Magnite ( MGNI Quick Quote MGNI - Free Report) has collaborated with Snowflake to boost data security. This collaboration involves integrating Snowflake into Magnite Access, the company's suite of audience and identity tools, which enables publishers and advertisers to efficiently handle, generate and execute audience segments through various methods. In this partnership, agencies, advertisers and media proprietors have the opportunity to utilize data in alignment with their specific business requirements across MGNI's extensive streaming inventory. This inventory covers more than 80 million connected TV (CTV) households in the United States and encompasses 90% of the ad-supported CTV viewership in the nation. The integration of this collaboration will also benefit shared agency clients, such as GALE, GroupM and Omnicom Media Group. Snowflake's Media Data Cloud empowers numerous organizations to discover, exchange and realize the full potential of its data. Users leverage Snowflake to bring together segregated data sources, securely uncover and distribute data and perform various analytical tasks. Regardless of the data's location or the users' whereabouts, Snowflake provides a unified data experience that extends across multiple cloud platforms and geographical regions. Magnite’s Other Partnerships to Aid Top-Line Growth
Magnite recently entered into some other partnerships to help buyers and sellers streamline activation and improve sustainability across omnichannel advertising. These partnerships are expected to aid the company’s top line in the upcoming quarters.
The Zacks Consensus Estimate for MGNI’s 2023 revenues is pegged at $546.4 million, indicating a year-over-year decline of 5.31%. The consensus estimate for 2023 earnings is pegged at a profit of 52 cents per share, indicating a year-over-year decline of 18.75%. Magnite has unveiled an enhanced range of measurement partners in the Europe, Middle East, and Africa (EMEA) region. This includes collaborations with AudienceProject, Digiseg, Happydemics and Innovid, which are aimed at providing buyers and sellers with the necessary tools to simplify omnichannel measurement activation. With the transformation of TV viewership from traditional to digital, measurement plays a crucial role in unlocking the complete potential of CTV. MGNI is actively establishing a collection of partnerships with technology companies focused on addressing fragmentation challenges as the industry rethinks its approach to optimizing advertising across all screens. Magnite's collaborations with these measurement providers aim to assist buyers and sellers in the EMEA region by providing solutions that inform their business strategies. The company recently unveiled a worldwide collaboration with Scope3 to provide carbon emissions data across its vast omnichannel inventory. This partnership enables advertisers to evaluate their carbon footprint and synchronize the sustainability objectives with the performance of their campaigns. Zacks Rank & Key Picks
Currently, Magnite carries a Zacks Rank #4 (Sell).
Shares of Magnite have fallen 30.4% year to date against the Zacks Computer and Technology sector’s rise of 30.8%. ACM Research ( ACMR Quick Quote ACMR - Free Report) , NVIDIA ( NVDA Quick Quote NVDA - Free Report) and Uber Technologies ( UBER Quick Quote UBER - Free Report) are some better-ranked stocks from the broader sector which investors can consider. Currently, ACMR, NVDA and UBER sport a Zacks Rank #1 (Strong Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here. Shares of ACM Research have gained 128.5% year to date. The Zacks Consensus Estimate for ACMR’s 2023 revenues is pegged at $561.43 million, indicating year-over-year growth of 44.39%. The consensus mark for earnings is pegged at 35 cents per share, which has remained unchanged over the past 30 days. Shares of NVIDIA have surged 190.6% year to date. The Zacks Consensus Estimate for NVDA’s 2024 revenues is pegged at $54.07 billion, indicating year-over-year growth of 81.81%. The consensus mark for earnings is pegged at $3.32 per share, which has increased by 8 cents over the past 30 days. Shares of Uber Technologies have soared 82.5% year to date. The Zacks Consensus Estimate for UBER’s 2023 revenues is pegged at $37.43 billion, indicating a year-over-year rise of 17.41%. The consensus mark for earnings is pegged at 13 cents per share, which has remained unchanged over the past 30 days.