Magnite (NASDAQ:MGNI) CFO Brian Gephart Sells 3,700 Shares of Company Stock

Magnite, Inc. (NASDAQ:MGNI) CFO Brian Gephart sold 3,700 shares of the firm’s stock in a transaction on Monday, November 9th. The stock was sold at an average price of $28.78, for a total value of $106,486.00. Following the completion of the transaction, the chief financial officer owned 163,310 shares in the company, valued at $4,700,061.80. The trade was a 2.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Magnite Stock Up 0.4%

MGNI stock opened at $29.34 on Friday. The company has a market cap of $4.21 billion, a PE ratio of 24.66, a price-to-earnings-growth ratio of 0.97 and a beta of 2.44. The business has a 50-day simple moving average of $24.48 and a 200 day simple moving average of $18.13. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $29.67. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.36.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.04. Magnite had a net margin of 23.58% and a return on equity of 10.94%. The business had revenue of $204.20 million during the quarter, compared to analysts’ expectations of $190.19 million. During the same quarter in the prior year, the business posted $0.20 earnings per share. Magnite’s revenue was up 22.4% compared to the same quarter last year. Sell-side analysts anticipate that Magnite, Inc. will post 0.62 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Craig Hallum reiterated a “buy” rating and set a $32.00 price target on shares of Magnite in a research report on Thursday, September 17th. Needham & Company LLC lifted their price objective on shares of Magnite from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. Royal Bank Of Canada boosted their price objective on shares of Magnite from $27.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, November 5th. Benchmark upped their target price on Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, Wells Fargo & Company raised their target price on Magnite from $22.00 to $23.00 and gave the company an “equal weight” rating in a report on Thursday, November 5th. Ten research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.00.

Magnite News Roundup

These are some of the MGNI news items that stood out recently:

• Positive Sentiment: Magnite’s recent results provide a growth backdrop: it beat quarterly EPS and revenue estimates, with revenue up 22.4% year over year. A report also points to a raised outlook, while another highlights the expanded Gracenote connected-TV deal as a potential source of value. Magnite stock and raised outlook Magnite and Gracenote deal expansion
• Neutral Sentiment: One valuation analysis says MGNI may be near fair value despite the raised outlook, tempering the more optimistic view that the expanded Gracenote deal leaves the shares undervalued. Magnite valuation analysis
• Negative Sentiment: SEC disclosures show multiple Magnite directors and executives sold shares in transactions dated November 9 and 11. Together, the reported sales totaled about 91,963 shares, worth approximately $2.67 million. The largest disclosed sale was by director James Rossman; CTO David Buonasera’s smaller sale was made under a pre-arranged trading plan. Insider selling can raise concerns about near-term sentiment, although sellers retained substantial holdings. Magnite insider sale report James Rossman SEC filing

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. bought a new position in Magnite in the 2nd quarter valued at approximately $241,296,000. Canada Pension Plan Investment Board acquired a new position in Magnite during the 2nd quarter worth about $56,847,000. Dimensional Fund Advisors LP lifted its holdings in Magnite by 10.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock worth $47,322,000 after buying an additional 367,854 shares during the period. Bank of America Corp DE bought a new stake in shares of Magnite in the 2nd quarter valued at about $22,431,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Magnite in the 2nd quarter valued at about $22,059,000. Institutional investors own 73.40% of the company’s stock.

Magnite Company Profile

Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.