Magnite (NASDAQ:MGNI) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Magnite (NASDAQ:MGNI) in a research note released on Thursday morning,Benzinga reports. Needham & Company LLC currently has a $20.00 price objective on the stock.

MGNI has been the subject of a number of other reports. Wells Fargo & Company lifted their target price on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Wolfe Research boosted their price objective on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Macquarie reiterated an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Scotiabank assumed coverage on shares of Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective on the stock. Finally, Royal Bank of Canada lifted their price objective on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.27.

Magnite Stock Performance

NASDAQ:MGNI opened at $16.55 on Thursday. Magnite has a fifty-two week low of $8.38 and a fifty-two week high of $21.29. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The company has a 50 day moving average price of $17.31 and a 200 day moving average price of $15.18. The stock has a market capitalization of $2.33 billion, a P/E ratio of 275.83, a PEG ratio of 1.00 and a beta of 2.52.

Magnite (NASDAQ:MGNI) last released 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). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The firm had revenue of $180.20 million for the quarter, compared to analysts’ expectations of $183.90 million. Equities research analysts forecast that Magnite will post 0.33 EPS for the current year.

Insiders Place Their Bets

In other Magnite news, CTO David Buonasera sold 1,969 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $16.31, for a total value of $32,114.39. Following the completion of the transaction, the chief technology officer now owns 223,795 shares in the company, valued at approximately $3,650,096.45. This represents a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael G. Barrett sold 147,996 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $17.52, for a total transaction of $2,592,889.92. Following the sale, the chief executive officer now owns 634,914 shares in the company, valued at $11,123,693.28. The trade was a 18.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 398,110 shares of company stock valued at $7,418,043. Insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Magnite by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company’s stock valued at $216,593,000 after purchasing an additional 257,032 shares during the last quarter. Capital Research Global Investors purchased a new stake in shares of Magnite in the 4th quarter worth about $122,986,000. Wellington Management Group LLP grew its stake in Magnite by 6.8% in the 4th quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company’s stock valued at $111,918,000 after acquiring an additional 450,341 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Magnite by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company’s stock worth $87,957,000 after acquiring an additional 170,532 shares during the last quarter. Finally, Boston Partners lifted its holdings in shares of Magnite by 39.1% in the fourth quarter. Boston Partners now owns 4,756,323 shares of the company’s stock valued at $76,061,000 after purchasing an additional 1,336,458 shares in the last quarter. Institutional investors and hedge funds 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.