Royal Bank of Canada Cuts Trade Desk (NASDAQ:TTD) Price Target to $120.00

Trade Desk (NASDAQ:TTD) had its price objective trimmed by Royal Bank of Canada from $140.00 to $120.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an outperform rating on the technology company’s stock.

A number of other research firms have also recently issued reports on TTD. JMP Securities cut their price target on Trade Desk from $150.00 to $115.00 and set a “market outperform” rating on the stock in a report on Thursday. UBS Group increased their price target on Trade Desk from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, November 8th. New Street Research upgraded Trade Desk from a “sell” rating to a “neutral” rating and increased their price target for the stock from $85.00 to $115.00 in a report on Monday, November 25th. Loop Capital increased their price target on Trade Desk from $120.00 to $145.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Finally, Macquarie increased their price target on Trade Desk from $133.00 to $150.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $119.77.

Trade Desk Price Performance

Shares of TTD stock opened at $80.16 on Thursday. The business’s 50 day simple moving average is $120.93 and its 200 day simple moving average is $115.40. Trade Desk has a one year low of $73.68 and a one year high of $141.53. The stock has a market capitalization of $39.56 billion, a PE ratio of 131.41, a PEG ratio of 3.63 and a beta of 1.45.

Trade Desk (NASDAQ:TTD) last announced 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 net margin of 13.34% and a return on equity of 13.17%. As a group, research analysts expect that Trade Desk will post 0.87 earnings per share for the current year.

Trade Desk announced that its Board of Directors has initiated a stock repurchase plan 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 shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, insider Jay R. Grant sold 18,524 shares of Trade Desk stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $119.35, for a total value of $2,210,839.40. Following the completion of the sale, the insider now owns 169,464 shares of the company’s stock, valued at approximately $20,225,528.40. This trade represents a 9.85 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jeffrey Terry Green sold 18,207 shares of Trade Desk stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $125.44, for a total value of $2,283,886.08. Following the completion of the sale, the chief executive officer now directly owns 704,229 shares of the company’s stock, valued at approximately $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 a total of 41,029 shares of company stock valued at $5,004,296 in the last ninety days. 9.72% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Trade Desk

Several large investors have recently added to or reduced their stakes in the company. Rialto Wealth Management LLC purchased a new position in Trade Desk during the 4th quarter valued at about $26,000. Harbor Investment Advisory LLC grew its holdings 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 buying an additional 117 shares in the last quarter. Midwest Capital Advisors LLC purchased a new position in Trade Desk during the 4th quarter valued at about $34,000. Zions Bancorporation N.A. grew its holdings in Trade Desk by 148.3% during the 4th quarter. Zions Bancorporation N.A. now owns 293 shares of the technology company’s stock valued at $34,000 after buying an additional 175 shares in the last quarter. Finally, Exchange Traded Concepts LLC purchased a new position in Trade Desk during the 4th quarter valued at about $35,000. Hedge funds and other institutional investors own 67.77% of the company’s stock.

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.