Trade Desk (NASDAQ:TTD) Given New $83.00 Price Target at Scotiabank

Trade Desk (NASDAQ:TTD) had its price objective dropped by analysts at Scotiabank from $133.00 to $83.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “sector perform” rating on the technology company’s stock. Scotiabank’s price target points to a potential upside of 1.28% from the stock’s previous close.

A number of other analysts have also recently weighed in on TTD. StockNews.com cut shares of Trade Desk from a “buy” rating to a “hold” rating in a report on Saturday, November 30th. Benchmark restated a “sell” rating and issued a $57.00 price target on shares of Trade Desk in a research report on Friday, November 8th. Royal Bank of Canada reduced their price target on shares of Trade Desk from $140.00 to $120.00 and set an “outperform” rating for the company in a research report on Thursday. UBS Group upped their price target on shares of Trade Desk from $140.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, Loop Capital upped their price target on shares of Trade Desk from $120.00 to $145.00 and gave the company a “buy” rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $121.20.

Trade Desk Stock Performance

Shares of NASDAQ:TTD traded down $40.28 during trading hours on Thursday, hitting $81.95. The stock had a trading volume of 40,770,905 shares, compared to its average volume of 5,263,188. The stock’s fifty day simple moving average is $123.20 and its 200 day simple moving average is $115.54. Trade Desk has a 1-year low of $72.21 and a 1-year high of $141.53. The firm has a market capitalization of $40.45 billion, a price-to-earnings ratio of 134.29, a PEG ratio of 3.63 and a beta of 1.45.

Trade Desk (NASDAQ:TTD) last announced its quarterly earnings results on Wednesday, February 12th. The technology company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.21). Trade Desk had a net margin of 13.34% and a return on equity of 13.17%. As a group, research analysts anticipate that Trade Desk will post 0.87 EPS for the current year.

Trade Desk announced that its Board of Directors has approved a share buyback program on Wednesday, February 12th that allows the company to repurchase $564.00 million in outstanding shares. This repurchase authorization allows the technology company to reacquire up to 0.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Trade Desk

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

Hedge Funds Weigh In On Trade Desk

Several large investors have recently modified their holdings of the stock. Focus Financial Network Inc. raised its position in shares of Trade Desk by 2.2% in the fourth quarter. Focus Financial Network Inc. now owns 3,877 shares of the technology company’s stock valued at $456,000 after purchasing an additional 84 shares during the period. CAP Partners LLC raised its position in shares of Trade Desk by 1.4% in the third quarter. CAP Partners LLC now owns 6,403 shares of the technology company’s stock valued at $702,000 after purchasing an additional 86 shares during the period. RMR Wealth Builders raised its position in shares of Trade Desk by 0.8% in the fourth quarter. RMR Wealth Builders now owns 10,613 shares of the technology company’s stock valued at $1,247,000 after purchasing an additional 89 shares during the period. Quotient Wealth Partners LLC raised its position in shares of Trade Desk by 4.2% in the fourth quarter. Quotient Wealth Partners LLC now owns 2,347 shares of the technology company’s stock valued at $276,000 after purchasing an additional 94 shares during the period. Finally, TFB Advisors LLC raised its position in shares of Trade Desk by 2.6% in the fourth quarter. TFB Advisors LLC now owns 3,759 shares of the technology company’s stock valued at $442,000 after purchasing an additional 94 shares during the period. 67.77% of the stock is 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.