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

Needham & Company LLC restated their buy rating on shares of Trade Desk (NASDAQ:TTD) in a research report report published on Thursday morning,Benzinga reports. They currently have a $84.00 target price on the technology company’s stock.

Several other research firms have also issued reports on TTD. Cantor Fitzgerald lowered their target price on shares of Trade Desk from $115.00 to $100.00 and set a “neutral” rating for the company in a report on Thursday, February 13th. DA Davidson decreased their price objective on shares of Trade Desk from $103.00 to $92.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Truist Financial boosted their target price on Trade Desk from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Evercore ISI cut Trade Desk from an “outperform” rating to an “inline” rating and cut their target price for the company from $135.00 to $90.00 in a research note on Thursday, February 13th. Finally, Rosenblatt Securities started coverage on Trade Desk in a research note on Tuesday, April 29th. They set a “buy” rating and a $77.00 price target for the company. Seven research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat.com, Trade Desk currently has an average rating of “Moderate Buy” and an average price target of $98.88.

Trade Desk Trading Down 2.1%

TTD opened at $77.50 on Thursday. The stock has a 50-day moving average of $55.77 and a 200 day moving average of $94.21. Trade Desk has a 12 month low of $42.96 and a 12 month high of $141.53. The firm has a market cap of $38.45 billion, a P/E ratio of 99.36, a P/E/G ratio of 3.11 and a beta of 1.29.

Trade Desk (NASDAQ:TTD) last released its earnings results on Thursday, May 8th. The technology company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.07. The firm had revenue of $616.02 million for the quarter, compared to the consensus estimate of $575.62 million. Trade Desk had a return on equity of 16.38% and a net margin of 16.08%. The company’s revenue for the quarter was up 25.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 EPS. On average, research analysts forecast that Trade Desk will post 1.06 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In other news, Director David B. Wells sold 28,638 shares of the company’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $79.88, for a total transaction of $2,287,603.44. Following the completion of the transaction, the director now directly owns 66,985 shares of the company’s stock, valued at $5,350,761.80. This represents a 29.95% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Jeffrey Terry Green sold 26,684 shares of Trade Desk stock in a transaction on Monday, May 12th. The shares were sold at an average price of $80.03, for a total transaction of $2,135,520.52. Following the completion of the sale, the chief executive officer now directly owns 17,018 shares in the company, valued at $1,361,950.54. This represents a 61.06% decrease in their position. The disclosure for this sale can be found here. 9.74% of the stock is currently owned by insiders.

Institutional Trading of Trade Desk

A number of institutional investors and hedge funds have recently modified their holdings of TTD. Lyell Wealth Management LP increased its stake in Trade Desk by 24.3% during the 4th quarter. Lyell Wealth Management LP now owns 98,339 shares of the technology company’s stock worth $11,558,000 after buying an additional 19,204 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Trade Desk by 276.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 70,237 shares of the technology company’s stock worth $8,255,000 after acquiring an additional 51,603 shares during the last quarter. Yousif Capital Management LLC boosted its stake in shares of Trade Desk by 5.4% in the fourth quarter. Yousif Capital Management LLC now owns 5,856 shares of the technology company’s stock worth $688,000 after acquiring an additional 300 shares during the last quarter. Allworth Financial LP increased its position in shares of Trade Desk by 46.3% during the fourth quarter. Allworth Financial LP now owns 5,470 shares of the technology company’s stock worth $660,000 after purchasing an additional 1,732 shares in the last quarter. Finally, Cherry Creek Investment Advisors Inc. raised its stake in Trade Desk by 10.3% in the 4th quarter. Cherry Creek Investment Advisors Inc. now owns 52,144 shares of the technology company’s stock valued at $6,128,000 after purchasing an additional 4,878 shares during the last quarter. 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.