Trade Desk (NASDAQ:TTD) Stock Rating Lowered by Evercore ISI

Evercore ISI cut shares of Trade Desk (NASDAQ:TTD) from an outperform rating to an inline rating in a report published on Thursday, Marketbeat reports. The brokerage currently has $90.00 price objective on the technology company’s stock, down from their previous price objective of $135.00.

A number of other brokerages also recently weighed in on TTD. Piper Sandler reaffirmed an “overweight” rating and issued a $140.00 target price (up previously from $110.00) on shares of Trade Desk in a report on Friday, November 8th. StockNews.com downgraded Trade Desk from a “buy” rating to a “hold” rating in a report on Saturday, November 30th. Citigroup increased their price target on Trade Desk from $115.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Wolfe Research increased their price target on Trade Desk from $140.00 to $155.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Finally, Morgan Stanley increased their price target on Trade Desk from $130.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $121.20.

Trade Desk Price Performance

Shares of NASDAQ:TTD opened at $81.92 on Thursday. The company has a market capitalization of $40.43 billion, a P/E ratio of 134.30, a P/E/G ratio of 3.63 and a beta of 1.45. Trade Desk has a 1 year low of $72.21 and a 1 year high of $141.53. The business’s 50 day simple moving average is $122.11 and its 200 day simple moving average is $115.31.

Trade Desk (NASDAQ:TTD) last issued its quarterly earnings results on Wednesday, February 12th. The technology company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.21). Trade Desk had a return on equity of 13.17% and a net margin of 13.34%. On average, sell-side analysts anticipate that Trade Desk will post 0.87 EPS for the current fiscal year.

Trade Desk announced that its Board of Directors has approved a stock buyback plan on Wednesday, February 12th that permits the company to repurchase $564.00 million in shares. This repurchase authorization permits the technology company to repurchase up to 0.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other Trade Desk news, CEO Jeffrey Terry Green sold 18,207 shares of Trade Desk stock in a transaction dated Tuesday, January 7th. The stock was 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 owns 704,229 shares in the company, valued at approximately $88,338,485.76. The trade was a 2.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jay R. Grant sold 18,524 shares of Trade Desk stock in a transaction dated 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 owns 169,464 shares of the company’s stock, valued at $20,225,528.40. This trade represents a 9.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 41,029 shares of company stock worth $5,004,296 in the last three months. Company insiders own 9.72% of the company’s stock.

Hedge Funds Weigh In On Trade Desk

A number of hedge funds have recently added to or reduced their stakes in TTD. Rialto Wealth Management LLC acquired a new position in Trade Desk during the 4th quarter valued at about $26,000. Harbor Investment Advisory LLC boosted its stake in shares of Trade Desk by 68.8% in the 4th quarter. Harbor Investment Advisory LLC now owns 287 shares of the technology company’s stock worth $34,000 after buying an additional 117 shares during the last quarter. Synergy Asset Management LLC purchased a new position in shares of Trade Desk in the 4th quarter worth approximately $34,000. Midwest Capital Advisors LLC purchased a new position in shares of Trade Desk in the 4th quarter worth approximately $34,000. Finally, Zions Bancorporation N.A. boosted its stake in shares of Trade Desk by 148.3% in the 4th quarter. Zions Bancorporation N.A. now owns 293 shares of the technology company’s stock worth $34,000 after buying an additional 175 shares during the last quarter. Institutional investors and hedge funds own 67.77% of the company’s stock.

About Trade Desk

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.