating and a $20.00 target price for the company. Evercore reaffirmed an “outperform” rating and issued a $21.00 price objective on shares of Magnite in a research note on Thursday, May 7th. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price objective on shares of Magnite in a report on Thursday, April 16th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Finally, Weiss Ratings raised shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Magnite currently has a consensus rating of “Moderate Buy” and an average target price of $24.56.

Magnite Trading Up 3.2%

NASDAQ MGNI opened at $19.70 on Wednesday. The firm has a market capitalization of $2.82 billion, a PE ratio of 18.94, a price-to-earnings-growth ratio of 0.97 and a beta of 2.25. The business’s 50-day moving average price is $17.48 and its two-hundred day moving average price is $14.63. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.65.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The firm’s revenue was up 5.5% compared to the same quarter last year. During the same period last year, the company earned $0.12 earnings per share. On average, analysts expect that Magnite, Inc. will post 0.55 EPS for the current year.

Insider Buying and Selling at Magnite

In other news, insider Sean Patrick Buckley sold 19,233 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $21.03, for a total value of $404,469.99. Following the transaction, the insider owned 354,281 shares in the company, valued at approximately $7,450,529.43. The trade was a 5.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael G. Barrett sold 75,000 shares of the company’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $19.50, for a total transaction of $1,462,500.00. Following the completion of the sale, the chief executive officer directly owned 403,074 shares in the company, valued at approximately $7,859,943. This represents a 15.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 491,639 shares of company stock worth $8,676,734. Company insiders own 3.20% of the company’s stock.

Magnite Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).