Magnite (NASDAQ:MGNI) Given New $20.00 Price Target at Needham & Company LLC

Magnite (NASDAQ:MGNI) had its price objective increased by Needham & Company LLC from $17.00 to $20.00 in a report released on Thursday, MarketBeat.com reports. They currently have a buy rating on the stock.

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

Magnite Price Performance

Shares of Magnite stock opened at $17.47 on Thursday. The firm has a fifty day simple moving average of $14.06 and a 200-day simple moving average of $13.61. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite has a 1-year low of $8.05 and a 1-year high of $18.38. The stock has a market capitalization of $2.46 billion, a price-to-earnings ratio of 291.17, a PEG ratio of 1.40 and a beta of 2.50.

Insider Transactions at Magnite

In other news, CAO Brian Gephart sold 2,156 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $15.60, for a total value of $33,633.60. Following the transaction, the chief accounting officer now owns 112,795 shares of the company’s stock, valued at approximately $1,759,602. This trade represents a 1.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Aaron Saltz sold 6,110 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $17.50, for a total transaction of $106,925.00. Following the completion of the sale, the insider now owns 297,482 shares in the company, valued at $5,205,935. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 191,143 shares of company stock valued at $3,121,851. 4.30% of the stock is owned by insiders.

Institutional Trading of Magnite

Hedge funds have recently modified their holdings of the company. Verdence Capital Advisors LLC raised its holdings in Magnite by 4.8% during the 3rd quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock worth $268,000 after buying an additional 892 shares during the period. Mount Yale Investment Advisors LLC boosted its position in Magnite by 4.6% during the third quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company’s stock worth $336,000 after purchasing an additional 1,068 shares during the period. Arizona State Retirement System boosted its position in Magnite by 3.4% during the second quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock worth $469,000 after purchasing an additional 1,160 shares during the period. UMB Bank n.a. boosted its position in Magnite by 111.8% during the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after purchasing an additional 1,188 shares during the period. Finally, Fulton Bank N.A. boosted its position in Magnite by 6.4% during the third quarter. Fulton Bank N.A. now owns 28,311 shares of the company’s stock worth $392,000 after purchasing an additional 1,696 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

About Magnite

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.