Trade Desk’s (TTD) “Buy” Rating Reiterated at Needham & Company LLC

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

Several other brokerages also recently commented on TTD. Wedbush lifted their target price on Trade Desk from $135.00 to $145.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. Cfra Research raised Trade Desk to a “moderate buy” rating in a research note on Tuesday, March 25th. Wolfe Research increased their target price on shares of Trade Desk from $140.00 to $155.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Cantor Fitzgerald lowered their price target on shares of Trade Desk from $115.00 to $100.00 and set a “neutral” rating for the company in a report on Thursday, February 13th. Finally, Morgan Stanley reduced their price objective on shares of Trade Desk from $145.00 to $132.00 and set an “overweight” rating on the stock in a research note on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $109.69.

Trade Desk Price Performance

Trade Desk stock opened at $48.45 on Monday. The business has a 50 day moving average of $64.37 and a 200-day moving average of $102.42. Trade Desk has a 1 year low of $42.96 and a 1 year high of $141.53. The company has a market capitalization of $24.04 billion, a P/E ratio of 62.12, a P/E/G ratio of 3.11 and a beta of 1.56.

Trade Desk (NASDAQ:TTD) last announced its quarterly earnings results on Wednesday, February 12th. The technology company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.21). Trade Desk had a net margin of 16.08% and a return on equity of 16.38%. Equities analysts anticipate that Trade Desk will post 1.06 EPS for the current year.

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

Insiders Place Their Bets

In other Trade Desk news, insider Samantha Jacobson sold 4,298 shares of the company’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 sale, the insider now directly owns 90,709 shares of the company’s stock, valued at approximately $10,754,459.04. This represents a 4.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 9.72% of the company’s stock.

Hedge Funds Weigh In On Trade Desk

Several hedge funds have recently modified their holdings of TTD. Lyell Wealth Management LP lifted its holdings in Trade Desk by 24.3% during the fourth quarter. Lyell Wealth Management LP now owns 98,339 shares of the technology company’s stock worth $11,558,000 after acquiring an additional 19,204 shares during the period. Nordea Investment Management AB raised its stake in shares of Trade Desk by 36.2% during the 4th quarter. Nordea Investment Management AB now owns 1,347,318 shares of the technology company’s stock worth $159,132,000 after purchasing an additional 358,350 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Trade Desk by 276.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 70,237 shares of the technology company’s stock worth $8,255,000 after buying an additional 51,603 shares during the last quarter. Independent Solutions Wealth Management LLC grew its position in Trade Desk by 21.0% during the third quarter. Independent Solutions Wealth Management LLC now owns 64,358 shares of the technology company’s stock valued at $7,057,000 after buying an additional 11,181 shares during the period. Finally, Moody National Bank Trust Division purchased a new stake in Trade Desk during the fourth quarter worth about $985,000. 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.