Form 4: Magnite Chief Revenue Officer Sells Shares Under 10b5-1 Plan

Magnite's Chief Revenue Officer, Sean Patrick Buckley, sold 10,001 shares of common stock at an average price of $15.60, and forfeited 10,133 shares to cover tax obligations.

Summary

• Sean Patrick Buckley, Chief Revenue Officer of Magnite, Inc., engaged in transactions involving the company's common stock.
• On November 15, 2024, 10,133 shares were forfeited to cover tax withholding obligations related to vesting restricted stock units at a price of $15.85.
• On November 18, 2024, 10,001 shares were sold at a weighted average price of $15.60, with individual sales ranging from $15.44 to $15.77.
• These transactions were executed under a pre-arranged Rule 10b5-1 trading plan adopted on November 24, 2023.
• Following these transactions, Mr. Buckley directly owns 303,743 shares of Magnite common stock.

Sentiment

Score: 5

Explanation: The document reflects routine insider trading activity under a pre-arranged plan, which is neither positive nor negative for the company's overall outlook.

Risks

• Sales by company executives can sometimes be perceived negatively by the market, potentially impacting the stock price.

Industry Context

This is a routine filing related to insider trading activity, which is common for executives of publicly traded companies. The use of a 10b5-1 plan is a standard practice to avoid accusations of insider trading.

Comparison to Industry Standards

• Rule 10b5-1 trading plans are a common practice among executives at publicly traded companies, including those in the technology and advertising sectors, such as The Trade Desk (TTD) and PubMatic (PUBM).
• These plans allow executives to sell shares at predetermined times and prices, mitigating the risk of insider trading allegations.
• The reported transactions are consistent with typical executive compensation and tax planning strategies.

Stakeholder Impact

• The sale of shares by a high-ranking executive could potentially cause a slight negative reaction from shareholders, although the use of a 10b5-1 plan mitigates this concern.

Key Dates

Keywords

Magnite, MGNI, Sean Patrick Buckley, Chief Revenue Officer, stock sale, Rule 10b5-1, insider trading, share forfeiture, tax withholding