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

Needham & Company LLC reissued their buy rating on shares of Trade Desk (NASDAQ:TTD) in a research report report published on Monday,Benzinga reports. Needham & Company LLC currently has a $84.00 price objective on the technology company’s stock.

A number of other research firms have also recently weighed in on TTD. Benchmark upgraded Trade Desk from a “sell” rating to a “hold” rating in a research note on Friday, March 7th. BMO Capital Markets dropped their price objective on shares of Trade Desk from $160.00 to $115.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. Loop Capital cut their target price on shares of Trade Desk from $145.00 to $101.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Oppenheimer decreased their price target on shares of Trade Desk from $135.00 to $115.00 and set an “outperform” rating on the stock in a research note on Thursday, February 13th. Finally, Jefferies Financial Group cut their price objective on shares of Trade Desk from $120.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Six analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Trade Desk has a consensus rating of “Moderate Buy” and an average target price of $109.69.

Trade Desk Price Performance

Shares of TTD stock opened at $48.64 on Monday. The stock has a market cap of $24.13 billion, a P/E ratio of 62.36, a P/E/G ratio of 3.11 and a beta of 1.56. The company has a fifty day moving average price of $67.05 and a two-hundred day moving average price of $103.17. Trade Desk has a one year low of $42.96 and a one year high of $141.53.

Trade Desk (NASDAQ:TTD) last posted its quarterly earnings results on Wednesday, February 12th. The technology company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.21). Trade Desk had a return on equity of 16.38% and a net margin of 16.08%. As a group, equities research analysts anticipate that Trade Desk will post 1.06 EPS for the current fiscal year.

Trade Desk announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 12th that authorizes the company to buyback $564.00 million in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 0.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Samantha Jacobson sold 4,298 shares of the firm’s 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 sale, the insider now owns 90,709 shares of the company’s stock, valued at $10,754,459.04. This trade represents a 4.52 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 9.72% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Trade Desk

Several large investors have recently bought and sold shares of TTD. Lyell Wealth Management LP boosted its position 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 during the period. Nordea Investment Management AB lifted its holdings in shares of Trade Desk by 36.2% during the fourth quarter. Nordea Investment Management AB now owns 1,347,318 shares of the technology company’s stock worth $159,132,000 after purchasing an additional 358,350 shares during the period. Assenagon Asset Management S.A. grew 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 purchasing an additional 51,603 shares during the last quarter. Independent Solutions Wealth Management LLC increased its holdings in Trade Desk by 21.0% in the third quarter. Independent Solutions Wealth Management LLC now owns 64,358 shares of the technology company’s stock valued at $7,057,000 after purchasing an additional 11,181 shares during the period. Finally, Moody National Bank Trust Division bought a new position in Trade Desk during the 4th quarter worth $985,000. 67.77% of the stock is currently owned by 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.