Trade Desk (NASDAQ:TTD) Price Target Cut to $100.00 by Analysts at Royal Bank of Canada

Trade Desk (NASDAQ:TTD) had its target price dropped by stock analysts at Royal Bank of Canada from $120.00 to $100.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 86.60% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on the stock. Citizens Jmp raised shares of Trade Desk to a “strong-buy” rating in a report on Tuesday, January 21st. Robert W. Baird cut their target price on shares of Trade Desk from $160.00 to $145.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th. New Street Research raised shares of Trade Desk from a “sell” rating to a “neutral” rating and raised their target price for the stock from $85.00 to $115.00 in a report on Monday, November 25th. Truist Financial dropped their price target on shares of Trade Desk from $155.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Finally, Piper Sandler restated an “overweight” rating and issued a $110.00 price target (down previously from $140.00) on shares of Trade Desk in a research note on Thursday, February 13th. Six analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $116.41.

Trade Desk Stock Performance

Shares of TTD stock opened at $53.59 on Monday. Trade Desk has a one year low of $53.39 and a one year high of $141.53. The company’s 50-day simple moving average is $95.03 and its 200-day simple moving average is $110.89. The stock has a market capitalization of $26.59 billion, a price-to-earnings ratio of 68.71, a PEG ratio of 3.11 and a beta of 1.63.

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

Trade Desk announced that its Board of Directors has authorized a share buyback program 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 stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Jay R. Grant sold 18,524 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $119.35, for a total transaction of $2,210,839.40. Following the completion of the sale, the insider now directly owns 169,464 shares in the company, valued at approximately $20,225,528.40. This trade represents a 9.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Samantha Jacobson sold 4,298 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $118.56, for a total transaction of $509,570.88. Following the sale, the insider now owns 90,709 shares of the company’s stock, valued at $10,754,459.04. The trade was a 4.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,029 shares of company stock worth $5,004,296. Corporate 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 added to or reduced their stakes in TTD. OneDigital Investment Advisors LLC boosted its stake in Trade Desk by 7.1% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 7,737 shares of the technology company’s stock worth $848,000 after purchasing an additional 513 shares during the period. Empowered Funds LLC boosted its stake in shares of Trade Desk by 6.9% during the 3rd quarter. Empowered Funds LLC now owns 14,738 shares of the technology company’s stock valued at $1,616,000 after buying an additional 953 shares during the period. Quest Partners LLC acquired a new stake in shares of Trade Desk during the 3rd quarter valued at $85,000. Pathstone Holdings LLC raised its holdings in shares of Trade Desk by 14.1% during the 3rd quarter. Pathstone Holdings LLC now owns 18,284 shares of the technology company’s stock valued at $2,005,000 after purchasing an additional 2,263 shares in the last quarter. Finally, Caprock Group LLC raised its holdings in shares of Trade Desk by 1.0% during the 3rd quarter. Caprock Group LLC now owns 12,883 shares of the technology company’s stock valued at $1,413,000 after purchasing an additional 132 shares in the last quarter. 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.