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

Trade Desk (NASDAQ:TTD) had its price objective cut by KeyCorp from $130.00 to $74.00 in a report released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Several other equities research analysts have also recently weighed in on TTD. StockNews.com cut Trade Desk from a “buy” rating to a “hold” rating in a research note on Saturday, November 30th. Piper Sandler reaffirmed an “overweight” rating and set a $110.00 target price (down previously from $140.00) on shares of Trade Desk in a research note on Thursday, February 13th. Evercore ISI cut Trade Desk from an “outperform” rating to an “inline” rating and cut their target price for the company from $135.00 to $90.00 in a research note on Thursday, February 13th. Citigroup cut their target price on Trade Desk from $140.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Finally, Wedbush upped their target price on Trade Desk from $135.00 to $145.00 and gave the company an “outperform” rating in a research note on Monday, January 6th. Six investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $116.41.

Trade Desk Stock Up 1.0 %

Shares of Trade Desk stock opened at $55.85 on Tuesday. The stock’s 50-day simple moving average is $92.39 and its 200-day simple moving average is $110.12. Trade Desk has a 52 week low of $53.39 and a 52 week high of $141.53. The company has a market capitalization of $27.71 billion, a price-to-earnings ratio of 71.60, a PEG ratio of 3.11 and a beta of 1.63.

Trade Desk (NASDAQ:TTD) last issued its 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 return on equity of 16.38% and a net margin of 16.08%. On average, equities analysts expect that Trade Desk will post 1.06 earnings per share for the current year.

Trade Desk announced that its Board of Directors has authorized a stock repurchase program on Wednesday, February 12th that authorizes the company to buyback $564.00 million in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 0.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Jay R. Grant sold 18,524 shares of the stock in a transaction dated 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 sale, the insider now directly owns 169,464 shares of the company’s stock, valued at $20,225,528.40. This represents a 9.85 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jeffrey Terry Green sold 18,207 shares of the stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $125.44, for a total transaction of $2,283,886.08. Following the sale, the chief executive officer now directly owns 704,229 shares in the company, valued at approximately $88,338,485.76. The trade was a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 41,029 shares of company stock valued at $5,004,296. Company insiders own 9.72% of the company’s stock.

Institutional Investors Weigh In On Trade Desk

Several hedge funds have recently modified their holdings of TTD. Edgewood Management LLC boosted its stake in shares of Trade Desk by 133.3% during the 3rd quarter. Edgewood Management LLC now owns 9,934,156 shares of the technology company’s stock worth $1,089,280,000 after acquiring an additional 5,675,571 shares in the last quarter. Norges Bank purchased a new position in Trade Desk in the 4th quarter valued at about $524,187,000. Brown Advisory Inc. lifted its stake in Trade Desk by 3,037.0% in the 4th quarter. Brown Advisory Inc. now owns 2,714,955 shares of the technology company’s stock valued at $319,089,000 after buying an additional 2,628,409 shares in the last quarter. Jennison Associates LLC lifted its stake in Trade Desk by 11.0% in the 3rd quarter. Jennison Associates LLC now owns 20,320,769 shares of the technology company’s stock valued at $2,228,172,000 after buying an additional 2,013,047 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Trade Desk in the 4th quarter valued at about $231,570,000. 67.77% of the stock is owned by hedge funds and other institutional investors.

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.