Royal Bank of Canada Cuts Trade Desk (NASDAQ:TTD) Price Target to $120.00

Trade Desk (NASDAQ:TTD) had its target price reduced by stock analysts at Royal Bank of Canada from $140.00 to $120.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 46.51% from the company’s current price.

Several other research analysts have also recently issued reports on TTD. Cantor Fitzgerald reduced their price objective on Trade Desk from $115.00 to $100.00 and set a “neutral” rating for the company in a research note on Thursday. BTIG Research raised their price target on shares of Trade Desk from $114.00 to $142.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Morgan Stanley dropped their price objective on shares of Trade Desk from $145.00 to $132.00 and set an “overweight” rating on the stock in a report on Thursday. Oppenheimer increased their price objective on shares of Trade Desk from $120.00 to $135.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, Wells Fargo & Company boosted their target price on shares of Trade Desk from $141.00 to $142.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $125.43.

Trade Desk Stock Performance

TTD stock traded down $40.33 during trading on Thursday, reaching $81.90. The company had a trading volume of 32,899,968 shares, compared to its average volume of 4,946,304. Trade Desk has a twelve month low of $72.21 and a twelve month high of $141.53. The company has a market cap of $40.42 billion, a price-to-earnings ratio of 134.45, a price-to-earnings-growth ratio of 3.63 and a beta of 1.45. The firm has a 50-day simple moving average of $123.20 and a 200-day simple moving average of $115.54.

Trade Desk (NASDAQ:TTD) last announced its quarterly earnings data on Wednesday, February 12th. The technology company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.21). Trade Desk had a net margin of 13.34% and a return on equity of 13.17%. Sell-side analysts expect that Trade Desk will post 0.87 earnings per share for the current year.

Trade Desk declared that its board 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 purchase up to 0.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Trade Desk

In other news, CEO Jeffrey Terry Green sold 18,207 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $125.44, for a total value of $2,283,886.08. Following the transaction, the chief executive officer now directly owns 704,229 shares of the company’s stock, valued at approximately $88,338,485.76. This trade represents a 2.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Samantha Jacobson sold 4,298 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $118.56, for a total transaction of $509,570.88. Following the transaction, the insider now owns 90,709 shares in the company, valued at $10,754,459.04. The trade was a 4.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 41,029 shares of company stock worth $5,004,296. Corporate insiders own 9.72% of the company’s stock.

Hedge Funds Weigh In On Trade Desk

Institutional investors have recently added to or reduced their stakes in the stock. Edgewood Management LLC increased its stake in shares of Trade Desk by 133.3% in the 3rd quarter. Edgewood Management LLC now owns 9,934,156 shares of the technology company’s stock worth $1,089,280,000 after acquiring an additional 5,675,571 shares during the last quarter. Norges Bank purchased a new stake in shares of Trade Desk in the fourth quarter valued at about $524,187,000. Jennison Associates LLC increased its position in Trade Desk by 11.0% during the third quarter. Jennison Associates LLC now owns 20,320,769 shares of the technology company’s stock worth $2,228,172,000 after purchasing an additional 2,013,047 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Trade Desk during the fourth quarter worth about $231,570,000. Finally, Baillie Gifford & Co. grew its stake in shares of Trade Desk by 4.7% in the 3rd quarter. Baillie Gifford & Co. now owns 38,716,074 shares of the technology company’s stock valued at $4,245,218,000 after buying an additional 1,720,650 shares during the period. 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.