Legato Capital Management LLC Acquires 11,705 Shares of Magnite, Inc. (NASDAQ:MGNI)

Legato Capital Management LLC increased its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 32.1% in the 4th quarter, HoldingsChannel.com reports. The firm owned 48,123 shares of the company’s stock after acquiring an additional 11,705 shares during the period. Legato Capital Management LLC’s holdings in Magnite were worth $766,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Verdence Capital Advisors LLC boosted its stake in shares of 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 last quarter. Mount Yale Investment Advisors LLC raised its holdings 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 acquiring an additional 1,068 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Magnite by 8.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,449 shares of the company’s stock worth $408,000 after acquiring an additional 2,298 shares in the last quarter. KBC Group NV boosted its position in Magnite by 66.5% during the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock valued at $95,000 after purchasing an additional 2,374 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in Magnite by 87.0% in the third quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock valued at $105,000 after purchasing an additional 3,689 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Insider Transactions at Magnite

In other news, Director James Rossman sold 149,936 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $19.46, for a total value of $2,917,754.56. Following the completion of the sale, the director now owns 219,920 shares of the company’s stock, valued at approximately $4,279,643.20. The trade was a 40.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Adam Lee Soroca sold 7,849 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $15.60, for a total transaction of $122,444.40. Following the transaction, the insider now directly owns 421,347 shares in the company, valued at approximately $6,573,013.20. This represents a 1.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 471,458 shares of company stock worth $8,623,160. Company insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

MGNI has been the topic of a number of analyst reports. Scotiabank initiated coverage on Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective on the stock. Royal Bank of Canada upped their price target 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. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research report on Friday, January 17th. Wolfe Research boosted their price objective on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Finally, Wells Fargo & Company raised their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.35.

Magnite Trading Down 5.0 %

Shares of MGNI stock opened at $19.49 on Friday. Magnite, Inc. has a 12-month low of $8.38 and a 12-month high of $21.29. The company has a market capitalization of $2.74 billion, a PE ratio of 324.83, a price-to-earnings-growth ratio of 1.05 and a beta of 2.52. The firm has a 50 day moving average price of $16.93 and a two-hundred day moving average price of $14.81. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

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.