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

Trade Desk (NASDAQ:TTD) had its target price dropped by investment analysts at Scotiabank from $133.00 to $83.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “sector perform” rating on the technology company’s stock. Scotiabank’s price objective points to a potential upside of 3.54% from the company’s previous close.

Several other equities research analysts have also commented on the stock. Oppenheimer decreased their price objective on shares of Trade Desk from $135.00 to $115.00 and set an “outperform” rating on the stock in a research report on Thursday. Cantor Fitzgerald decreased their price objective on shares of Trade Desk from $115.00 to $100.00 and set a “neutral” rating on the stock in a research report on Thursday. JMP Securities decreased their price objective on shares of Trade Desk from $150.00 to $115.00 and set a “market outperform” rating on the stock in a research report on Thursday. Evercore ISI lowered shares of Trade Desk from an “outperform” rating to an “inline” rating and decreased their price objective for the stock from $135.00 to $90.00 in a research report on Thursday. Finally, Wedbush boosted their price objective on shares of Trade Desk from $135.00 to $145.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $119.77.

Trade Desk Stock Performance

Shares of NASDAQ TTD opened at $80.16 on Thursday. The firm has a market capitalization of $39.56 billion, a P/E ratio of 131.41, a PEG ratio of 3.63 and a beta of 1.45. Trade Desk has a one year low of $73.68 and a one year high of $141.53. The company’s fifty day moving average is $120.93 and its two-hundred day moving average is $115.22.

Trade Desk (NASDAQ:TTD) last issued its 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 13.17% and a net margin of 13.34%. On average, sell-side analysts forecast that Trade Desk will post 0.87 earnings per share for the current fiscal year.

Trade Desk declared that its board has authorized a share buyback program on Wednesday, February 12th that authorizes the company to repurchase $564.00 million in shares. This repurchase authorization authorizes the technology company to reacquire up to 0.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership 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 that occurred on Monday, December 30th. The stock was sold at an average price of $119.35, for a total transaction of $2,210,839.40. Following the completion of the transaction, the insider now directly owns 169,464 shares in the company, valued at approximately $20,225,528.40. This represents a 9.85 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Samantha Jacobson sold 4,298 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $118.56, for a total value of $509,570.88. Following the transaction, the insider now 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 sold a total of 41,029 shares of company stock worth $5,004,296 in the last 90 days. 9.72% of the stock is owned by company insiders.

Institutional Investors Weigh In On Trade Desk

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Trade Desk by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 42,670,254 shares of the technology company’s stock valued at $5,015,035,000 after acquiring an additional 253,137 shares in the last quarter. Baillie Gifford & Co. raised its position in shares of Trade Desk by 4.7% during the 3rd quarter. Baillie Gifford & Co. now owns 38,716,074 shares of the technology company’s stock valued at $4,245,218,000 after acquiring an additional 1,720,650 shares in the last quarter. Jennison Associates LLC raised its position in shares of Trade Desk by 11.0% during 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 acquiring an additional 2,013,047 shares in the last quarter. Edgewood Management LLC raised its position 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 valued at $1,089,280,000 after acquiring an additional 5,675,571 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Trade Desk by 2.6% during the 4th quarter. Invesco Ltd. now owns 7,916,932 shares of the technology company’s stock valued at $930,477,000 after acquiring an additional 198,822 shares in the last quarter. 67.77% of the stock is owned by institutional investors and hedge funds.

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.