Trade Desk (NASDAQ:TTD) Trading Up 22.4% on Strong Earnings

The Trade Desk, Inc. (NASDAQ:TTD) traded up 22.4% during trading on Friday following a stronger than expected earnings report. The company traded as high as $75.77 and last traded at $73.32. 25,507,605 shares changed hands during mid-day trading, an increase of 349% from the average session volume of 5,682,175 shares. The stock had previously closed at $59.90.

The technology company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.07. The company had revenue of $616.02 million for the quarter, compared to analysts’ expectations of $575.62 million. Trade Desk had a return on equity of 16.38% and a net margin of 16.08%. Trade Desk’s quarterly revenue was up 25.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.26 earnings per share.

Trade Desk announced that its Board of Directors has approved a stock buyback plan on Wednesday, February 12th that permits the company to repurchase $564.00 million in shares. This repurchase authorization permits the technology company to buy up to 0.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several research firms recently weighed in on TTD. HSBC set a $75.00 price target on shares of Trade Desk and gave the stock a “buy” rating in a report on Wednesday, April 23rd. UBS Group decreased their price target on Trade Desk from $116.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Benchmark upgraded Trade Desk from a “sell” rating to a “hold” rating in a research note on Friday, March 7th. JMP Securities lowered their target price on Trade Desk from $115.00 to $100.00 and set a “market outperform” rating on the stock in a research note on Friday. Finally, KeyCorp increased their price target on shares of Trade Desk from $67.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday. Seven analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.88.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of TTD. Brown Advisory Inc. raised its position in shares of Trade Desk by 198.4% in the first quarter. Brown Advisory Inc. now owns 8,102,294 shares of the technology company’s stock worth $443,358,000 after buying an additional 5,387,339 shares in the last quarter. Norges Bank purchased a new stake in shares of Trade Desk in the 4th quarter valued at about $524,187,000. Raymond James Financial Inc. bought a new stake in shares of Trade Desk during the 4th quarter valued at about $231,570,000. Vanguard Group Inc. grew its holdings in shares of Trade Desk by 3.7% during the first quarter. Vanguard Group Inc. now owns 44,237,745 shares of the technology company’s stock worth $2,420,689,000 after purchasing an additional 1,567,491 shares in the last quarter. Finally, Franklin Resources Inc. increased its position in shares of Trade Desk by 265.9% in the fourth quarter. Franklin Resources Inc. now owns 1,864,386 shares of the technology company’s stock worth $219,121,000 after purchasing an additional 1,354,891 shares during the last quarter. 67.77% of the stock is owned by institutional investors.

Trade Desk Price Performance

The firm has a market capitalization of $35.24 billion, a PE ratio of 91.08, a P/E/G ratio of 3.11 and a beta of 1.29. The business’s 50 day moving average is $54.62 and its two-hundred day moving average is $95.16.

Trade Desk Company Profile

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.