Trade Desk (NASDAQ:TTD) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Trade Desk (NASDAQ:TTD) in a report issued on Friday morning, MarketBeat.com reports. Needham & Company LLC currently has a $84.00 target price on the technology company’s stock.

Several other research firms also recently weighed in on TTD. Evercore ISI downgraded Trade Desk from an “outperform” rating to an “inline” rating and lowered their target price for the company from $135.00 to $90.00 in a research report on Thursday, February 13th. Wells Fargo & Company decreased their price target on Trade Desk from $101.00 to $72.00 and set an “overweight” rating on the stock in a report on Monday, March 31st. Piper Sandler raised their price target on Trade Desk from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, May 9th. DA Davidson decreased their price target on Trade Desk from $103.00 to $92.00 and set a “buy” rating on the stock in a report on Friday, May 9th. Finally, Citigroup raised their price target on Trade Desk from $63.00 to $82.00 and gave the company a “buy” rating in a report on Friday, May 9th. Seven investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. According to MarketBeat, Trade Desk has a consensus rating of “Moderate Buy” and a consensus price target of $97.15.

Trade Desk Price Performance

TTD stock opened at $71.46 on Friday. The company has a market cap of $35.12 billion, a P/E ratio of 91.62, a price-to-earnings-growth ratio of 3.11 and a beta of 1.29. Trade Desk has a 1 year low of $42.96 and a 1 year high of $141.53. The stock’s fifty day moving average price is $61.50 and its 200-day moving average price is $88.85.

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

Trade Desk announced that its Board of Directors has initiated a share repurchase plan on Wednesday, February 12th that permits the company to repurchase $564.00 million in shares. This repurchase authorization permits the technology company to buy up to 0.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity at Trade Desk

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

Institutional Trading of Trade Desk

Hedge funds have recently bought and sold shares of the stock. Investment Management Corp VA ADV purchased a new stake in Trade Desk during the fourth quarter worth $25,000. Rialto Wealth Management LLC purchased a new stake in Trade Desk during the fourth quarter worth $26,000. Midwest Capital Advisors LLC purchased a new stake in Trade Desk during the fourth quarter worth $34,000. Zions Bancorporation N.A. increased its position in shares of Trade Desk by 148.3% during the fourth quarter. Zions Bancorporation N.A. now owns 293 shares of the technology company’s stock worth $34,000 after purchasing an additional 175 shares in the last quarter. Finally, Kestra Investment Management LLC acquired a new position in shares of Trade Desk during the fourth quarter worth $39,000. Hedge funds and other 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.