Pinnacle Associates Ltd. Raises Stock Position in The Trade Desk (NASDAQ:TTD)

Pinnacle Associates Ltd. increased its stake in The Trade Desk (NASDAQ:TTD) by 258.4% during the 1st quarter, HoldingsChannel reports. The firm owned 9,543 shares of the technology company’s stock after buying an additional 6,880 shares during the period. Pinnacle Associates Ltd.’s holdings in Trade Desk were worth $522,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Investment Management Corp VA ADV purchased a new position in shares of Trade Desk during the 4th quarter worth $25,000. Cloud Capital Management LLC purchased a new position in shares of Trade Desk during the 1st quarter worth $27,000. von Borstel & Associates Inc. purchased a new position in shares of Trade Desk during the 1st quarter worth $31,000. Alpine Bank Wealth Management purchased a new position in shares of Trade Desk during the 1st quarter worth $35,000. Finally, Pinnacle Bancorp Inc. boosted its stake in shares of Trade Desk by 143.5% during the 1st quarter. Pinnacle Bancorp Inc. now owns 728 shares of the technology company’s stock worth $40,000 after acquiring an additional 429 shares during the last quarter. Hedge funds and other institutional investors own 67.77% of the company’s stock.

Insider Transactions at Trade Desk

In related news, Director David B. Wells sold 28,638 shares of Trade Desk stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $79.88, for a total transaction of $2,287,603.44. Following the completion of the transaction, the director directly owned 66,985 shares of the company’s stock, valued at approximately $5,350,761.80. The trade was a 29.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jeffrey Terry Green sold 26,684 shares of Trade Desk stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $80.03, for a total transaction of $2,135,520.52. Following the transaction, the chief executive officer directly owned 17,018 shares of the company’s stock, valued at approximately $1,361,950.54. This represents a 61.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.00% of the stock is currently owned by insiders.

Trade Desk Stock Up 1.3%

Trade Desk stock opened at $86.14 on Monday. The company’s 50-day moving average price is $74.50 and its 200-day moving average price is $75.25. The Trade Desk has a twelve month low of $42.96 and a twelve month high of $141.53. The company has a market cap of $42.33 billion, a PE ratio of 105.05, a price-to-earnings-growth ratio of 3.92 and a beta of 1.36.

Trade Desk (NASDAQ:TTD) last released its quarterly earnings results on Thursday, May 8th. The technology company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.07. Trade Desk had a net margin of 16.04% and a return on equity of 15.41%. The firm had revenue of $616.02 million during the quarter, compared to analysts’ expectations of $575.62 million. During the same period in the previous year, the company earned $0.26 EPS. The firm’s revenue for the quarter was up 25.4% compared to the same quarter last year. As a group, sell-side analysts expect that The Trade Desk will post 1.06 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. KeyCorp lifted their price target on shares of Trade Desk from $80.00 to $95.00 and gave the stock an “overweight” rating in a research note on Thursday, July 17th. Piper Sandler raised their price objective on shares of Trade Desk from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday, May 9th. Citigroup restated a “buy” rating on shares of Trade Desk in a research report on Tuesday, July 15th. Guggenheim decreased their price objective on shares of Trade Desk from $110.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. Finally, Truist Financial raised their price objective on shares of Trade Desk from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Eight investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. According to MarketBeat, Trade Desk currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.73.

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.