Magnite, Inc. (NASDAQ:MGNI) Shares Acquired by Franklin Resources Inc.

Franklin Resources Inc. lifted its position in Magnite, Inc. (NASDAQ:MGNI) by 99.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 144,563 shares of the company’s stock after purchasing an additional 72,169 shares during the quarter. Franklin Resources Inc. owned approximately 0.10% of Magnite worth $2,002,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in MGNI. UMB Bank n.a. lifted its stake in Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after buying an additional 1,188 shares during the last quarter. Asset Dedication LLC purchased a new stake in Magnite in the 2nd quarter valued at $52,000. Benjamin F. Edwards & Company Inc. boosted its stake in Magnite by 973.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after purchasing an additional 3,972 shares during the period. Quarry LP grew its position in Magnite by 446.8% during the 3rd 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 last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in Magnite in the second quarter valued at $93,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Stock Up 1.3 %

MGNI stock opened at $16.63 on Friday. Magnite, Inc. has a 52 week low of $8.38 and a 52 week high of $18.38. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a market cap of $2.34 billion, a P/E ratio of 277.17, a P/E/G ratio of 1.35 and a beta of 2.50. The company’s 50-day moving average price is $15.30 and its 200 day moving average price is $14.05.

Insider Transactions at Magnite

In other Magnite news, CAO Brian Gephart sold 2,156 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $15.00, for a total transaction of $32,340.00. Following the completion of the transaction, the chief accounting officer now directly owns 116,982 shares in the company, valued at approximately $1,754,730. This trade represents a 1.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Aaron Saltz sold 5,112 shares of the company’s 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 completion of the sale, the insider now directly owns 307,745 shares in the company, valued at $4,154,557.50. This trade represents a 1.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 352,752 shares of company stock valued at $5,938,282 in the last quarter. 4.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Macquarie reiterated an “outperform” rating and set a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Benchmark reaffirmed a “buy” rating and set a $21.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Scotiabank assumed coverage on Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price on the stock. Royal Bank of Canada restated an “outperform” rating and set a $19.00 price target on shares of Magnite in a research note on Friday, September 27th. Finally, Needham & Company LLC boosted their price objective on shares of Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.73.

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.