Wedbush Cuts Trade Desk (NASDAQ:TTD) Price Target to $40.00

Trade Desk (NASDAQ:TTD) had its price objective decreased by Wedbush from $50.00 to $40.00 in a research note released on Monday morning, Marketbeat reports. Wedbush currently has a neutral rating on the technology company’s stock.

A number of other research firms also recently commented on TTD. DA Davidson cut their target price on shares of Trade Desk from $80.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, November 10th. Jefferies Financial Group downgraded Trade Desk from a “buy” rating to a “hold” rating and lowered their price objective for the company from $100.00 to $50.00 in a research report on Monday, August 11th. Rosenblatt Securities dropped their price objective on shares of Trade Desk from $78.00 to $64.00 and set a “buy” rating for the company in a report on Friday, November 7th. Citigroup reiterated an “outperform” rating on shares of Trade Desk in a research report on Tuesday, September 30th. Finally, Benchmark upgraded Trade Desk from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research report on Friday, November 7th. Twenty-one investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.88.

Trade Desk Trading Down 0.5%

Trade Desk stock opened at $39.22 on Monday. The firm has a market cap of $18.97 billion, a P/E ratio of 45.08, a P/E/G ratio of 1.96 and a beta of 1.07. The firm has a 50-day moving average of $46.06 and a 200-day moving average of $58.77. Trade Desk has a 1-year low of $38.22 and a 1-year high of $136.42.

Trade Desk (NASDAQ:TTD) last announced its earnings results on Thursday, November 6th. The technology company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.01. Trade Desk had a net margin of 15.72% and a return on equity of 16.00%. The firm had revenue of $739.43 million for the quarter, compared to analyst estimates of $719.11 million. During the same quarter in the previous year, the firm posted $0.41 EPS. The company’s revenue for the quarter was up 17.7% compared to the same quarter last year. Research analysts forecast that Trade Desk will post 1.06 earnings per share for the current fiscal year.

Trade Desk announced that its Board of Directors has approved a share buyback program on Thursday, November 6th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Trade Desk by 27.7% in the 3rd quarter. Vanguard Group Inc. now owns 56,875,852 shares of the technology company’s stock valued at $2,787,486,000 after acquiring an additional 12,321,000 shares during the period. State Street Corp lifted its holdings in Trade Desk by 271.1% during the third quarter. State Street Corp now owns 36,354,274 shares of the technology company’s stock valued at $1,781,723,000 after purchasing an additional 26,559,005 shares in the last quarter. Jennison Associates LLC grew its position in shares of Trade Desk by 17.9% in the second quarter. Jennison Associates LLC now owns 14,267,457 shares of the technology company’s stock valued at $1,027,114,000 after purchasing an additional 2,169,252 shares during the period. Geode Capital Management LLC increased its stake in Trade Desk by 52.1% during the 2nd quarter. Geode Capital Management LLC now owns 12,314,817 shares of the technology company’s stock worth $884,860,000 after buying an additional 4,218,975 shares in the last quarter. Finally, Brown Advisory Inc. increased its position in shares of Trade Desk by 2.7% during the second quarter. Brown Advisory Inc. now owns 8,323,522 shares of the technology company’s stock worth $599,212,000 after purchasing an additional 221,228 shares in the last quarter. 67.77% of the stock is owned by institutional investors and hedge funds.

Trade Desk Company Profile

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.