Scotiabank Has Lowered Expectations for Trade Desk (NASDAQ:TTD) Stock Price

Trade Desk (NASDAQ:TTD) had its target price cut by equities research analysts at Scotiabank from $133.00 to $83.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “sector perform” rating on the technology company’s stock. Scotiabank’s price target would suggest a potential upside of 1.28% from the stock’s previous close.

Several other analysts also recently issued reports on the stock. Stifel Nicolaus reduced their price target on shares of Trade Desk from $144.00 to $122.00 and set a “buy” rating for the company in a research report on Thursday. New Street Research raised shares of Trade Desk from a “sell” rating to a “neutral” rating and lifted their price target for the company from $85.00 to $115.00 in a research report on Monday, November 25th. Benchmark reissued a “sell” rating and issued a $57.00 price target on shares of Trade Desk in a research report on Friday, November 8th. Royal Bank of Canada reduced their price target on shares of Trade Desk from $140.00 to $120.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, KeyCorp lifted their price objective on shares of Trade Desk from $140.00 to $142.00 and gave the stock an “overweight” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $121.20.

Trade Desk Stock Performance

Shares of TTD stock traded down $40.28 on Thursday, hitting $81.95. The company’s stock had a trading volume of 40,770,905 shares, compared to its average volume of 5,263,188. The stock’s 50 day moving average is $123.20 and its 200-day moving average is $115.54. Trade Desk has a fifty-two week low of $72.21 and a fifty-two week high of $141.53. The company has a market capitalization of $40.45 billion, a PE ratio of 134.29, a PEG ratio of 3.63 and a beta of 1.45.

Trade Desk (NASDAQ:TTD) last announced its quarterly earnings data on Wednesday, February 12th. The technology company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.21). Trade Desk had a return on equity of 13.17% and a net margin of 13.34%. On average, research analysts forecast that Trade Desk will post 0.87 earnings per share for the current year.

Trade Desk announced that its Board of Directors has approved a share buyback plan on Wednesday, February 12th that allows the company to buyback $564.00 million in shares. This buyback authorization allows the technology company to purchase up to 0.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Trade Desk

In related news, CEO Jeffrey Terry Green sold 18,207 shares of the company’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $125.44, for a total transaction of $2,283,886.08. Following the completion of the transaction, the chief executive officer now owns 704,229 shares in the company, valued at approximately $88,338,485.76. This represents a 2.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jay R. Grant sold 18,524 shares of the company’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $119.35, for a total transaction of $2,210,839.40. Following the transaction, the insider now owns 169,464 shares of the company’s stock, valued at approximately $20,225,528.40. This represents a 9.85 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,029 shares of company stock valued at $5,004,296. Insiders own 9.72% of the company’s stock.

Hedge Funds Weigh In On Trade Desk

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Trade Desk by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 42,670,254 shares of the technology company’s stock valued at $5,015,035,000 after purchasing an additional 253,137 shares during the last quarter. Baillie Gifford & Co. lifted its position in Trade Desk by 4.7% during the third quarter. Baillie Gifford & Co. now owns 38,716,074 shares of the technology company’s stock valued at $4,245,218,000 after purchasing an additional 1,720,650 shares during the last quarter. Jennison Associates LLC lifted its position in Trade Desk by 11.0% during the third quarter. Jennison Associates LLC now owns 20,320,769 shares of the technology company’s stock valued at $2,228,172,000 after purchasing an additional 2,013,047 shares during the last quarter. Edgewood Management LLC lifted its position in Trade Desk by 133.3% during the third quarter. Edgewood Management LLC now owns 9,934,156 shares of the technology company’s stock valued at $1,089,280,000 after purchasing an additional 5,675,571 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Trade Desk by 2.6% during the fourth quarter. Invesco Ltd. now owns 7,916,932 shares of the technology company’s stock valued at $930,477,000 after purchasing an additional 198,822 shares during the last quarter. Institutional investors own 67.77% of the company’s stock.

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.