Fulton Bank N.A. Has $572,000 Position in Magnite, Inc. (NASDAQ:MGNI)

Fulton Bank N.A. grew its holdings in Magnite, Inc. (NASDAQ:MGNI) by 27.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 35,952 shares of the company’s stock after acquiring an additional 7,641 shares during the period. Fulton Bank N.A.’s holdings in Magnite were worth $572,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Wellington Management Group LLP raised its position in Magnite by 125.3% in 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 in the last quarter. Geode Capital Management LLC raised its holdings 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 worth $41,118,000 after buying an additional 63,545 shares in the last quarter. Nomura Asset Management Co. Ltd. bought a new position in shares of Magnite during the 3rd quarter worth approximately $23,917,000. Marshall Wace LLP boosted its stake in Magnite by 59.0% in the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after buying an additional 578,678 shares in the last quarter. Finally, Royce & Associates LP grew its position in Magnite by 5.2% in the third quarter. Royce & Associates LP now owns 1,488,301 shares of the company’s stock valued at $20,613,000 after acquiring an additional 73,555 shares during the period. 73.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on MGNI shares. Macquarie reissued an “outperform” rating and set a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Royal Bank of Canada boosted their price target on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Benchmark reaffirmed a “buy” rating and set a $21.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Wells Fargo & Company began coverage on Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 target price on the stock. Finally, Scotiabank initiated coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target on the stock. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.19.

Magnite Trading Down 1.0 %

Shares of MGNI opened at $16.46 on Friday. The stock’s fifty day simple moving average is $16.11 and its 200-day simple moving average is $14.26. The firm has a market capitalization of $2.32 billion, a PE ratio of 274.33, a price-to-earnings-growth ratio of 1.35 and a beta of 2.51. Magnite, Inc. has a 12-month low of $8.38 and a 12-month high of $18.38. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Insider Buying and Selling at Magnite

In related news, CEO Michael G. Barrett sold 27,004 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $17.63, for a total transaction of $476,080.52. Following the completion of the sale, the chief executive officer now directly owns 782,910 shares of the company’s stock, valued at $13,802,703.30. The trade was a 3.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO David Day sold 13,345 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 374,014 shares in the company, valued at approximately $6,358,238. The trade was a 3.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 366,097 shares of company stock worth $6,165,147. Company insiders own 4.30% of the company’s stock.

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.