Trade Desk (NASDAQ:TTD) Board Announces Stock Buyback Program

Trade Desk (NASDAQ:TTD) announced that its board has approved a share repurchase plan on Wednesday, February 12th, RTT News reports. The company plans to repurchase $564.00 million in shares. This repurchase authorization allows the technology company to purchase up to 0.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Trade Desk Stock Down 2.1 %

NASDAQ:TTD opened at $80.16 on Friday. The company has a market capitalization of $39.56 billion, a P/E ratio of 131.41, a P/E/G ratio of 3.63 and a beta of 1.45. Trade Desk has a 52 week low of $73.68 and a 52 week high of $141.53. The stock’s fifty day moving average is $120.93 and its two-hundred day moving average is $115.22.

Trade Desk (NASDAQ:TTD) last released its 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 return on equity of 13.17% and a net margin of 13.34%. Sell-side analysts anticipate that Trade Desk will post 0.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. DA Davidson decreased their price target on Trade Desk from $134.00 to $103.00 and set a “buy” rating for the company in a research note on Thursday. New Street Research upgraded Trade Desk from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $85.00 to $115.00 in a research note on Monday, November 25th. BMO Capital Markets reduced their price objective on Trade Desk from $160.00 to $115.00 and set an “outperform” rating for the company in a research note on Thursday. Royal Bank of Canada reduced their price objective on Trade Desk from $140.00 to $120.00 and set an “outperform” rating for the company in a research note on Thursday. Finally, UBS Group raised their price objective on Trade Desk from $116.00 to $148.00 and gave the stock a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $119.77.

Insider Transactions at Trade Desk

In other news, insider Jay R. Grant sold 18,524 shares of the company’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $119.35, for a total transaction of $2,210,839.40. Following the completion of the transaction, the insider now directly owns 169,464 shares of the company’s stock, valued at approximately $20,225,528.40. This represents a 9.85 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jeffrey Terry Green sold 18,207 shares of the business’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 completion of the sale, the chief executive officer now directly owns 704,229 shares of the company’s stock, valued at $88,338,485.76. The trade was a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 41,029 shares of company stock valued at $5,004,296. 9.72% of the stock is currently owned by corporate insiders.

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.