Needham & Company LLC Reaffirms Buy Rating for Trade Desk (NASDAQ:TTD)

Trade Desk (NASDAQ:TTD)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a note issued to investors on Thursday,Benzinga reports. They currently have a $84.00 price target on the technology company’s stock. Needham & Company LLC’s price target would indicate a potential upside of 10.08% from the stock’s previous close.

TTD has been the topic of a number of other reports. Jefferies Financial Group set a $125.00 target price on shares of Trade Desk and gave the stock a “buy” rating in a research report on Tuesday, April 29th. UBS Group reduced their price objective on Trade Desk from $116.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Guggenheim decreased their price objective on Trade Desk from $110.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. Citigroup boosted their target price on Trade Desk from $63.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Finally, JMP Securities reduced their target price on shares of Trade Desk from $115.00 to $100.00 and set a “market outperform” rating on the stock in a research note on Friday, May 9th. Seven analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. According to data from MarketBeat, Trade Desk has a consensus rating of “Moderate Buy” and a consensus target price of $98.88.

Trade Desk Stock Performance

Shares of Trade Desk stock opened at $76.31 on Thursday. The firm’s 50-day simple moving average is $56.12 and its 200-day simple moving average is $93.89. The firm has a market cap of $37.86 billion, a P/E ratio of 97.83, a price-to-earnings-growth ratio of 3.11 and a beta of 1.29. Trade Desk has a twelve month low of $42.96 and a twelve month high of $141.53.

Trade Desk (NASDAQ:TTD) last posted its quarterly earnings data on Thursday, May 8th. The technology company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.07. The company had revenue of $616.02 million during the quarter, compared to analyst estimates of $575.62 million. Trade Desk had a net margin of 16.08% and a return on equity of 16.38%. The company’s revenue was up 25.4% on a year-over-year basis. During the same quarter last year, the business posted $0.26 earnings per share. On average, equities analysts forecast that Trade Desk will post 1.06 earnings per share for the current fiscal year.

Trade Desk announced that its Board of Directors has initiated a stock buyback program on Wednesday, February 12th that authorizes the company to buyback $564.00 million in shares. This buyback authorization authorizes the technology company to buy up to 0.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Jeffrey Terry Green sold 26,684 shares of Trade Desk stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $80.03, for a total value of $2,135,520.52. Following the sale, the chief executive officer now owns 17,018 shares of the company’s stock, valued at approximately $1,361,950.54. This trade represents a 61.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David B. Wells sold 28,638 shares of the company’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $79.88, for a total value of $2,287,603.44. Following the transaction, the director now directly owns 66,985 shares of the company’s stock, valued at approximately $5,350,761.80. This trade represents a 29.95% decrease in their position. The disclosure for this sale can be found here. 9.74% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Investment Management Corp VA ADV acquired a new position in shares of Trade Desk during the 4th quarter worth about $25,000. Rialto Wealth Management LLC bought a new stake in Trade Desk during the fourth quarter worth about $26,000. Banque Cantonale Vaudoise acquired a new position in Trade Desk during the first quarter valued at approximately $26,000. Cloud Capital Management LLC acquired a new position in Trade Desk during the first quarter valued at approximately $27,000. Finally, von Borstel & Associates Inc. bought a new position in Trade Desk in the first quarter valued at approximately $31,000. Institutional investors own 67.77% of the company’s stock.

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.