Trade Desk (NASDAQ:TTD) Price Target Cut to $98.00 by Analysts at BMO Capital Markets

Trade Desk (NASDAQ:TTD) had its target price cut by equities research analysts at BMO Capital Markets from $115.00 to $98.00 in a note issued to investors on Friday, Marketbeat reports. The firm presently has an “outperform” rating on the technology company’s stock. BMO Capital Markets’ price target suggests a potential upside of 84.31% from the stock’s current price.

TTD has been the topic of a number of other reports. Citigroup reissued a “buy” rating on shares of Trade Desk in a research note on Tuesday, July 15th. JMP Securities reissued a “market outperform” rating and issued a $100.00 price objective on shares of Trade Desk in a research note on Tuesday, June 24th. DA Davidson dropped their price objective on Trade Desk from $103.00 to $92.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. Oppenheimer boosted their price objective on Trade Desk from $80.00 to $110.00 and gave the company an “outperform” rating in a research note on Tuesday, July 29th. Finally, Macquarie boosted their price objective on Trade Desk from $90.00 to $92.00 and gave the company an “outperform” rating in a research note on Monday, May 19th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $89.33.

Trade Desk Price Performance

Shares of NASDAQ TTD traded down $1.06 during mid-day trading on Friday, hitting $53.17. 37,564,346 shares of the stock traded hands, compared to its average volume of 10,977,144. Trade Desk has a twelve month low of $42.96 and a twelve month high of $141.53. The company has a market cap of $26.13 billion, a PE ratio of 64.06, a price-to-earnings-growth ratio of 2.46 and a beta of 1.37. The firm has a 50 day simple moving average of $76.31 and a two-hundred day simple moving average of $72.70.

Trade Desk (NASDAQ:TTD) last announced its earnings results on Thursday, August 7th. The technology company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.24). The company had revenue of $694.04 million for the quarter, compared to analyst estimates of $686.00 million. Trade Desk had a return on equity of 15.19% and a net margin of 15.57%. The firm’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.39 earnings per share. On average, equities research analysts anticipate that Trade Desk will post 1.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director David B. Wells sold 28,638 shares of Trade Desk stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $79.88, for a total transaction of $2,287,603.44. Following the transaction, the director directly owned 66,985 shares of the company’s stock, valued at $5,350,761.80. This trade represents a 29.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Jay R. Grant sold 51,290 shares of Trade Desk stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $91.18, for a total transaction of $4,676,622.20. Following the transaction, the insider directly owned 218,246 shares in the company, valued at approximately $19,899,670.28. The trade was a 19.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 10.00% of the company’s stock.

Hedge Funds Weigh In On Trade Desk

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Trade Desk by 0.7% during the second quarter. Vanguard Group Inc. now owns 44,554,852 shares of the technology company’s stock valued at $3,207,504,000 after purchasing an additional 317,107 shares during the period. Jennison Associates LLC lifted its position in Trade Desk by 17.9% during the second quarter. Jennison Associates LLC now owns 14,267,457 shares of the technology company’s stock valued at $1,027,114,000 after purchasing an additional 2,169,252 shares during the period. Geode Capital Management LLC raised its position in shares of Trade Desk by 52.1% in the second quarter. Geode Capital Management LLC now owns 12,314,817 shares of the technology company’s stock worth $884,860,000 after acquiring an additional 4,218,975 shares during the period. Brown Advisory Inc. raised its position in shares of Trade Desk by 198.4% in the first quarter. Brown Advisory Inc. now owns 8,102,294 shares of the technology company’s stock worth $443,358,000 after acquiring an additional 5,387,339 shares during the period. Finally, Bank of America Corp DE raised its position in shares of 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 acquiring an additional 418,911 shares during the period. 67.77% of the stock is owned by hedge funds and other 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.