BMO Capital Markets Cuts Trade Desk (NASDAQ:TTD) Price Target to $115.00

Trade Desk (NASDAQ:TTD) had its price objective dropped by research analysts at BMO Capital Markets from $160.00 to $115.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. BMO Capital Markets’ price target would suggest a potential upside of 41.83% from the company’s previous close.

A number of other research firms have also weighed in on TTD. Citizens Jmp upgraded shares of Trade Desk to a “strong-buy” rating in a research report on Tuesday, January 21st. Piper Sandler reiterated an “overweight” rating and set a $110.00 price objective (down previously from $140.00) on shares of Trade Desk in a research report on Thursday. Citigroup upped their target price on Trade Desk from $115.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Macquarie raised their target price on Trade Desk from $133.00 to $150.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Finally, Royal Bank of Canada lowered their price target on shares of Trade Desk from $140.00 to $120.00 and set an “outperform” rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $123.93.

Trade Desk Price Performance

Trade Desk stock traded down $41.15 during midday trading on Thursday, reaching $81.08. The company had a trading volume of 34,367,007 shares, compared to its average volume of 5,086,730. Trade Desk has a 12-month low of $72.21 and a 12-month high of $141.53. The company has a market capitalization of $40.02 billion, a P/E ratio of 132.92, a P/E/G ratio of 3.63 and a beta of 1.45. The firm’s fifty day simple moving average is $123.20 and its 200-day simple moving average is $115.54.

Trade Desk (NASDAQ:TTD) last released 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 net margin of 13.34% and a return on equity of 13.17%. On average, analysts expect that Trade Desk will post 0.87 EPS for the current fiscal year.

Trade Desk declared that its board has approved a stock repurchase plan on Wednesday, February 12th that allows the company to repurchase $564.00 million in outstanding shares. This repurchase authorization allows the technology company to buy up to 0.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Trade Desk

In related news, insider Jay R. Grant sold 18,524 shares of the stock in a transaction on Monday, December 30th. The shares were 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Samantha Jacobson sold 4,298 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $118.56, for a total transaction 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 trade represents a 4.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 41,029 shares of company stock worth $5,004,296 over the last ninety days. Corporate insiders own 9.72% of the company’s stock.

Institutional Trading of Trade Desk

Hedge funds and other institutional investors have recently made changes to their positions in the company. Rialto Wealth Management LLC purchased a new position in shares of Trade Desk during the fourth quarter worth approximately $26,000. Harbor Investment Advisory LLC lifted its position in Trade Desk by 68.8% during the 4th quarter. Harbor Investment Advisory LLC now owns 287 shares of the technology company’s stock worth $34,000 after acquiring an additional 117 shares during the period. Synergy Asset Management LLC purchased a new position in shares of Trade Desk in the 4th quarter valued at approximately $34,000. Midwest Capital Advisors LLC acquired a new position in shares of Trade Desk in the fourth quarter valued at approximately $34,000. Finally, Zions Bancorporation N.A. increased its holdings in shares of Trade Desk by 148.3% in the fourth quarter. Zions Bancorporation N.A. now owns 293 shares of the technology company’s stock valued at $34,000 after purchasing an additional 175 shares during the period. Institutional investors and hedge funds own 67.77% of the company’s stock.

Trade Desk Company 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.