Trade Desk (NASDAQ:TTD) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Trade Desk (NASDAQ:TTD) in a research note published on Tuesday,Benzinga reports. Needham & Company LLC currently has a $84.00 price target on the technology company’s stock.

TTD has been the subject of several other reports. Scotiabank cut their target price on shares of Trade Desk from $133.00 to $83.00 and set a “sector perform” rating for the company in a research report on Thursday, February 13th. Evercore ISI lowered Trade Desk from an “outperform” rating to an “inline” rating and reduced their price objective for the company from $135.00 to $90.00 in a research report on Thursday, February 13th. Morgan Stanley decreased their price objective on Trade Desk from $132.00 to $60.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Citigroup cut their target price on Trade Desk from $140.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. Finally, Stifel Nicolaus decreased their price target on shares of Trade Desk from $144.00 to $122.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Seven research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $104.10.

Trade Desk Stock Up 2.3 %

Trade Desk stock opened at $48.66 on Tuesday. The stock has a market cap of $24.14 billion, a price-to-earnings ratio of 62.38, a PEG ratio of 3.11 and a beta of 1.56. The business has a 50-day simple moving average of $59.36 and a 200 day simple moving average of $100.67. Trade Desk has a 52 week low of $42.96 and a 52 week high of $141.53.

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

Trade Desk declared that its board has initiated a share buyback program on Wednesday, February 12th that authorizes the company to repurchase $564.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 0.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Samantha Jacobson sold 4,298 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $118.56, for a total value of $509,570.88. Following the completion of the transaction, the insider now owns 90,709 shares of the company’s stock, valued at approximately $10,754,459.04. This represents a 4.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 9.72% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Trade Desk

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Trade Desk by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 42,670,254 shares of the technology company’s stock valued at $5,015,035,000 after buying an additional 253,137 shares in the last quarter. Invesco Ltd. lifted its position in Trade Desk by 2.6% during the 4th quarter. Invesco Ltd. now owns 7,916,932 shares of the technology company’s stock valued at $930,477,000 after acquiring an additional 198,822 shares during the period. Norges Bank bought a new stake in Trade Desk during the fourth quarter worth about $524,187,000. FMR LLC grew its holdings in Trade Desk by 44.8% in the fourth quarter. FMR LLC now owns 3,788,285 shares of the technology company’s stock worth $445,237,000 after purchasing an additional 1,172,082 shares during the period. Finally, Bank of America Corp DE grew its holdings in Trade Desk by 13.2% in the fourth quarter. Bank of America Corp DE now owns 3,591,849 shares of the technology company’s stock worth $422,150,000 after purchasing an additional 418,911 shares during the period. 67.77% of the stock is currently owned by institutional investors.

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.