Trade Desk’s (TTD) “Buy” Rating Reiterated at Needham & Company LLC

Trade Desk (NASDAQ:TTD)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports. They currently have a $145.00 target price on the technology company’s stock. Needham & Company LLC’s target price would indicate a potential upside of 140.86% from the company’s current price.

Several other equities research analysts also recently commented on TTD. Wedbush raised their target price on Trade Desk from $135.00 to $145.00 and gave the company an “outperform” rating in a report on Monday, January 6th. KeyCorp upped their target price on shares of Trade Desk from $140.00 to $142.00 and gave the company an “overweight” rating in a research note on Monday, February 10th. Oppenheimer lowered their target price on Trade Desk from $135.00 to $115.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. DA Davidson dropped their price objective on Trade Desk from $134.00 to $103.00 and set a “buy” rating on the stock in a report on Thursday, February 13th. Finally, Truist Financial decreased their price target on shares of Trade Desk from $155.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Six research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Trade Desk currently has a consensus rating of “Moderate Buy” and an average target price of $119.45.

Trade Desk Stock Up 2.3 %

Shares of Trade Desk stock opened at $60.20 on Thursday. The firm has a market cap of $29.86 billion, a price-to-earnings ratio of 77.18, a price-to-earnings-growth ratio of 3.11 and a beta of 1.63. Trade Desk has a 52-week low of $57.86 and a 52-week high of $141.53. The company’s 50-day simple moving average is $101.57 and its 200-day simple moving average is $112.58.

Trade Desk (NASDAQ:TTD) last announced its quarterly earnings data on Wednesday, February 12th. The technology company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.21). Trade Desk had a return on equity of 16.38% and a net margin of 16.08%. Equities research analysts anticipate that Trade Desk will post 1.06 EPS for the current year.

Trade Desk declared that its board has authorized a stock repurchase plan on Wednesday, February 12th that authorizes the company to repurchase $564.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 0.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Trade Desk

In other news, CEO Jeffrey Terry Green sold 18,207 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $125.44, for a total transaction of $2,283,886.08. Following the completion of the transaction, the chief executive officer now directly owns 704,229 shares of the company’s stock, valued at $88,338,485.76. This trade represents a 2.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jay R. Grant sold 18,524 shares of the stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $119.35, for a total value of $2,210,839.40. Following the transaction, the insider now directly owns 169,464 shares of the company’s stock, valued at $20,225,528.40. This trade represents a 9.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 41,029 shares of company stock worth $5,004,296. 9.72% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Trade Desk

A number of large investors have recently bought and sold shares of TTD. Edgewood Management LLC raised its holdings in Trade Desk by 133.3% in the 3rd quarter. Edgewood Management LLC now owns 9,934,156 shares of the technology company’s stock valued at $1,089,280,000 after buying an additional 5,675,571 shares during the last quarter. Norges Bank acquired a new position in Trade Desk during the 4th quarter worth approximately $524,187,000. Brown Advisory Inc. raised its holdings in Trade Desk by 3,037.0% during the fourth quarter. Brown Advisory Inc. now owns 2,714,955 shares of the technology company’s stock worth $319,089,000 after buying an additional 2,628,409 shares during the last quarter. Jennison Associates LLC lifted its position in Trade Desk by 11.0% in the 3rd quarter. Jennison Associates LLC now owns 20,320,769 shares of the technology company’s stock valued at $2,228,172,000 after acquiring an additional 2,013,047 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Trade Desk during the fourth quarter valued at approximately $231,570,000. 67.77% of the stock is currently owned by institutional investors and hedge funds.

Trade Desk Company Profile

The Trade Desk, Inc operates as a technology company in the United States and internationally. The company offers a self-service cloud-based platform that allows buyers to plan, manage, optimize, and measure data-driven digital advertising campaigns across various ad formats and channels, including video, display, audio, digital-out-of-home, native, and social on various devices, such as computers, mobile devices, televisions, and streaming devices.