Assetmark Inc. Cuts Stock Holdings in The Trade Desk (NASDAQ:TTD)

Key Points

• Assetmark Inc. has reduced its stake in The Trade Desk by 65.3% during the first quarter, now holding 29,322 shares valued at approximately $1.6 million.
• CEO Jeffrey Terry Green and Director David B. Wells both sold substantial amounts of their shares, decreasing their ownership by 61.06% and 29.95%, respectively.
• Analysts have set a consensus target price of $99.64 for The Trade Desk, with multiple ratings reflecting a strong buy sentiment and several price upgrades from financial institutions.

Assetmark Inc. lessened its holdings in The Trade Desk (NASDAQ:TTD - Free Report) by 65.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 29,322 shares of the technology company's stock after selling 55,209 shares during the quarter. Assetmark Inc.'s holdings in Trade Desk were worth $1,604,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of TTD. Cetera Investment Advisers boosted its holdings in Trade Desk by 27.1% during the first quarter. Cetera Investment Advisers now owns 176,425 shares of the technology company's stock worth $9,654,000 after buying an additional 37,643 shares during the last quarter. Avantax Advisory Services Inc. increased its stake in Trade Desk by 35.5% in the first quarter. Avantax Advisory Services Inc. now owns 31,473 shares of the technology company's stock valued at $1,722,000 after purchasing an additional 8,245 shares in the last quarter. Advisor OS LLC raised its holdings in Trade Desk by 78.0% in the first quarter. Advisor OS LLC now owns 6,488 shares of the technology company's stock worth $355,000 after purchasing an additional 2,844 shares during the period. Pinnacle Associates Ltd. boosted its position in shares of Trade Desk by 258.4% during the first quarter. Pinnacle Associates Ltd. now owns 9,543 shares of the technology company's stock worth $522,000 after purchasing an additional 6,880 shares in the last quarter. Finally, Wedbush Securities Inc. grew its holdings in shares of Trade Desk by 36.6% in the 1st quarter. Wedbush Securities Inc. now owns 29,175 shares of the technology company's stock valued at $1,596,000 after buying an additional 7,812 shares during the period. 67.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Macquarie boosted their price objective on shares of Trade Desk from $90.00 to $92.00 and gave the company an "outperform" rating in a research report on Monday, May 19th. JMP Securities reaffirmed a "market outperform" rating and set a $100.00 price objective on shares of Trade Desk in a research report on Tuesday, June 24th. Evercore ISI upgraded Trade Desk from an "in-line" rating to an "outperform" rating and set a $90.00 target price for the company in a research report on Friday, June 27th. Piper Sandler lifted their price target on shares of Trade Desk from $55.00 to $65.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Finally, KeyCorp lifted their price target on Trade Desk from $80.00 to $95.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. One analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-six have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $100.09.

Insider Activity

In related news, Director David B. Wells sold 28,638 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $79.88, for a total transaction of $2,287,603.44. Following the completion of the transaction, the director owned 66,985 shares in the company, valued at approximately $5,350,761.80. This represents a 29.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jeffrey Terry Green sold 26,684 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $80.03, for a total value of $2,135,520.52. Following the sale, the chief executive officer directly owned 17,018 shares in the company, valued at $1,361,950.54. This trade represents a 61.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.00% of the stock is owned by insiders.

Trade Desk Price Performance

TTD stock traded down $0.88 during midday trading on Friday, hitting $86.08. The stock had a trading volume of 9,973,566 shares, compared to its average volume of 14,718,176. The Trade Desk has a 52-week low of $42.96 and a 52-week high of $141.53. The business has a 50-day moving average of $75.63 and a two-hundred day moving average of $74.76. The firm has a market cap of $42.30 billion, a price-to-earnings ratio of 104.98, a price-to-earnings-growth ratio of 3.95 and a beta of 1.36.

Trade Desk (NASDAQ:TTD - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The technology company reported $0.33 earnings per share (EPS) for the quarter, topping 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 company had revenue of $616.02 million for the quarter, compared to the consensus estimate of $575.62 million. During the same quarter last year, the firm posted $0.26 earnings per share. The firm's revenue was up 25.4% compared to the same quarter last year. Research analysts predict that The Trade Desk will post 1.06 earnings per share for the current year.

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.