Royal Bank of Canada Cuts Trade Desk (NASDAQ:TTD) Price Target to $100.00

Trade Desk (NASDAQ:TTD) had its price objective decreased by equities research analysts at Royal Bank of Canada from $120.00 to $100.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s price target suggests a potential upside of 86.60% from the company’s current price.

A number of other brokerages have also weighed in on TTD. Oppenheimer decreased their target price on Trade Desk from $135.00 to $115.00 and set an “outperform” rating for the company in a research report on Thursday, February 13th. Piper Sandler restated an “overweight” rating and set a $110.00 target price (down from $140.00) on shares of Trade Desk in a research note on Thursday, February 13th. Citigroup dropped their price target on Trade Desk from $140.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Robert W. Baird decreased their price objective 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, Benchmark raised Trade Desk from a “sell” rating to a “hold” rating in a report on Friday, March 7th. Six investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $116.41.

Trade Desk Stock Down 5.2 %

Shares of TTD stock opened at $53.59 on Monday. Trade Desk has a twelve month low of $53.39 and a twelve month high of $141.53. The stock has a market cap of $26.59 billion, a price-to-earnings ratio of 68.71, a PEG ratio of 3.11 and a beta of 1.63. The business’s fifty day moving average is $95.03 and its 200 day moving average is $110.89.

Trade Desk (NASDAQ:TTD) last released its earnings results 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 return on equity of 16.38% and a net margin of 16.08%. Equities research analysts expect that Trade Desk will post 1.06 earnings per share for the current fiscal year.

Trade Desk announced that its board has approved a share buyback program on Wednesday, February 12th that permits the company to buyback $564.00 million in outstanding shares. This buyback authorization permits the technology company to reacquire up to 0.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity at Trade Desk

In other news, CEO Jeffrey Terry Green sold 18,207 shares of the company’s 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 completion of the sale, the chief executive officer now directly owns 704,229 shares in the company, valued at $88,338,485.76. This represents a 2.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jay R. Grant sold 18,524 shares of the stock in a transaction on Monday, December 30th. The shares were 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 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 worth $5,004,296 in the last quarter. Company insiders own 9.72% of the company’s stock.

Hedge Funds Weigh In On Trade Desk

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Investment Management Corp VA ADV bought a new position in shares of Trade Desk during the fourth quarter worth about $25,000. Rialto Wealth Management LLC acquired a new stake in shares of Trade Desk in the fourth quarter valued at approximately $26,000. Harbor Investment Advisory LLC increased 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 purchasing an additional 117 shares during the period. Synergy Asset Management LLC acquired a new position in shares of Trade Desk during the fourth quarter valued at approximately $34,000. Finally, Midwest Capital Advisors LLC acquired a new position in shares of Trade Desk during the fourth quarter valued at approximately $34,000. 67.77% of the stock is 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.