Trade Desk (NASDAQ:TTD) Upgraded by Cannonball Research to Strong-Buy Rating

Trade Desk (NASDAQ:TTD) was upgraded by research analysts at Cannonball Research to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other equities analysts also recently issued reports about the company. Wedbush reduced their price target on Trade Desk from $50.00 to $40.00 and set a “neutral” rating for the company in a report on Monday, December 8th. Citigroup reissued an “outperform” rating on shares of Trade Desk in a report on Tuesday, September 30th. Susquehanna dropped their price objective on Trade Desk from $135.00 to $85.00 and set a “positive” rating for the company in a research note on Friday, November 7th. DA Davidson cut their target price on shares of Trade Desk from $80.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, November 10th. Finally, Rosenblatt Securities reduced their price objective on Trade Desk from $78.00 to $64.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $69.34.

Trade Desk Stock Performance

TTD stock opened at $37.14 on Monday. The company has a market capitalization of $17.96 billion, a PE ratio of 42.69, a price-to-earnings-growth ratio of 1.45 and a beta of 1.11. The company’s 50 day moving average price is $39.35 and its two-hundred day moving average price is $52.95. Trade Desk has a one year low of $35.65 and a one year high of $126.20.

Trade Desk (NASDAQ:TTD) last issued its earnings results on Thursday, November 6th. The technology company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.01. Trade Desk had a net margin of 15.72% and a return on equity of 16.00%. The firm had revenue of $739.43 million for the quarter, compared to analysts’ expectations of $719.11 million. During the same quarter last year, the business earned $0.41 earnings per share. The business’s revenue was up 17.7% on a year-over-year basis. On average, research analysts predict that Trade Desk will post 1.06 EPS for the current year.

Trade Desk announced that its board has approved a stock repurchase plan on Thursday, November 6th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to buy up to 2.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in TTD. Family Legacy Financial Solutions LLC lifted its stake in shares of Trade Desk by 163.2% during the 3rd quarter. Family Legacy Financial Solutions LLC now owns 500 shares of the technology company’s stock worth $25,000 after purchasing an additional 310 shares during the last quarter. Sound Income Strategies LLC raised its holdings in Trade Desk by 317.6% in the second quarter. Sound Income Strategies LLC now owns 355 shares of the technology company’s stock worth $26,000 after purchasing an additional 270 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Trade Desk by 175.8% during the third quarter. Versant Capital Management Inc now owns 524 shares of the technology company’s stock valued at $26,000 after buying an additional 334 shares during the last quarter. Root Financial Partners LLC purchased a new stake in shares of Trade Desk during the third quarter valued at about $26,000. Finally, Elevation Wealth Partners LLC boosted its holdings in shares of Trade Desk by 2,382.8% in the 4th quarter. Elevation Wealth Partners LLC now owns 720 shares of the technology company’s stock valued at $27,000 after buying an additional 691 shares in the last quarter. 67.77% of the stock is currently owned by hedge funds and other institutional investors.

About Trade Desk

The Trade Desk, Inc (NASDAQ: TTD) is a technology company that provides a demand-side platform (DSP) for programmatic digital advertising. Its platform enables advertisers, agencies and other buyers to plan, purchase and measure ad inventory across digital channels, including display, video, mobile, audio, native and connected TV. By centralizing real?time bidding, audience targeting and inventory access, the company aims to help clients optimize media spend and reach audiences at scale across publishers and ad exchanges.

Founded in 2009 by Jeff Green and Dave Pickles, The Trade Desk grew from a focus on programmatic display into a global ad?tech provider.