Independent Advisor Alliance Sells 8,024 Shares of The Trade Desk (NASDAQ:TTD)

Key Points

• Independent Advisor Alliance reduced its stake in The Trade Desk (NASDAQ: TTD) by 20%, selling 8,024 shares, leaving them with 32,000 shares valued at $1.75 million.
• Multiple brokerages have adjusted their ratings and price targets for Trade Desk, with Morgan Stanley raising its target from $60 to $80 and maintaining an "overweight" rating.
• Insider Jay R. Grant sold 51,290 shares of Trade Desk stock for approximately $4.68 million, resulting in a 19.03% reduction of his ownership stake in the company.

Independent Advisor Alliance cut its stake in shares of The Trade Desk (NASDAQ:TTD - Free Report) by 20.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 32,000 shares of the technology company's stock after selling 8,024 shares during the period. Independent Advisor Alliance's holdings in Trade Desk were worth $1,751,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Brown Advisory Inc. increased its position in shares of Trade Desk by 198.4% in the 1st quarter. Brown Advisory Inc. now owns 8,102,294 shares of the technology company's stock valued at $443,358,000 after buying an additional 5,387,339 shares in the last quarter. Nuveen LLC bought a new stake in shares of Trade Desk in the first quarter worth about $191,935,000. Vanguard Group Inc. increased its holdings in shares of Trade Desk by 3.7% in the first quarter. Vanguard Group Inc. now owns 44,237,745 shares of the technology company's stock worth $2,420,689,000 after acquiring an additional 1,567,491 shares in the last quarter. Nuveen Asset Management LLC increased its holdings in shares of Trade Desk by 22.6% in the fourth quarter. Nuveen Asset Management LLC now owns 2,844,036 shares of the technology company's stock worth $334,260,000 after acquiring an additional 523,627 shares in the last quarter. Finally, Congress Asset Management Co. lifted its holdings in shares of Trade Desk by 47.1% during the 1st quarter. Congress Asset Management Co. now owns 1,478,070 shares of the technology company's stock valued at $80,880,000 after purchasing an additional 473,132 shares in the last quarter. 67.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. BTIG Research lowered Trade Desk from a "buy" rating to a "neutral" rating in a research report on Friday, August 8th. Needham & Company LLC restated a "buy" rating and set a $84.00 price objective on shares of Trade Desk in a report on Monday. Scotiabank cut their price objective on shares of Trade Desk from $83.00 to $60.00 and set a "sector perform" rating on the stock in a research report on Friday, August 8th. DA Davidson lowered their target price on Trade Desk from $103.00 to $92.00 and set a "buy" rating for the company in a report on Friday, May 9th. Finally, Piper Sandler cut their price target on Trade Desk from $65.00 to $64.00 and set a "neutral" rating on the stock in a report on Friday, August 8th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, Trade Desk presently has a consensus rating of "Moderate Buy" and a consensus price target of $89.33.

Trade Desk Price Performance

TTD stock traded down $3.60 during midday trading on Thursday, reaching $50.76. 33,905,163 shares of the company were exchanged, compared to its average volume of 11,273,538. The business has a 50-day moving average price of $75.02 and a two-hundred day moving average price of $71.98. The Trade Desk has a one year low of $42.96 and a one year high of $141.53. The firm has a market capitalization of $24.95 billion, a price-to-earnings ratio of 61.16, a price-to-earnings-growth ratio of 2.73 and a beta of 1.37.

Trade Desk (NASDAQ:TTD - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The technology company reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.42 by ($0.24). Trade Desk had a return on equity of 15.19% and a net margin of 15.57%. The company had revenue of $694.04 million for the quarter, compared to the consensus estimate of $686.00 million. During the same period last year, the firm earned $0.39 earnings per share. The company's revenue for the quarter was up 18.7% compared to the same quarter last year. As a group, analysts anticipate that The Trade Desk will post 1.06 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jay R. Grant sold 51,290 shares of Trade Desk stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $91.18, for a total value of $4,676,622.20. Following the completion of the sale, the insider directly owned 218,246 shares in the company, valued at approximately $19,899,670.28. The trade was a 19.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 10.00% of the stock is currently owned by insiders.

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.