Magnite (NASDAQ:MGNI) Price Target Raised to $20.00 at Needham & Company LLC

Magnite (NASDAQ:MGNI) had its target price boosted by Needham & Company LLC from $17.00 to $20.00 in a research note issued to investors on Thursday, Marketbeat Ratings reports. The firm currently has a buy rating on the stock.

Several other research analysts have also recently commented on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. Benchmark reiterated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Craig Hallum reiterated a “buy” rating and issued a $20.00 price objective on shares of Magnite in a report on Wednesday, August 21st. Macquarie reiterated an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Finally, Wells Fargo & Company began coverage on shares of Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective for the company. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $17.73.

Magnite Price Performance

NASDAQ MGNI opened at $17.47 on Thursday. Magnite has a 52 week low of $8.05 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 stock has a market cap of $2.46 billion, a price-to-earnings ratio of 291.17, a price-to-earnings-growth ratio of 1.40 and a beta of 2.50. The company has a 50-day moving average price of $14.06 and a two-hundred day moving average price of $13.61.

Insider Activity at Magnite

In other Magnite news, insider Aaron Saltz sold 5,112 shares of Magnite stock in a transaction on 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 owns 307,745 shares of the company’s stock, valued at $4,154,557.50. This trade represents a 1.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Brian Gephart sold 2,156 shares of the company’s stock in a transaction on Monday, November 11th. The stock was 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 $1,754,730. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 191,143 shares of company stock worth $3,121,851. 4.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Magnite

Large investors have recently made changes to their positions in the company. Wellington Management Group LLP grew its position in Magnite by 125.3% in the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after acquiring an additional 3,659,759 shares in the last quarter. Geode Capital Management LLC raised its holdings in Magnite by 2.2% during the third quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock valued at $41,118,000 after buying an additional 63,545 shares in the last quarter. Nomura Asset Management Co. Ltd. acquired a new stake in shares of Magnite in the third quarter worth about $23,917,000. Marshall Wace LLP boosted its stake in shares of Magnite by 59.0% during the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after acquiring an additional 578,678 shares in the last quarter. Finally, Royce & Associates LP increased its holdings in shares of Magnite by 5.2% during the 3rd quarter. Royce & Associates LP now owns 1,488,301 shares of the company’s stock valued at $20,613,000 after acquiring an additional 73,555 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

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.