Citigroup Cuts Trade Desk (NASDAQ:TTD) Price Target to $108.00

Trade Desk (NASDAQ:TTD) had its price target decreased by Citigroup from $140.00 to $108.00 in a report published on Thursday,Benzinga reports. Citigroup currently has a buy rating on the technology company’s stock.

Several other equities research analysts have also commented on the stock. Benchmark restated a “sell” rating and issued a $57.00 price target on shares of Trade Desk in a research note on Friday, November 8th. Wolfe Research raised their price objective on shares of Trade Desk from $140.00 to $155.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Robert W. Baird lowered their price objective on shares of Trade Desk from $160.00 to $145.00 and set an “outperform” rating on the stock in a research note on Thursday. Piper Sandler reiterated an “overweight” rating and set a $110.00 price objective (down previously from $140.00) on shares of Trade Desk in a research note on Thursday. Finally, New Street Research upgraded shares of Trade Desk from a “sell” rating to a “neutral” rating and raised their price objective for the company from $85.00 to $115.00 in a research note on Monday, November 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Trade Desk currently has a consensus rating of “Moderate Buy” and an average price target of $119.77.

Trade Desk Trading Down 2.1 %

Shares of NASDAQ:TTD opened at $80.16 on Thursday. The firm’s 50 day moving average is $120.93 and its two-hundred day moving average is $115.40. Trade Desk has a 52 week low of $73.68 and a 52 week high of $141.53. The firm has a market capitalization of $39.56 billion, a P/E ratio of 131.41, a PEG ratio of 3.63 and a beta of 1.45.

Trade Desk (NASDAQ:TTD) last announced its quarterly earnings results 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 net margin of 13.34% and a return on equity of 13.17%. Analysts predict that Trade Desk will post 0.87 EPS for the current year.

Trade Desk announced that its Board of Directors has initiated a share repurchase plan on Wednesday, February 12th that authorizes the company to buyback $564.00 million in shares. This buyback authorization authorizes the technology company to buy up to 0.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Trade Desk

In other news, insider Jay R. Grant sold 18,524 shares of the firm’s stock in a transaction on 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 in the company, 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 Securities & Exchange Commission, which can be accessed through this link. Also, insider Samantha Jacobson sold 4,298 shares of the firm’s stock in a transaction on 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 owns 90,709 shares in the company, valued at $10,754,459.04. This represents a 4.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 41,029 shares of company stock valued at $5,004,296 in the last quarter. Company insiders own 9.72% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of TTD. Rialto Wealth Management LLC bought a new position in Trade Desk in the 4th quarter worth $26,000. Harbor Investment Advisory LLC raised its holdings in Trade Desk by 68.8% in the 4th quarter. Harbor Investment Advisory LLC now owns 287 shares of the technology company’s stock worth $34,000 after acquiring an additional 117 shares during the period. Synergy Asset Management LLC bought a new position in Trade Desk in the 4th quarter worth $34,000. Midwest Capital Advisors LLC bought a new position in Trade Desk in the 4th quarter worth $34,000. Finally, Zions Bancorporation N.A. raised its holdings in Trade Desk by 148.3% in the 4th quarter. Zions Bancorporation N.A. now owns 293 shares of the technology company’s stock worth $34,000 after acquiring an additional 175 shares during the period. Institutional investors own 67.77% of the company’s stock.

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.