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

Trade Desk (NASDAQ:TTD)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $100.00 target price on the technology company’s stock. Needham & Company LLC’s target price suggests a potential upside of 0.18% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the company. Piper Sandler reiterated an “overweight” rating and issued a $110.00 target price on shares of Trade Desk in a report on Tuesday, June 11th. Wedbush initiated coverage on Trade Desk in a report on Monday, June 17th. They set an “outperform” rating and a $110.00 price objective for the company. Jefferies Financial Group upgraded Trade Desk from a “hold” rating to a “buy” rating and boosted their price objective for the company from $95.00 to $105.00 in a report on Thursday, May 2nd. Royal Bank of Canada boosted their price objective on Trade Desk from $105.00 to $110.00 and gave the company an “outperform” rating in a report on Thursday, May 9th. Finally, Stifel Nicolaus boosted their price objective on Trade Desk from $100.00 to $105.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.69.

Trade Desk Price Performance

Trade Desk stock opened at $99.82 on Tuesday. The stock’s 50 day moving average is $94.86 and its 200 day moving average is $83.76. The firm has a market cap of $48.82 billion, a P/E ratio of 249.56, a P/E/G ratio of 5.07 and a beta of 1.48. Trade Desk has a one year low of $60.23 and a one year high of $102.67.

Trade Desk (NASDAQ:TTD) last posted its quarterly earnings data on Wednesday, May 8th. The technology company reported $0.06 EPS for the quarter, hitting analysts’ consensus estimates of $0.06. The company had revenue of $491.25 million for the quarter, compared to analyst estimates of $480.03 million. Trade Desk had a return on equity of 9.41% and a net margin of 9.80%. Equities analysts anticipate that Trade Desk will post 0.85 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Jeffrey Terry Green sold 2,600 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $86.41, for a total transaction of $224,666.00. Following the transaction, the chief executive officer now owns 974,022 shares of the company’s stock, valued at approximately $84,165,241.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Jeffrey Terry Green sold 2,600 shares of the business’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $86.41, for a total transaction of $224,666.00. Following the sale, the chief executive officer now directly owns 974,022 shares in the company, valued at approximately $84,165,241.02. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jay R. Grant sold 141,434 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $97.42, for a total value of $13,778,500.28. Following the sale, the insider now owns 188,236 shares in the company, valued at $18,337,951.12. The disclosure for this sale can be found here. Insiders have sold 340,154 shares of company stock valued at $31,128,226 in the last 90 days. Insiders own 10.18% of the company’s stock.

Hedge Funds Weigh In On Trade Desk

A number of institutional investors have recently added to or reduced their stakes in TTD. Jennison Associates LLC increased its stake in Trade Desk by 91.7% in the 4th quarter. Jennison Associates LLC now owns 14,586,150 shares of the technology company’s stock worth $1,049,619,000 after acquiring an additional 6,978,352 shares during the last quarter. Norges Bank bought a new position in Trade Desk in the 4th quarter worth about $255,316,000. 1832 Asset Management L.P. bought a new position in Trade Desk in the 1st quarter worth about $225,710,000. ARK Investment Management LLC increased its stake in Trade Desk by 1,162.0% in the 4th quarter. ARK Investment Management LLC now owns 2,149,654 shares of the technology company’s stock worth $154,689,000 after acquiring an additional 1,979,319 shares during the last quarter. Finally, International Assets Investment Management LLC increased its stake in Trade Desk by 6,600.0% in the 4th quarter. International Assets Investment Management LLC now owns 1,091,561 shares of the technology company’s stock worth $78,549,000 after acquiring an additional 1,075,269 shares during the last quarter. 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.