Trade Desk (NASDAQ:TTD) Board Announces Stock Buyback Program

Trade Desk (NASDAQ:TTD) declared that its Board of Directors has initiated a share repurchase program on Wednesday, February 12th, RTT News reports. The company plans to buyback $564.00 million in shares. This buyback authorization allows the technology company to repurchase up to 0.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

Trade Desk Stock Down 2.1 %

TTD stock opened at $80.16 on Friday. The stock has a market capitalization of $39.56 billion, a price-to-earnings ratio of 131.41, a price-to-earnings-growth ratio of 3.63 and a beta of 1.45. The stock’s fifty day simple moving average is $120.93 and its 200-day simple moving average is $115.22. Trade Desk has a 52-week low of $73.68 and a 52-week high of $141.53.

Trade Desk (NASDAQ:TTD) last issued its earnings results on Wednesday, February 12th. The technology company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.21). Trade Desk had a return on equity of 13.17% and a net margin of 13.34%. As a group, analysts anticipate that Trade Desk will post 0.87 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TTD. Stifel Nicolaus cut their target price on Trade Desk from $144.00 to $122.00 and set a “buy” rating for the company in a research note on Thursday. Royal Bank of Canada cut their target price on Trade Desk from $140.00 to $120.00 and set an “outperform” rating for the company in a research note on Thursday. Benchmark reissued a “sell” rating and set a $57.00 target price on shares of Trade Desk in a research note on Friday, November 8th. Morgan Stanley cut their target price on Trade Desk from $145.00 to $132.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, BMO Capital Markets cut their target price on Trade Desk from $160.00 to $115.00 and set an “outperform” rating for the company in a research note on Thursday. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Trade Desk presently has an average rating of “Moderate Buy” and a consensus target price of $119.77.

Insider Buying and Selling at Trade Desk

In other Trade Desk news, insider Jay R. Grant sold 18,524 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $119.35, for a total value of $2,210,839.40. Following the transaction, the insider now directly owns 169,464 shares of the company’s stock, valued at $20,225,528.40. This trade represents a 9.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Samantha Jacobson sold 4,298 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $118.56, for a total value of $509,570.88. Following the completion of the transaction, the insider now directly owns 90,709 shares in the company, valued at $10,754,459.04. This trade represents a 4.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 41,029 shares of company stock valued at $5,004,296 over the last three months. 9.72% of the stock is owned by company insiders.

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.