Bank of America Initiates Coverage on Trade Desk (NASDAQ:TTD)

Analysts at Bank of America initiated coverage on shares of Trade Desk (NASDAQ:TTD) in a note issued to investors on Wednesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $135.00 price target on the technology company’s stock. Bank of America‘s price objective would indicate a potential upside of 30.38% from the stock’s previous close.

A number of other research analysts also recently weighed in on the company. Oppenheimer upped their price target on Trade Desk from $105.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday, July 15th. Citigroup increased their target price on Trade Desk from $112.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Stifel Nicolaus restated a “buy” rating and set a $111.00 price objective (up previously from $105.00) on shares of Trade Desk in a report on Friday, August 9th. Robert W. Baird raised their price objective on shares of Trade Desk from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Monday, August 12th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $108.00 target price (up from $107.00) on shares of Trade Desk in a research report on Thursday, May 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Trade Desk has a consensus rating of “Moderate Buy” and an average target price of $108.85.

Trade Desk Stock Up 2.2 %

NASDAQ TTD opened at $103.54 on Wednesday. The company has a market capitalization of $50.64 billion, a price-to-earnings ratio of 258.85, a PEG ratio of 5.30 and a beta of 1.48. Trade Desk has a twelve month low of $60.23 and a twelve month high of $105.39. The stock has a fifty day simple moving average of $97.57 and a 200 day simple moving average of $91.35.

Trade Desk (NASDAQ:TTD) last posted its quarterly earnings results on Thursday, August 8th. The technology company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.03. The firm had revenue of $584.55 million for the quarter, compared to analysts’ expectations of $578.03 million. Trade Desk had a return on equity of 11.40% and a net margin of 11.65%. The company’s revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.07 EPS. Research analysts expect that Trade Desk will post 0.86 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Laura Schenkein sold 43,705 shares of the stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $95.38, for a total transaction of $4,168,582.90. Following the sale, the chief financial officer now owns 703,038 shares of the company’s stock, valued at approximately $67,055,764.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Gokul Rajaram sold 1,355 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $98.37, for a total transaction of $133,291.35. Following the completion of the transaction, the director now directly owns 32,701 shares in the company, valued at approximately $3,216,797.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Laura Schenkein sold 43,705 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $95.38, for a total transaction of $4,168,582.90. Following the completion of the transaction, the chief financial officer now directly owns 703,038 shares in the company, valued at approximately $67,055,764.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 642,868 shares of company stock worth $65,415,112. 10.18% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Trade Desk

Institutional investors have recently added to or reduced their stakes in the business. Global Assets Advisory LLC purchased a new position in shares of Trade Desk during the first quarter worth about $2,626,000. Franklin Resources Inc. increased its holdings in shares of Trade Desk by 15.7% in the 4th quarter. Franklin Resources Inc. now owns 393,907 shares of the technology company’s stock worth $28,346,000 after buying an additional 53,441 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Trade Desk by 11.4% during the 1st quarter. Nordea Investment Management AB now owns 683,642 shares of the technology company’s stock valued at $60,202,000 after buying an additional 70,201 shares in the last quarter. Nicholas Company Inc. lifted its holdings in shares of Trade Desk by 64.9% during the 4th quarter. Nicholas Company Inc. now owns 776,425 shares of the technology company’s stock worth $55,872,000 after acquiring an additional 305,615 shares during the last quarter. Finally, CHURCHILL MANAGEMENT Corp bought a new stake in shares of Trade Desk during the 1st quarter worth $3,011,000. 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.