Steinberganna Wealth Management has increased its investment in Magnite, Inc. (NASDAQ: MGNI), acquiring 69,024 shares valued at approximately $1.5 million. This acquisition was disclosed in the company’s recent 13F filing with the Securities and Exchange Commission (SEC) for the third quarter of 2023. Following this investment, Magnite represents roughly 0.7% of Steinberganna’s overall portfolio, making it the 29th largest position held by the firm.
Other institutional investors have also made adjustments to their holdings in Magnite recently. For instance, American Century Companies Inc. increased its holdings by 63.1% during the second quarter, now owning 4,829,197 shares worth about $116.5 million. Additionally, Frontier Capital Management Co. LLC raised its stake by an impressive 419.4%, bringing its total to 1,793,830 shares valued at approximately $43.3 million. Other notable increases include Stephens Investment Management Group LLC, which boosted its shares by 42.0%, and Maestria Partners LLC, which lifted its stake by 36.3%.
The overall institutional ownership of Magnite stands at 73.4%, indicating significant interest from large investors.
Recent Stock Performance and Analyst Ratings
Magnite’s stock opened at $16.60 on Friday, having experienced fluctuations over the past year with a 52-week low of $8.22 and a high of $26.65. The company’s market capitalization is currently $2.38 billion, with a price-to-earnings (P/E) ratio of 43.69 and a P/E to growth (P/E/G) ratio of 0.92.
Several analysts have recently provided insights on Magnite’s stock. On November 7, 2023, Wells Fargo & Company reduced its target price from $22.00 to $20.00, maintaining an “equal weight” rating. Similarly, Wall Street Zen downgraded its rating from “buy” to “hold” on November 8, while Rosenblatt Securities reaffirmed a “buy” rating with a target price of $39.00. MarketBeat reports indicate a consensus rating of “Moderate Buy” with a price target set at $27.00.
Insider Transactions and Company Overview
In notable insider activity, Adam Lee Soroca, an insider at Magnite, sold 16,656 shares on December 17, 2023. The shares were sold at an average price of $17.00, totaling $283,152. Following this transaction, Soroca retains 326,114 shares valued at approximately $5.5 million, representing a decrease of 4.86% in his position. Additionally, Paul Caine, a director at the company, sold 5,000 shares for $100,000 on October 24, 2023, which reduced his ownership by 3.15%.
In the last quarter, insiders collectively sold 49,439 shares worth $763,671. Currently, insiders hold about 3.8% of Magnite’s stock.
Founded through a merger in 2020 between Rubicon Project and Telaria, Magnite operates as an independent sell-side advertising platform. The company focuses on enabling publishers and digital media owners to monetize their inventory through programmatic advertising. Its technology supports various platforms, including desktop, mobile, connected television (CTV), and digital out-of-home (DOOH) ad exchanges.
For those interested in further insights, updated information regarding holdings and insider trades for Magnite, Inc. can be found through resources such as HoldingsChannel.com.
