Form 4: Magnite's Chief Revenue Officer, Sean Patrick Buckley, Reports Stock Transactions
SEC Form 4 Filing
Sean Patrick Buckley, Chief Revenue Officer of Magnite, Inc., reports the forfeiture and sale of company stock to cover tax obligations and pursuant to a pre-arranged trading plan.
Summary
- On May 15, 2024, Sean Patrick Buckley forfeited 9,407 shares of Magnite stock to cover tax withholding obligations related to the vesting of restricted stock units.
- On May 16, 2024, Buckley sold 16,925 shares of Magnite stock at a price of $12.50 per share, pursuant to a Rule 10b5-1 trading plan.
- Following these transactions, Buckley beneficially owns 407,557 shares of Magnite stock, which includes 3,272 shares acquired on May 15, 2024, under the company's Employee Stock Purchase Plan.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the filing primarily reports routine stock transactions. The sale is under a pre-arranged plan, and the ESPP purchase suggests some confidence.
Positives
- Buckley's participation in the Employee Stock Purchase Plan indicates confidence in the company's future.
Industry Context
This filing is a routine disclosure of insider transactions and doesn't necessarily indicate a change in the company's outlook or performance. It's common for executives to sell shares to cover tax obligations or as part of pre-arranged trading plans.
Stakeholder Impact
- The stock sale could have a minor impact on shareholders if it contributes to downward price pressure, but the pre-arranged nature of the sale mitigates this concern.
Key Dates
| Date | Description |
|---|---|
| November 24, 2023 | Date of adoption of Rule 10b5-1 trading plan by the Reporting Person |
| May 15, 2024 | Date of stock forfeiture for tax obligations and acquisition of shares under the Employee Stock Purchase Plan |
| May 16, 2024 | Date of stock sale pursuant to Rule 10b5-1 trading plan |
| May 17, 2024 | Date of signature for the Form 4 filing |
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