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

Trade Desk (NASDAQ:TTD)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a report released on Thursday,Benzinga reports. They presently have a $145.00 price target on the technology company’s stock. Needham & Company LLC’s price target would indicate a potential upside of 168.82% from the stock’s previous close.

Several other equities research analysts also recently weighed in on TTD. Morgan Stanley decreased their price objective on Trade Desk from $145.00 to $132.00 and set an “overweight” rating for the company in a report on Thursday, February 13th. New Street Research raised 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. Benchmark raised Trade Desk from a “sell” rating to a “hold” rating in a report on Friday, March 7th. Robert W. Baird decreased their price target on Trade Desk from $160.00 to $145.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. Finally, Stifel Nicolaus decreased their price target on Trade Desk from $144.00 to $122.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Six investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Trade Desk presently has a consensus rating of “Moderate Buy” and an average price target of $119.45.

Trade Desk Stock Performance

TTD stock opened at $53.94 on Thursday. The company’s 50 day moving average price is $99.14 and its 200 day moving average price is $111.81. Trade Desk has a fifty-two week low of $53.42 and a fifty-two week high of $141.53. The firm has a market capitalization of $26.76 billion, a price-to-earnings ratio of 69.15, a PEG ratio of 3.11 and a beta of 1.63.

Trade Desk (NASDAQ:TTD) last announced its quarterly 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%. Equities analysts forecast that Trade Desk will post 1.06 EPS for the current fiscal year.

Trade Desk declared that its board has authorized a stock repurchase plan on Wednesday, February 12th that permits the company to repurchase $564.00 million in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 0.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other Trade Desk news, insider Samantha Jacobson sold 4,298 shares of Trade Desk stock in a transaction that occurred 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 sale, the insider now directly owns 90,709 shares in the company, valued at $10,754,459.04. The trade was a 4.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jay R. Grant sold 18,524 shares of Trade Desk stock in a transaction that occurred on 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 sale, the insider now owns 169,464 shares in the company, valued at $20,225,528.40. This represents a 9.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 41,029 shares of company stock valued at $5,004,296 in the last three months. Corporate insiders own 9.72% of the company’s stock.

Institutional Investors Weigh In On Trade Desk

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Investment Management Corp VA ADV bought a new stake in shares of Trade Desk in the 4th quarter valued at approximately $25,000. Rialto Wealth Management LLC bought a new stake in shares of Trade Desk in the 4th quarter valued at approximately $26,000. Harbor Investment Advisory LLC increased its holdings in shares of Trade Desk by 68.8% in the 4th quarter. Harbor Investment Advisory LLC now owns 287 shares of the technology company’s stock valued at $34,000 after acquiring an additional 117 shares during the last quarter. Synergy Asset Management LLC bought a new stake in shares of Trade Desk in the 4th quarter valued at approximately $34,000. Finally, Midwest Capital Advisors LLC bought a new stake in shares of Trade Desk in the 4th quarter valued at approximately $34,000. 67.77% of the stock is currently owned by hedge funds and other 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.