Trade Desk (NASDAQ:TTD) Price Target Raised to $18.00

Key Points

• Royal Bank of Canada raised Trade Desk’s price target to $18 from $15 while keeping a “sector perform” rating; the new target implies 20.56% upside from the stock’s current price.
• Analyst sentiment remains cautious overall: MarketBeat reported an average “Reduce” rating and an average price target of $18.55.
• Trade Desk beat third-quarter earnings and revenue estimates and forecast stronger-than-expected fourth-quarter revenue, though Q3 revenue declined 0.5% year over year.

Trade Desk (NASDAQ:TTD - Get Free Report) had its price objective boosted by stock analysts at Royal Bank Of Canada from $15.00 to $18.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a "sector perform" rating on the technology company's stock. Royal Bank Of Canada's price objective would indicate a potential upside of 20.56% from the company's current price.

Several other equities analysts have also recently issued reports on the company. Scotiabank set a $12.00 price objective on Trade Desk and gave the company a "sector perform" rating in a report on Friday, August 7th. DA Davidson upgraded Trade Desk to a "hold" rating in a research report on Monday, October 5th. BNP Paribas Exane lowered Trade Desk from a "neutral" rating to an "underperform" rating and set a $10.00 price objective on the stock. in a research report on Monday, August 10th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Trade Desk in a research note on Friday, September 11th. Finally, Wells Fargo & Company set a $12.00 target price on shares of Trade Desk and gave the company an "equal weight" rating in a report on Friday, August 7th. Four research analysts have rated the stock with a Buy rating, twenty-six have issued a Hold rating and nine have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and an average price target of $18.55.

Trade Desk Stock Up 15.5%

Shares of NASDAQ:TTD opened at $14.93 on Tuesday. Trade Desk has a 52-week low of $11.62 and a 52-week high of $45.50. The stock has a market cap of $7.02 billion, a price-to-earnings ratio of 17.77, a PEG ratio of 1.43 and a beta of 0.98. The business has a 50-day moving average price of $13.09 and a 200-day moving average price of $19.52.

Trade Desk (NASDAQ:TTD - Get Free Report) last issued its earnings results on Monday, November 9th. The technology company reported $0.33 EPS for the quarter, beating analysts' consensus estimates of $0.04 by $0.29. The firm had revenue of $735.97 million for the quarter, compared to analyst estimates of $650.93 million. Trade Desk had a return on equity of 16.09% and a net margin of 13.61%. Trade Desk's revenue for the quarter was down .5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.45 earnings per share. As a group, equities analysts anticipate that Trade Desk will post 0.52 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TTD. Bank of New York Mellon Corp purchased a new stake in Trade Desk during the 2nd quarter worth approximately $39,750,000. Renaissance Technologies LLC boosted its stake in shares of Trade Desk by 59.0% in the first quarter. Renaissance Technologies LLC now owns 5,440,541 shares of the technology company's stock worth $123,446,000 after acquiring an additional 2,018,525 shares during the last quarter. Bank of Nova Scotia raised its stake in Trade Desk by 1,913.4% in the 1st quarter. Bank of Nova Scotia now owns 1,394,787 shares of the technology company's stock valued at $31,648,000 after purchasing an additional 1,325,513 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in Trade Desk by 330.0% in the 1st quarter. Quantinno Capital Management LP now owns 1,496,748 shares of the technology company's stock valued at $33,961,000 after purchasing an additional 1,148,680 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in Trade Desk by 33.5% during the 1st quarter. Bank of America Corp DE now owns 4,548,894 shares of the technology company's stock worth $103,214,000 after purchasing an additional 1,141,704 shares during the last quarter. Institutional investors and hedge funds own 67.77% of the company's stock.

Trade Desk News Roundup

Here are the key news stories impacting Trade Desk this week:

• Positive Sentiment: Q3 results topped expectations: The Trade Desk reported revenue of about $736 million and adjusted earnings of $0.33 per share, beating analyst estimates. Benzinga article
• Positive Sentiment: Strong Q4 guidance: The company forecast revenue of $755 million, well above the roughly $692 million consensus, signaling a stronger near-term outlook. Benzinga article
• Positive Sentiment: Larger buyback: The Trade Desk added $731 million to its repurchase authorization, bringing the program to $1 billion. Buybacks can support per-share results and signal management’s confidence. Seeking Alpha article
• Positive Sentiment: AI and connected-TV opportunity: CEO Jeff Green highlighted AI tools and the potential for AI to increase demand for advertising data and decision-making, alongside growth opportunities in connected TV. Stocktwits article
• Negative Sentiment: Growth remains a concern: Q3 revenue declined 0.5% year over year, and Green said results remain below the growth level the company expects of itself. That may temper enthusiasm about the beat and outlook. Stocktwits article

Trade Desk Company Profile

The Trade Desk, Inc provides a technology platform that helps advertisers and advertising agencies plan, buy, and measure digital advertising. Its self-service platform uses automated, data-driven tools to help clients purchase advertising inventory across channels such as connected TV, mobile, audio, and display.

The company also offers tools for campaign management, audience targeting, measurement, and access to data and advertising inventory. Its platform is designed to help clients manage campaigns across multiple media channels and publishers.

Founded in 2009 by Jeff Green and Dave Pickles, The Trade Desk serves clients in markets around the world.

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