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

Needham & Company LLC reissued their buy rating on shares of Trade Desk (NASDAQ:TTD) in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a $84.00 price target on the technology company’s stock.

A number of other brokerages have also recently issued reports on TTD. JMP Securities dropped their target price on shares of Trade Desk from $150.00 to $115.00 and set a “market outperform” rating on the stock in a report on Thursday, February 13th. Citizens Jmp raised shares of Trade Desk to a “strong-buy” rating in a report on Tuesday, January 21st. Stifel Nicolaus lowered their price target on shares of Trade Desk from $122.00 to $87.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Scotiabank lowered their price target on shares of Trade Desk from $133.00 to $83.00 and set a “sector perform” rating on the stock in a report on Thursday, February 13th. Finally, Oppenheimer lowered their price target on shares of Trade Desk from $135.00 to $115.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th. Seven equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $98.88.

Trade Desk Stock Performance

Shares of TTD stock opened at $71.04 on Friday. The firm’s 50-day moving average is $54.62 and its 200-day moving average is $94.99. The stock has a market cap of $35.24 billion, a price-to-earnings ratio of 91.08, a PEG ratio of 3.11 and a beta of 1.29. Trade Desk has a 52-week low of $42.96 and a 52-week high of $141.53.

Trade Desk (NASDAQ:TTD) last issued its earnings results on Thursday, May 8th. The technology company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 16.08% and a return on equity of 16.38%. Trade Desk’s quarterly revenue was up 25.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.26 EPS. Sell-side analysts predict that Trade Desk will post 1.06 EPS for the current fiscal year.

Trade Desk announced that its board has initiated a stock 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 often a sign that the company’s management believes its stock is undervalued.

Institutional Trading of Trade Desk

Several large investors have recently made changes to their positions in TTD. Brown Advisory Inc. boosted its position in shares of Trade Desk by 198.4% during the 1st quarter. Brown Advisory Inc. now owns 8,102,294 shares of the technology company’s stock worth $443,358,000 after acquiring an additional 5,387,339 shares in the last quarter. Norges Bank acquired a new stake in shares of Trade Desk during the 4th quarter worth approximately $524,187,000. Raymond James Financial Inc. acquired a new stake in shares of Trade Desk during the 4th quarter worth approximately $231,570,000. Vanguard Group Inc. boosted its position in shares of Trade Desk by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 44,237,745 shares of the technology company’s stock worth $2,420,689,000 after acquiring an additional 1,567,491 shares in the last quarter. Finally, Franklin Resources Inc. boosted its position in shares of Trade Desk by 265.9% during the 4th quarter. Franklin Resources Inc. now owns 1,864,386 shares of the technology company’s stock worth $219,121,000 after acquiring an additional 1,354,891 shares in the last quarter. Institutional investors and hedge funds 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.