Trade Desk (NASDAQ:TTD) Price Target Lowered to $83.00 at Scotiabank

Trade Desk (NASDAQ:TTD) had its price target lowered by Scotiabank from $133.00 to $83.00 in a research note published on Thursday,Benzinga reports. The brokerage currently has a sector perform rating on the technology company’s stock.

Several other research firms have also recently commented on TTD. JMP Securities dropped their price objective on Trade Desk from $150.00 to $115.00 and set a “market outperform” rating on the stock in a research report on Thursday. Stifel Nicolaus dropped their price target on shares of Trade Desk from $144.00 to $122.00 and set a “buy” rating on the stock in a report on Thursday. Benchmark reissued a “sell” rating and set a $57.00 price objective on shares of Trade Desk in a report on Friday, November 8th. Wells Fargo & Company raised their target price on shares of Trade Desk from $141.00 to $142.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $145.00 target price on shares of Trade Desk in a research note on Thursday. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Trade Desk currently has a consensus rating of “Moderate Buy” and an average price target of $121.20.

Trade Desk Stock Performance

Shares of NASDAQ TTD opened at $81.92 on Thursday. The firm’s 50 day moving average price is $122.11 and its 200-day moving average price is $115.31. Trade Desk has a 52-week low of $72.21 and a 52-week high of $141.53. The company has a market cap of $40.43 billion, a PE ratio of 134.30, a P/E/G ratio of 3.63 and a beta of 1.45.

Trade Desk (NASDAQ:TTD) last released its quarterly earnings data 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 13.34% and a return on equity of 13.17%. On average, analysts forecast that Trade Desk will post 0.87 earnings per share for the current fiscal year.

Trade Desk declared that its board has approved a share buyback program on Wednesday, February 12th that allows the company to repurchase $564.00 million in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 0.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider Samantha Jacobson sold 4,298 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $118.56, for a total value of $509,570.88. Following the sale, the insider now directly owns 90,709 shares in the company, valued at approximately $10,754,459.04. The trade was a 4.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jeffrey Terry Green sold 18,207 shares of the stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $125.44, for a total transaction of $2,283,886.08. Following the transaction, the chief executive officer now owns 704,229 shares of the company’s stock, valued at $88,338,485.76. This trade represents a 2.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 41,029 shares of company stock worth $5,004,296 in the last three months. 9.72% of the stock is owned by company insiders.

Hedge Funds Weigh In On Trade Desk

A number of hedge funds have recently added to or reduced their stakes in the stock. Rialto Wealth Management LLC bought a new stake in shares of Trade Desk in the fourth quarter valued at about $26,000. Harbor Investment Advisory LLC increased 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 valued at $34,000 after purchasing an additional 117 shares during the period. Midwest Capital Advisors LLC bought a new stake in shares of Trade Desk in the 4th quarter valued at about $34,000. Zions Bancorporation N.A. lifted its position in shares of Trade Desk by 148.3% in the 4th quarter. Zions Bancorporation N.A. now owns 293 shares of the technology company’s stock worth $34,000 after purchasing an additional 175 shares during the period. Finally, Exchange Traded Concepts LLC bought a new position in shares of Trade Desk during the fourth quarter valued at approximately $35,000. 67.77% of the stock is currently owned by institutional investors.

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.