Bank of Nova Scotia Reduces Stock Holdings in The Trade Desk (NASDAQ:TTD)

Key Points

• The Bank of Nova Scotia has reduced its stake in The Trade Desk by 90.5%, owning only 8,083 shares after selling 76,906 shares during the first quarter.
• CEO Jeffrey Terry Green and Director David B. Wells both significantly decreased their stock holdings, with Green's ownership dropping by 61.06% and Wells' by 29.95%.
• Analyst ratings for Trade Desk have been generally positive, with 23 analysts recommending a buy and recent price targets set as high as $100.00.

Bank of Nova Scotia decreased its stake in The Trade Desk (NASDAQ:TTD - Free Report) by 90.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,083 shares of the technology company's stock after selling 76,906 shares during the quarter. Bank of Nova Scotia's holdings in Trade Desk were worth $442,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of TTD. Investment Management Corp VA ADV bought a new stake in Trade Desk during the 4th quarter valued at $25,000. Park Square Financial Group LLC bought a new stake in Trade Desk during the 4th quarter valued at $47,000. BNP Paribas bought a new stake in Trade Desk during the 4th quarter valued at $50,000. Banque Cantonale Vaudoise bought a new stake in Trade Desk during the 1st quarter valued at $26,000. Finally, Banque Transatlantique SA bought a new stake in Trade Desk during the 4th quarter valued at $56,000. Hedge funds and other institutional investors own 67.77% of the company's stock.

Insider Activity at Trade Desk

In other Trade Desk news, CEO Jeffrey Terry Green sold 26,684 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $80.03, for a total transaction of $2,135,520.52. Following the completion of the sale, the chief executive officer directly owned 17,018 shares in the company, valued at $1,361,950.54. This represents a 61.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David B. Wells sold 28,638 shares of the company's stock in a transaction dated 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 transaction, the director directly owned 66,985 shares of the company's stock, valued at $5,350,761.80. This represents a 29.95% decrease in their position. The disclosure for this sale can be found here. Insiders own 10.00% of the company's stock.

Trade Desk Stock Performance

Shares of NASDAQ TTD opened at $54.23 on Friday. The Trade Desk has a 1 year low of $42.96 and a 1 year high of $141.53. The firm has a market cap of $26.65 billion, a price-to-earnings ratio of 65.34, a PEG ratio of 4.01 and a beta of 1.37. The stock's 50-day simple moving average is $76.31 and its 200-day simple moving average is $73.35.

Trade Desk (NASDAQ:TTD - Get Free Report) last issued its earnings results on Thursday, August 7th. The technology company reported $0.41 EPS for the quarter, missing analysts' consensus estimates of $0.42 by ($0.01). The company had revenue of $694.04 million during the quarter, compared to analyst estimates of $686.00 million. Trade Desk had a net margin of 15.57% and a return on equity of 15.10%. The business's revenue was up 18.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.39 earnings per share. As a group, research analysts predict that The Trade Desk will post 1.06 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on TTD shares. Evercore ISI raised Trade Desk from an "in-line" rating to an "outperform" rating and set a $90.00 price target for the company in a research report on Friday, June 27th. Morgan Stanley boosted their price target on Trade Desk from $60.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. JMP Securities reissued a "market outperform" rating and issued a $100.00 price target on shares of Trade Desk in a research report on Tuesday, June 24th. Macquarie boosted their price target on Trade Desk from $90.00 to $92.00 and gave the stock an "outperform" rating in a research report on Monday, May 19th. Finally, KeyCorp boosted their price target on Trade Desk from $80.00 to $95.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-three have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $92.18.

Trade Desk 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.

Want to see what other hedge funds are holding TTD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Trade Desk (NASDAQ:TTD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.