Jennison Associates LLC Sells 1,785,169 Shares of The Trade Desk (NASDAQ:TTD)

Jennison Associates LLC decreased its holdings in The Trade Desk (NASDAQ:TTD - Free Report) by 12.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,098,205 shares of the technology company's stock after selling 1,785,169 shares during the quarter. Jennison Associates LLC owned 2.44% of Trade Desk worth $662,014,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Investment Management Corp VA ADV acquired a new position in shares of Trade Desk in the 4th quarter valued at approximately $25,000. Zions Bancorporation N.A. increased its position in Trade Desk by 148.3% during the 4th quarter. Zions Bancorporation N.A. now owns 293 shares of the technology company's stock worth $34,000 after purchasing an additional 175 shares in the last quarter. Park Square Financial Group LLC acquired a new position in Trade Desk during the 4th quarter worth approximately $47,000. BNP Paribas acquired a new position in Trade Desk during the 4th quarter worth approximately $50,000. Finally, Banque Transatlantique SA acquired a new position in Trade Desk during the 4th quarter worth approximately $56,000. Institutional investors and hedge funds own 67.77% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. DA Davidson decreased their price target on shares of Trade Desk from $103.00 to $92.00 and set a "buy" rating for the company in a research report on Friday, May 9th. UBS Group reiterated a "buy" rating and set a $105.00 price objective (up from $80.00) on shares of Trade Desk in a research report on Wednesday. Cfra Research upgraded shares of Trade Desk to a "moderate buy" rating in a research report on Tuesday, March 25th. Oppenheimer increased their target price 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. Finally, Needham & Company LLC reissued a "buy" rating and set a $84.00 price target on shares of Trade Desk in a research report on Friday, June 6th. Eight equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. According to MarketBeat, Trade Desk has an average rating of "Moderate Buy" and an average price target of $98.48.

Insiders Place Their Bets

In related news, CEO Jeffrey Terry Green sold 26,684 shares of Trade Desk stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 17,018 shares in the company, valued at $1,361,950.54. The trade was a 61.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David B. Wells sold 28,638 shares of Trade Desk stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $79.88, for a total value of $2,287,603.44. Following the completion of the sale, the director owned 66,985 shares of the company's stock, valued at $5,350,761.80. The trade was a 29.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 9.74% of the company's stock.

Trade Desk Stock Performance

TTD opened at $80.87 on Friday. The Trade Desk has a 52-week low of $42.96 and a 52-week high of $141.53. The stock has a market capitalization of $39.74 billion, a P/E ratio of 98.50, a P/E/G ratio of 3.72 and a beta of 1.36. The company's 50-day simple moving average is $73.78 and its two-hundred day simple moving average is $77.44.

Trade Desk (NASDAQ:TTD - Get Free Report) last released its earnings results on Thursday, May 8th. The technology company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.07. The company had revenue of $616.02 million during the quarter, compared to analyst estimates of $575.62 million. Trade Desk had a net margin of 16.04% and a return on equity of 15.41%. The firm's quarterly revenue was up 25.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.26 EPS. Research analysts forecast that The Trade Desk will post 1.06 EPS for the current fiscal year.

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.

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