Principal Financial Group Inc. Trims Stock Position in The Trade Desk (NASDAQ:TTD)

Principal Financial Group Inc. trimmed its holdings in The Trade Desk (NASDAQ:TTD) by 32.4% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 121,312 shares of the technology company’s stock after selling 58,246 shares during the quarter. Principal Financial Group Inc.’s holdings in Trade Desk were worth $6,638,000 at the end of the most recent quarter.

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

Insiders Place Their Bets

In other news, Director David B. Wells sold 28,638 shares of the firm’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $79.88, for a total value of $2,287,603.44. Following the transaction, the director owned 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jeffrey Terry Green sold 26,684 shares of Trade Desk stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $80.03, for a total transaction of $2,135,520.52. Following the completion of the transaction, the chief executive officer directly owned 17,018 shares of the company’s stock, valued at $1,361,950.54. This trade represents a 61.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.72% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Cfra Research raised Trade Desk to a “moderate buy” rating in a research report on Tuesday, March 25th. Citigroup reissued a “buy” rating on shares of Trade Desk in a report on Tuesday. Morgan Stanley boosted their price target on Trade Desk from $60.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. Oppenheimer boosted their price target on Trade Desk from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, May 9th. Finally, JMP Securities reissued a “market outperform” rating and issued a $100.00 price target on shares of Trade Desk in a report on Tuesday, June 24th. Eight investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat.com, Trade Desk currently has an average rating of “Moderate Buy” and a consensus target price of $97.27.

Trade Desk Price Performance

TTD opened at $80.40 on Wednesday. The Trade Desk has a 1-year low of $42.96 and a 1-year high of $141.53. The company’s 50 day simple moving average is $72.86 and its two-hundred day simple moving average is $77.69. The firm has a market capitalization of $39.51 billion, a price-to-earnings ratio of 98.05, a price-to-earnings-growth ratio of 3.46 and a beta of 1.36.

Trade Desk (NASDAQ:TTD) last issued 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. Trade Desk had a net margin of 16.04% and a return on equity of 15.41%. The business had revenue of $616.02 million for the quarter, compared to analyst estimates of $575.62 million. During the same period in the previous year, the business posted $0.26 earnings per share. The business’s revenue was up 25.4% compared to the same quarter last year. On average, equities analysts anticipate that The Trade Desk will post 1.06 earnings per share for the current fiscal year.

Trade Desk 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.