Raymond James Financial Inc. Purchases New Stake in Magnite, Inc. (NASDAQ:MGNI)

Raymond James Financial Inc. purchased a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 545,564 shares of the company’s stock, valued at approximately $8,685,000.

Several other institutional investors also recently added to or reduced their stakes in MGNI. SBI Securities Co. Ltd. bought a new position in Magnite during the fourth quarter worth about $25,000. Quarry LP boosted its position in Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after purchasing an additional 4,508 shares during the period. Jones Financial Companies Lllp boosted its position in Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after purchasing an additional 1,000 shares during the period. KBC Group NV boosted its position in Magnite by 66.5% during the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock worth $95,000 after purchasing an additional 2,374 shares during the period. Finally, Parkside Financial Bank & Trust boosted its position in Magnite by 42.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 9,886 shares of the company’s stock worth $157,000 after purchasing an additional 2,968 shares during the period. Institutional investors own 73.40% of the company’s stock.

Magnite Trading Down 0.8 %

Shares of Magnite stock opened at $13.30 on Friday. Magnite, Inc. has a 1 year low of $8.38 and a 1 year high of $21.29. The firm has a market cap of $1.90 billion, a PE ratio of 221.67, a PEG ratio of 1.00 and a beta of 2.79. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The company has a 50 day simple moving average of $16.36 and a two-hundred day simple moving average of $15.19.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.14). The business had revenue of $180.20 million for the quarter, compared to analysts’ expectations of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. Analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Magnite news, CAO Brian Gephart sold 6,250 shares of Magnite stock in a transaction that occurred on Monday, March 3rd. The shares were 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 of the company’s stock, valued at approximately $2,126,544. This trade represents a 4.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO David Day sold 13,345 shares of Magnite stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $17.00, for a total transaction of $226,865.00. Following the completion of the transaction, the chief financial officer now directly owns 374,014 shares in the company, valued at approximately $6,358,238. The trade was a 3.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 258,250 shares of company stock valued at $4,945,720. 4.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

MGNI has been the subject of a number of research reports. Wolfe Research increased their target price on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Benchmark reiterated a “buy” rating and set a $25.00 target price on shares of Magnite in a research report on Monday, March 10th. 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 target price for the company. Wells Fargo & Company raised their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Finally, Susquehanna raised their price objective on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Magnite presently has an average rating of “Moderate Buy” and an average target price of $19.27.

Magnite Company 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.