Lord Abbett & CO. LLC Cuts Stock Position in The Trade Desk (NASDAQ:TTD)

Key Points

• Lord Abbett & CO. LLC significantly reduced its stake in The Trade Desk by 99.7%, selling over 1.3 million shares and now holding just 4,091 shares valued at $224,000.
• Insider Jay R. Grant sold 51,290 shares of the company at an average price of $91.18, decreasing their ownership by 19.03%.
• Analysts have mixed ratings on Trade Desk, with Citigroup lowering its price target from $90 to $65, while Moffett Nathanson downgraded the stock from "neutral" to "sell" with a target of $45.

Lord Abbett & CO. LLC lowered its holdings in The Trade Desk (NASDAQ:TTD - Free Report) by 99.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 4,091 shares of the technology company's stock after selling 1,377,547 shares during the quarter. Lord Abbett & CO. LLC's holdings in Trade Desk were worth $224,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC raised its stake in Trade Desk by 3,876.8% during the 1st quarter. GAMMA Investing LLC now owns 91,984 shares of the technology company's stock valued at $5,033,000 after buying an additional 89,671 shares during the last quarter. Dynamic Advisor Solutions LLC purchased a new position in Trade Desk in the first quarter worth about $995,000. LBP AM SA increased its position in shares of Trade Desk by 116.1% during the 1st quarter. LBP AM SA now owns 64,154 shares of the technology company's stock valued at $3,511,000 after purchasing an additional 34,465 shares during the last quarter. Bryce Point Capital LLC lifted its stake in shares of Trade Desk by 302.9% in the 1st quarter. Bryce Point Capital LLC now owns 16,727 shares of the technology company's stock worth $915,000 after purchasing an additional 12,575 shares during the period. Finally, Peregrine Capital Management LLC grew its position in Trade Desk by 40.2% during the first quarter. Peregrine Capital Management LLC now owns 579,877 shares of the technology company's stock valued at $31,731,000 after buying an additional 166,332 shares during the period. 67.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Jay R. Grant sold 51,290 shares of Trade Desk stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $91.18, for a total transaction of $4,676,622.20. Following the completion of the transaction, the insider directly owned 218,246 shares of the company's stock, valued at approximately $19,899,670.28. The trade was a 19.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 10.00% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. HSBC reaffirmed a "hold" rating and issued a $56.00 target price on shares of Trade Desk in a report on Monday, August 11th. Oppenheimer increased their target price on shares of Trade Desk from $80.00 to $110.00 and gave the stock an "outperform" rating in a report on Tuesday, July 29th. KeyCorp lifted their price target on shares of Trade Desk from $80.00 to $95.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. JMP Securities restated a "market outperform" rating and set a $100.00 price objective on shares of Trade Desk in a research report on Tuesday, June 24th. Finally, Stifel Nicolaus dropped their target price on shares of Trade Desk from $95.00 to $90.00 and set a "buy" rating for the company in a report on Friday, August 8th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $88.58.

Trade Desk Trading Up 2.7%

NASDAQ:TTD traded up $1.36 during midday trading on Friday, hitting $52.12. 17,824,420 shares of the company were exchanged, compared to its average volume of 18,345,246. The Trade Desk has a fifty-two week low of $42.96 and a fifty-two week high of $141.53. The company has a market capitalization of $25.48 billion, a PE ratio of 62.80, a price-to-earnings-growth ratio of 2.67 and a beta of 1.37. The company has a fifty day simple moving average of $74.22 and a 200 day simple moving average of $70.34.

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