Principal Financial Group Inc. Boosts Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

Principal Financial Group Inc. raised its holdings in shares of Magnite, Inc. (NASDAQ:MGNIGet Rating) by 6.8% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 23,581 shares of the company’s stock after acquiring an additional 1,498 shares during the period. Principal Financial Group Inc.’s holdings in Magnite were worth $312,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Goldman Sachs Group Inc. boosted its position in Magnite by 77.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,254,256 shares of the company’s stock valued at $39,450,000 after buying an additional 981,296 shares during the period. Geode Capital Management LLC raised its stake in shares of Magnite by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 2,120,233 shares of the company’s stock valued at $37,104,000 after acquiring an additional 58,894 shares during the last quarter. Nuveen Asset Management LLC raised its stake in shares of Magnite by 21.0% during the fourth quarter. Nuveen Asset Management LLC now owns 1,869,051 shares of the company’s stock valued at $32,708,000 after acquiring an additional 324,451 shares during the last quarter. Williams Jones Wealth Management LLC. raised its stake in shares of Magnite by 25.4% during the fourth quarter. Williams Jones Wealth Management LLC. now owns 1,103,420 shares of the company’s stock valued at $19,310,000 after acquiring an additional 223,708 shares during the last quarter. Finally, Royce & Associates LP raised its stake in shares of Magnite by 153.1% during the first quarter. Royce & Associates LP now owns 844,080 shares of the company’s stock valued at $11,150,000 after acquiring an additional 510,630 shares during the last quarter. 65.38% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $7.24 on Friday. Magnite, Inc. has a fifty-two week low of $7.06 and a fifty-two week high of $32.43. The company has a 50 day simple moving average of $8.68 and a two-hundred day simple moving average of $10.55. The company has a market capitalization of $962.46 million, a price-to-earnings ratio of -10.20 and a beta of 2.06. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.14 and a current ratio of 1.14.

Magnite (NASDAQ:MGNIGet Rating) last announced its earnings results on Tuesday, August 9th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.04). Magnite had a negative net margin of 17.01% and a positive return on equity of 5.21%. The business had revenue of $123.26 million for the quarter, compared to the consensus estimate of $126.86 million. During the same period in the prior year, the business posted $0.05 EPS. Magnite’s revenue for the quarter was up 22.7% on a year-over-year basis. Analysts expect that Magnite, Inc. will post 0.34 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MGNI. TheStreet downgraded shares of Magnite from a “c-” rating to a “d+” rating in a research note on Thursday, June 2nd. Craig Hallum lowered their price objective on shares of Magnite from $25.00 to $16.00 in a research note on Thursday, July 14th. Benchmark began coverage on shares of Magnite in a research note on Wednesday, July 13th. They set a “buy” rating and a $18.00 price objective for the company. Susquehanna Bancshares lowered their price objective on shares of Magnite from $24.00 to $13.00 and set a “positive” rating for the company in a research note on Wednesday, August 10th. Finally, Susquehanna decreased their price target on shares of Magnite from $24.00 to $13.00 and set a “positive” rating for the company in a research note on Wednesday, August 10th. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $19.40.

Magnite Company Profile

(Get Rating)

Magnite, Inc operates an independent 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 provides applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory.

Featured Articles

Want to see what other hedge funds are holding MGNI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magnite, Inc. (NASDAQ:MGNIGet Rating).

Institutional Ownership by Quarter for Magnite (NASDAQ:MGNI)

Receive News & Ratings for Magnite Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magnite and related companies with MarketBeat.com's FREE daily email newsletter.