Needham & Company LLC Reiterates “Buy” Rating for Trade Desk (NASDAQ:TTD)

Trade Desk (NASDAQ:TTD)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a report issued on Friday,Benzinga reports. They presently have a $145.00 target price on the technology company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 123.39% from the company’s previous close.

TTD has been the subject of a number of other reports. Wolfe Research increased their price objective on Trade Desk from $140.00 to $155.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. BMO Capital Markets decreased their price objective on Trade Desk from $160.00 to $115.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. Piper Sandler reaffirmed an “overweight” rating and set a $110.00 price target (down from $140.00) on shares of Trade Desk in a research note on Thursday, February 13th. KeyCorp increased their price target on Trade Desk from $140.00 to $142.00 and gave the company an “overweight” rating in a research note on Monday, February 10th. Finally, Macquarie increased their price target on Trade Desk from $133.00 to $150.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Six research 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’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $119.45.

Trade Desk Trading Down 0.1 %

NASDAQ:TTD opened at $64.91 on Friday. The firm has a market capitalization of $32.20 billion, a PE ratio of 83.22, a price-to-earnings-growth ratio of 3.11 and a beta of 1.63. The stock has a 50 day moving average of $103.94 and a 200-day moving average of $113.14. Trade Desk has a 52 week low of $63.82 and a 52 week high of $141.53.

Trade Desk (NASDAQ:TTD) last posted 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 16.08% and a return on equity of 16.38%. As a group, analysts predict that Trade Desk will post 1.06 EPS for the current fiscal year.

Trade Desk announced that its board has initiated a share buyback plan on Wednesday, February 12th that allows the company to repurchase $564.00 million in shares. This repurchase authorization allows the technology company to buy up to 0.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, insider Samantha Jacobson sold 4,298 shares of the stock in a transaction 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 completion of the sale, the insider now directly owns 90,709 shares in the company, valued at approximately $10,754,459.04. This trade represents a 4.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jeffrey Terry Green sold 18,207 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 704,229 shares in the company, valued at $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. Insiders sold 41,029 shares of company stock worth $5,004,296 over the last quarter. Corporate insiders own 9.72% of the company’s stock.

Hedge Funds Weigh In On Trade Desk

Hedge funds have recently bought and sold shares of the business. Investment Management Corp VA ADV acquired a new stake in shares of Trade Desk in the fourth quarter valued at about $25,000. 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 lifted its stake in shares of Trade Desk by 68.8% in the fourth 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 during the period. Synergy Asset Management LLC bought a new stake in shares of Trade Desk in the fourth quarter valued at about $34,000. Finally, Midwest Capital Advisors LLC bought a new stake in shares of Trade Desk in the fourth quarter valued at about $34,000. 67.77% of the stock is owned by institutional investors and hedge funds.

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.