On September 3, 2023, investment analysts at Stifel Nicolaus reiterated their “buy” rating for Trade Desk (NASDAQ:TTD) in a research note released to investors, as reported by Benzinga. The analysts also maintained a price objective of $91.00 for the technology company’s stock. According to Stifel Nicolaus, this price objective suggests a potential upside of 13.71% from the stock’s previous closing price.
The shares of NASDAQ:TTD opened at $80.03 on Thursday with a 50-day moving average of $80.44 and a two-hundred day moving average of $69.26. The market capitalization of Trade Desk stands at approximately $39.23 billion, with a PE ratio of 307.82 and a P/E/G ratio of 6.76. Furthermore, the company has a beta value of 1.78.
Trade Desk experienced fluctuations over the past year, with its stock reaching as low as $39.43 and as high as $91.85 during the last twelve months.
A number of hedge funds have recently made changes to their positions in Trade Desk’s stock within the first quarter. MetLife Investment Management LLC purchased a new position in Trade Desk worth $1,946,000. Synovus Financial Corp increased its ownership by 32.% during the same period and now holds 8,079 shares worth $561,000 after acquiring an additional 1,996 shares in the last quarter.
Vontobel Holding Ltd., on the other hand, grew its position by 43% during Q1 and holds around 14,220 shares valued at roughly $1,019,000 after incorporating an additional 4,276 shares in that time frame.
Additionally, Aviva PLC expanded its holdings by about 8%, owning approximately 103,185 shares worth $7,146,000 after purchasing an additional 8,059 shares.
The National Pension Service also increased its stake during Q1, with ownership of 657,768 shares valued at $45,550,000. This represents an 11.2% growth and an acquisition of an extra 66,179 shares within the past quarter. Institutional investors now hold about 68.23% of the company’s stock.
Trade Desk last reported its earnings results on August 9th, 2023. For the quarter, the technology company disclosed earnings per share (EPS) of $0.07 which fell short of analysts’ consensus estimate of $0.08 by ($0.01). The company’s revenue for the same period reached $464.25 million compared to the analyst estimates of $455.21 million.
Trade Desk holds a return on equity (ROE) ratio of approximately 6.43% and a net margin of 7.46%.
As a group, research analysts anticipate that Trade Desk will report earnings per share (EPS) of $0.47 for the current year.
In conclusion, investment analysts at Stifel Nicolaus have reaffirmed their “buy” rating for Trade Desk’s stock while maintaining a price objective of $91.00 per share. The potential upside based on this objective is estimated to reach 13.71%. With recent changes in hedge funds’ holdings and despite falling slightly short on earnings expectations for the previous quarter, Trade Desk continues to show promise in terms of future performances and growth prospects within the technology industry.
Positive Research Reports and Insider Transactions Bolster Confidence in Trade Desk’s Future Prospects
The Trade Desk (TTD) has recently garnered significant attention from various research firms, indicating a positive outlook for the company’s stock. Notable among these firms is Stephens, which reiterated an “overweight” rating and established a target price of $100.00 per share for Trade Desk. Similarly, Oppenheimer increased their price objective on TTD from $80.00 to $95.00, accompanied by an “outperform” rating.
Further reinforcing the optimistic sentiment surrounding the company’s stock, KeyCorp raised its target price on Trade Desk shares from $75.00 to $100.00 in their research note released on July 18th. DA Davidson also showcased confidence in Trade Desk with a price target boost from $77.00 to $92.00 and a “buy” rating.
Citigroup’s analysis proved equally promising as they raised their price target from $86.00 to $96.00 and awarded Trade Desk with a “buy” rating.
While three investment analysts expressed skepticism by issuing sell ratings for TTD stock, nineteen others maintained buy ratings and two held hold ratings. Despite the differing opinions, Bloomberg.com reveals that there is a consensus rating of “Moderate Buy” for the company with an average target price of $86.48.
Turning attention towards recent developments within the company itself, Director David B. Wells conducted a stock sale involving 5,000 shares on Thursday, July 13th at an average price of $90.00 per share, resulting in a total transaction value of $450,000. Following this sale, Wells now holds 69,070 shares in Trade Desk valued at approximately $6,216,300.
Another insider transaction occurred when Jay R. Grant sold 38,980 shares at an average price of $88.88 per share on the same day as Wells’ transaction. The total value of this sale amounted to approximately $3,464,542.40. Grant’s insider position now stands at 162,628 shares, valued at $14,454,376.64.
It is worth noting that beyond these two transactions, Director David B. Wells conducted an additional sale of 5,000 Trade Desk shares on Thursday, July 13th at an average price of $90.00 per share, resulting in a total value of $450,000. Following the completion of this transaction, Wells retains ownership of 69,070 shares valued at approximately $6,216,300.
The disclosure regarding these transactions was filed with the Securities & Exchange Commission (SEC) and can be accessed through the provided hyperlink.
Overall, insiders have collectively sold a total of 86,404 Trade Desk shares since the start of the last quarter. These sales amounted to a combined value of $7,208,208. It is noteworthy that insiders currently hold approximately 10.81% of the company’s stock.
Trade Desk’s recent endorsement by multiple research firms and its consistently positive ratings reaffirm confidence in its future prospects among investors and experts alike. These developments could potentially contribute to the growth and performance of Trade Desk in the coming months.