Nomura Asset Management Co. Ltd. Has $29.83 Million Stake in Magnite, Inc. (NASDAQ:MGNI)

Nomura Asset Management Co. Ltd. boosted its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 8.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,873,835 shares of the company’s stock after acquiring an additional 146,974 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Magnite were worth $29,831,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Magnite by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company’s stock worth $216,593,000 after acquiring an additional 257,032 shares during the period. Wellington Management Group LLP lifted its stake in Magnite by 125.3% during the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after purchasing an additional 3,659,759 shares during the last quarter. Boston Partners boosted its holdings in shares of Magnite by 39.1% in the 4th quarter. Boston Partners now owns 4,756,323 shares of the company’s stock valued at $76,061,000 after purchasing an additional 1,336,458 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Magnite by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock valued at $41,118,000 after purchasing an additional 63,545 shares during the last quarter. Finally, Royce & Associates LP raised its holdings in shares of Magnite by 7.4% during the 4th quarter. Royce & Associates LP now owns 1,597,896 shares of the company’s stock worth $25,439,000 after buying an additional 109,595 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Wells Fargo & Company lifted their target price on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Susquehanna lifted their price target on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a report on Thursday, February 27th. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research note on Thursday, February 27th. Benchmark reaffirmed a “buy” rating and set a $25.00 target price on shares of Magnite in a research note on Monday, March 10th. Finally, Royal Bank of Canada increased their price target on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.27.

Magnite Stock Performance

NASDAQ MGNI opened at $11.60 on Friday. The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of 193.33, a PEG ratio of 1.00 and a beta of 2.79. 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, Inc. has a twelve month low of $8.38 and a twelve month high of $21.29. The stock has a fifty day simple moving average of $16.08 and a 200 day simple moving average of $15.19.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.14). The company had revenue of $180.20 million during the quarter, compared to analyst estimates of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. Sell-side analysts expect that Magnite, Inc. will post 0.33 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Brian Gephart sold 6,250 shares of Magnite stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total transaction of $100,000.00. Following the completion of the transaction, the chief accounting officer now owns 132,909 shares of the company’s stock, valued at $2,126,544. This trade represents a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David Day sold 13,345 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $17.00, for a total transaction of $226,865.00. Following the sale, the chief financial officer now directly owns 374,014 shares in the company, valued at $6,358,238. This trade represents a 3.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 258,250 shares of company stock worth $4,945,720. 4.30% of the stock is currently owned by insiders.

Magnite 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.