Trade Desk (NASDAQ:TTD) Price Target Cut to $74.00 by Analysts at KeyCorp

Trade Desk (NASDAQ:TTD) had its target price lowered by equities research analysts at KeyCorp from $130.00 to $74.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. KeyCorp’s price target would suggest a potential upside of 35.32% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. Benchmark upgraded shares of Trade Desk from a “sell” rating to a “hold” rating in a research note on Friday, March 7th. Loop Capital dropped their target price on shares of Trade Desk from $145.00 to $101.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. Piper Sandler reiterated an “overweight” rating and issued a $110.00 target price (down previously from $140.00) on shares of Trade Desk in a research note on Thursday, February 13th. Wolfe Research upped their target price on shares of Trade Desk from $140.00 to $155.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Finally, Oppenheimer dropped their target price on shares of Trade Desk from $135.00 to $115.00 and set an “outperform” rating on the stock in a research note on Thursday, February 13th. Six analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Trade Desk has an average rating of “Moderate Buy” and a consensus price target of $117.10.

Trade Desk Price Performance

NASDAQ:TTD opened at $54.68 on Tuesday. Trade Desk has a one year low of $53.42 and a one year high of $141.53. The company’s 50-day simple moving average is $96.38 and its 200 day simple moving average is $111.25. The firm has a market capitalization of $27.13 billion, a P/E ratio of 71.71, a PEG ratio of 3.11 and a beta of 1.63.

Trade Desk (NASDAQ:TTD) last posted its quarterly earnings data 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 16.38% and a net margin of 16.08%. On average, equities research analysts expect that Trade Desk will post 1.06 earnings per share for the current fiscal year.

Trade Desk declared that its board has approved a stock buyback program on Wednesday, February 12th that authorizes the company to repurchase $564.00 million in outstanding shares. This repurchase authorization authorizes the technology company to reacquire up to 0.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Trade Desk news, insider Jay R. Grant sold 18,524 shares of the firm’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $119.35, for a total transaction of $2,210,839.40. Following the transaction, the insider now owns 169,464 shares of the company’s stock, valued at approximately $20,225,528.40. This trade represents a 9.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Samantha Jacobson sold 4,298 shares of the firm’s 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 transaction, the insider now directly owns 90,709 shares in the company, valued at $10,754,459.04. This trade represents a 4.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 41,029 shares of company stock valued at $5,004,296 in the last 90 days. Company insiders own 9.72% of the company’s stock.

Institutional Trading of Trade Desk

A number of institutional investors have recently modified their holdings of TTD. Edgewood Management LLC boosted its holdings in shares of Trade Desk by 133.3% in the 3rd quarter. Edgewood Management LLC now owns 9,934,156 shares of the technology company’s stock valued at $1,089,280,000 after buying an additional 5,675,571 shares in the last quarter. Norges Bank bought a new stake in shares of Trade Desk in the 4th quarter valued at about $524,187,000. Brown Advisory Inc. boosted its holdings in shares of Trade Desk by 3,037.0% in the 4th quarter. Brown Advisory Inc. now owns 2,714,955 shares of the technology company’s stock valued at $319,089,000 after buying an additional 2,628,409 shares in the last quarter. Jennison Associates LLC boosted its holdings in shares of Trade Desk by 11.0% in the 3rd quarter. Jennison Associates LLC now owns 20,320,769 shares of the technology company’s stock valued at $2,228,172,000 after buying an additional 2,013,047 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Trade Desk in the 4th quarter valued at about $231,570,000. 67.77% of the stock is currently owned by institutional investors.

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.