Granite Investment Partners LLC Buys Shares of 34,564 The Trade Desk, Inc. (NASDAQ:TTD)

Granite Investment Partners LLC acquired a new stake in The Trade Desk, Inc. (NASDAQ:TTD) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 34,564 shares of the technology company’s stock, valued at approximately $4,062,000.

Several other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Trade Desk in the 4th quarter valued at about $524,187,000. Raymond James Financial Inc. purchased a new stake in Trade Desk in the fourth quarter valued at approximately $231,570,000. Franklin Resources Inc. lifted its position in Trade Desk by 265.9% during the fourth quarter. Franklin Resources Inc. now owns 1,864,386 shares of the technology company’s stock valued at $219,121,000 after purchasing an additional 1,354,891 shares during the last quarter. FMR LLC increased its holdings in shares of Trade Desk by 44.8% in the 4th quarter. FMR LLC now owns 3,788,285 shares of the technology company’s stock worth $445,237,000 after buying an additional 1,172,082 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Trade Desk during the 4th quarter valued at $100,658,000. Hedge funds and other institutional investors own 67.77% of the company’s stock.

Insider Buying and Selling at Trade Desk

In related news, insider Samantha Jacobson sold 4,298 shares of the stock in a transaction dated 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 9.72% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently commented on TTD shares. UBS Group reduced their target price on Trade Desk from $116.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday. Truist Financial decreased their price objective on Trade Desk from $155.00 to $130.00 and set a “buy” rating on the stock in a report on Thursday, February 13th. Morgan Stanley cut their target price on Trade Desk from $145.00 to $132.00 and set an “overweight” rating for the company in a research note on Thursday, February 13th. Cfra Research raised shares of Trade Desk to a “moderate buy” rating in a research note on Tuesday, March 25th. Finally, Cantor Fitzgerald lowered their price objective on shares of Trade Desk from $115.00 to $100.00 and set a “neutral” rating for the company in a report on Thursday, February 13th. Six analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $111.79.

Trade Desk Price Performance

NASDAQ:TTD opened at $49.78 on Monday. The firm’s 50-day moving average price is $68.37 and its 200-day moving average price is $103.60. The company has a market capitalization of $24.70 billion, a PE ratio of 63.82, a P/E/G ratio of 3.11 and a beta of 1.56. The Trade Desk, Inc. has a 1-year low of $42.96 and a 1-year high of $141.53.

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 return on equity of 16.38% and a net margin of 16.08%. Equities analysts anticipate that The Trade Desk, Inc. will post 1.06 EPS for the current fiscal year.

Trade Desk declared that its Board of Directors has initiated a share repurchase plan on Wednesday, February 12th that allows the company to buyback $564.00 million in outstanding shares. This buyback authorization allows the technology company to purchase up to 0.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

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.