Wedbush Has Lowered Expectations for Trade Desk (NASDAQ:TTD) Stock Price

Trade Desk (NASDAQ:TTD) had its target price lowered by analysts at Wedbush from $50.00 to $40.00 in a note issued to investors on Monday, MarketBeat.com reports. The firm presently has a “neutral” rating on the technology company’s stock. Wedbush’s target price would indicate a potential upside of 1.52% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. JMP Securities set a $60.00 target price on Trade Desk and gave the stock a “market outperform” rating in a report on Tuesday, September 30th. DA Davidson cut their price target on shares of Trade Desk from $80.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday, November 10th. HSBC reissued a “hold” rating and set a $56.00 price objective on shares of Trade Desk in a research note on Monday, August 11th. Wells Fargo & Company lowered their target price on shares of Trade Desk from $53.00 to $47.00 and set an “equal weight” rating for the company in a research note on Friday, November 7th. Finally, Benchmark upgraded shares of Trade Desk from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a 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 assigned a Sell rating to the stock. According to data from MarketBeat, Trade Desk presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.88.

Trade Desk Stock Performance

Shares of TTD stock opened at $39.40 on Monday. Trade Desk has a 52-week low of $38.22 and a 52-week high of $137.03. The stock has a market cap of $19.05 billion, a PE ratio of 45.29, a PEG ratio of 1.96 and a beta of 1.07. The firm’s 50 day moving average price is $46.26 and its two-hundred day moving average price is $58.91.

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

Trade Desk declared that its Board of Directors has authorized a share buyback plan on Thursday, November 6th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 2.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Trade Desk

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Brighton Jones LLC increased its holdings in Trade Desk by 3.8% during the 4th quarter. Brighton Jones LLC now owns 4,586 shares of the technology company’s stock worth $539,000 after purchasing an additional 169 shares in the last quarter. Bison Wealth LLC grew its holdings in shares of Trade Desk by 24.3% during the fourth quarter. Bison Wealth LLC now owns 2,480 shares of the technology company’s stock worth $291,000 after buying an additional 485 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Trade Desk by 5.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,985,284 shares of the technology company’s stock worth $108,635,000 after buying an additional 110,145 shares in the last quarter. Chicago Partners Investment Group LLC raised its position in Trade Desk by 5.4% in the 1st quarter. Chicago Partners Investment Group LLC now owns 6,978 shares of the technology company’s stock valued at $394,000 after buying an additional 357 shares during the last quarter. Finally, Deutsche Bank AG raised its position in Trade Desk by 17.7% in the 1st quarter. Deutsche Bank AG now owns 1,343,844 shares of the technology company’s stock valued at $73,535,000 after buying an additional 201,717 shares during the last quarter. 67.77% of the stock is currently owned by institutional investors and hedge funds.

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.