Trade Desk (NASDAQ:TTD) Rating Lowered to Equal Weight at Wells Fargo & Company

Trade Desk (NASDAQ:TTD) was downgraded by equities research analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a report issued on Thursday, Marketbeat.com reports. They currently have a $68.00 target price on the technology company’s stock, down from their prior target price of $74.00. Wells Fargo & Company‘s target price would suggest a potential downside of 1.92% from the company’s current price.

Several other research firms also recently issued reports on TTD. Oppenheimer boosted their price objective on shares of Trade Desk from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, May 9th. Jefferies Financial Group set a $125.00 price objective on shares of Trade Desk and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Citigroup boosted their price objective on shares of Trade Desk from $63.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Truist Financial boosted their price objective on shares of Trade Desk from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Finally, Rosenblatt Securities boosted their price objective on shares of Trade Desk from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Eight analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.03.

Trade Desk Stock Performance

Trade Desk stock opened at $69.33 on Thursday. Trade Desk has a 1 year low of $42.96 and a 1 year high of $141.53. The firm has a 50 day moving average price of $67.56 and a 200 day moving average price of $82.41. The company has a market cap of $34.07 billion, a price-to-earnings ratio of 84.55, a PEG ratio of 3.12 and a beta of 1.41.

Trade Desk (NASDAQ:TTD) last released its earnings results on Thursday, May 8th. The technology company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.07. Trade Desk had a net margin of 16.04% and a return on equity of 15.41%. The firm had revenue of $616.02 million during the quarter, compared to the consensus estimate of $575.62 million. During the same period in the previous year, the firm earned $0.26 earnings per share. Trade Desk’s revenue was up 25.4% compared to the same quarter last year. Sell-side analysts predict that Trade Desk will post 1.06 EPS for the current year.

Insider Transactions at Trade Desk

In other news, CEO Jeffrey Terry Green sold 26,684 shares of the firm’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $80.03, for a total value of $2,135,520.52. Following the transaction, the chief executive officer now directly owns 17,018 shares in the company, valued at approximately $1,361,950.54. This trade represents a 61.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David B. Wells sold 28,638 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $79.88, for a total transaction of $2,287,603.44. Following the completion of the sale, the director now directly owns 66,985 shares in the company, valued at approximately $5,350,761.80. This trade represents a 29.95% decrease in their position. The disclosure for this sale can be found here. Insiders own 9.74% of the company’s stock.

Institutional Trading of Trade Desk

A number of large investors have recently modified their holdings of TTD. Brighton Jones LLC increased its holdings in shares of Trade Desk by 3.8% in the 4th quarter. Brighton Jones LLC now owns 4,586 shares of the technology company’s stock worth $539,000 after acquiring an additional 169 shares during the period. IFP Advisors Inc increased its holdings in shares of Trade Desk by 69.1% in the 4th quarter. IFP Advisors Inc now owns 10,044 shares of the technology company’s stock worth $1,180,000 after acquiring an additional 4,104 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Trade Desk by 0.3% in the 4th quarter. Bank of New York Mellon Corp now owns 2,019,707 shares of the technology company’s stock worth $237,376,000 after acquiring an additional 5,080 shares during the period. Amalgamated Bank increased its holdings in shares of Trade Desk by 1.8% in the 4th quarter. Amalgamated Bank now owns 30,070 shares of the technology company’s stock worth $3,534,000 after acquiring an additional 537 shares during the period. Finally, Lake Street Advisors Group LLC increased its holdings in shares of Trade Desk by 9.4% in the 4th quarter. Lake Street Advisors Group LLC now owns 2,231 shares of the technology company’s stock worth $262,000 after acquiring an additional 192 shares during the period. Institutional investors and hedge funds own 67.77% of the company’s stock.

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.