Covenant Asset Management LLC Boosts Stock Holdings in Trade Desk Inc (NASDAQ:TTD)

Covenant Asset Management LLC boosted its stake in Trade Desk Inc (NASDAQ:TTD) by 16.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,578 shares of the technology company’s stock after acquiring an additional 2,691 shares during the quarter. Trade Desk accounts for 2.2% of Covenant Asset Management LLC’s portfolio, making the stock its 10th largest position. Covenant Asset Management LLC’s holdings in Trade Desk were worth $4,232,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Great West Life Assurance Co. Can lifted its position in Trade Desk by 33.7% during the 4th quarter. Great West Life Assurance Co. Can now owns 3,794 shares of the technology company’s stock worth $425,000 after buying an additional 956 shares in the last quarter. Hsbc Holdings PLC lifted its position in Trade Desk by 95.3% during the 4th quarter. Hsbc Holdings PLC now owns 3,762 shares of the technology company’s stock worth $437,000 after buying an additional 1,836 shares in the last quarter. Mackay Shields LLC bought a new stake in Trade Desk during the 4th quarter worth about $1,068,000. Bank of America Corp DE lifted its position in Trade Desk by 130.3% during the 4th quarter. Bank of America Corp DE now owns 85,723 shares of the technology company’s stock worth $9,948,000 after buying an additional 48,495 shares in the last quarter. Finally, Nuveen Asset Management LLC bought a new stake in Trade Desk during the 4th quarter worth about $2,743,000. 67.23% of the stock is currently owned by institutional investors and hedge funds.

In related news, Director Thomas Falk sold 25,000 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $250.00, for a total value of $6,250,000.00. Following the transaction, the director now owns 10,640 shares in the company, valued at approximately $2,660,000. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Jeffrey Terry Green sold 10,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $222.70, for a total transaction of $2,227,000.00. Following the completion of the transaction, the chief executive officer now owns 103,392 shares in the company, valued at approximately $23,025,398.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 120,008 shares of company stock worth $27,859,770. 17.44% of the stock is owned by company insiders.

TTD has been the topic of several analyst reports. JMP Securities reissued an “outperform” rating and set a $1,375.00 price target (up from $1,300.00) on shares of Alphabet in a research report on Tuesday, April 30th. Royal Bank of Canada cut shares of Roku from an “outperform” rating to a “sector perform” rating and set a $90.00 target price on the stock. in a report on Monday, July 1st. They noted that the move was a valuation call. Citigroup upped their target price on shares of BRP from C$49.00 to C$54.00 in a report on Wednesday. TheStreet cut shares of Trade Desk from a “b-” rating to a “c-” rating in a report on Thursday, May 9th. Finally, Raymond James reaffirmed an “average” rating and issued a $4.50 target price on shares of John Hancock Financial Opprts Fund in a report on Thursday, May 9th. One analyst has rated the stock with a sell rating, nine have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $197.24.

Shares of TTD stock traded up $18.53 on Friday, reaching $273.75. The stock had a trading volume of 1,479,374 shares, compared to its average volume of 1,155,592. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.15. The stock’s 50-day moving average price is $240.52. The stock has a market capitalization of $11.63 billion, a price-to-earnings ratio of 142.58, a price-to-earnings-growth ratio of 6.80 and a beta of 2.72. Trade Desk Inc has a 12 month low of $83.66 and a 12 month high of $257.99.

Trade Desk (NASDAQ:TTD) last issued its earnings results on Thursday, May 9th. The technology company reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.07 by $0.42. Trade Desk had a net margin of 17.41% and a return on equity of 24.41%. The company had revenue of $121.00 million for the quarter, compared to analysts’ expectations of $117.13 million. During the same period in the prior year, the firm earned $0.34 EPS. Trade Desk’s quarterly revenue was up 41.2% compared to the same quarter last year. Research analysts forecast that Trade Desk Inc will post 1.83 earnings per share for the current year.

Trade Desk Profile

The Trade Desk, Inc, a technology company, provides a self-service omnichannel software platform that enables clients to purchase and manage data-driven digital advertising campaigns in the United States and internationally. The company's platform allows clients to manage integrated advertising campaigns in various advertising channels and formats, including display, video, audio, native and social, and on a multitude of devices, such as computers, mobile devices, and connected TV (CTV).

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Institutional Ownership by Quarter for Trade Desk (NASDAQ:TTD)

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