567,862 Shares in Magnite, Inc. $MGNI Acquired by S Squared Technology LLC

S Squared Technology LLC bought a new stake in Magnite, Inc. (NASDAQ:MGNI) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 567,862 shares of the company’s stock, valued at approximately $10,778,021,000. Magnite makes up about 3.3% of S Squared Technology LLC’s investment portfolio, making the stock its 11th biggest position.

Other hedge funds have also bought and sold shares of the company. BlackRock Inc. purchased a new position in Magnite in the 2nd quarter worth approximately $241,296,000. Capital Research Global Investors lifted its holdings in shares of Magnite by 85.0% during the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after acquiring an additional 5,937,428 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Magnite by 67.7% during the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock worth $140,053,000 after acquiring an additional 3,484,689 shares during the last quarter. Ophir Asset Management Pty Ltd purchased a new position in Magnite in the fourth quarter worth $38,695,000. Finally, 325 Capital LLC grew its position in Magnite by 208.5% in the fourth quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock worth $32,547,000 after acquiring an additional 1,355,326 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $23.56 on Tuesday. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The stock has a market cap of $3.38 billion, a PE ratio of 21.61, a PEG ratio of 1.02 and a beta of 2.26. The company’s fifty day moving average is $20.60 and its 200 day moving average is $15.68. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.65.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The business had revenue of $192.82 million during the quarter, compared to analyst estimates of $179.15 million. During the same period in the prior year, the business posted $0.20 earnings per share. The company’s revenue was up 11.3% on a year-over-year basis. Research analysts anticipate that Magnite, Inc. will post 0.61 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Douglas S. Knopper sold 37,337 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $18.10, for a total value of $675,799.70. Following the completion of the sale, the director owned 125,810 shares of the company’s stock, valued at approximately $2,277,161. The trade was a 22.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Sean Patrick Buckley sold 67,179 shares of the stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $24.49, for a total value of $1,645,213.71. Following the sale, the insider owned 315,805 shares of the company’s stock, valued at $7,734,064.45. This represents a 17.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 935,251 shares of company stock worth $19,046,675 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MGNI. Rosenblatt Securities increased their target price on Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Wells Fargo & Company upped their price objective on Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th. Evercore reiterated an “outperform” rating and set a $25.00 price objective on shares of Magnite in a research report on Thursday, August 6th. Benchmark boosted their target price on Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, BTIG Research upped their target price on Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Magnite has a consensus rating of “Moderate Buy” and an average target price of $28.30.

Magnite Company Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).