Sumitomo Mitsui Trust Group Inc. Grows Holdings in The Trade Desk (NASDAQ:TTD)

Sumitomo Mitsui Trust Group Inc. grew its holdings in The Trade Desk (NASDAQ:TTD - Free Report) by 8.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,000,184 shares of the technology company's stock after purchasing an additional 156,703 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.40% of Trade Desk worth $109,450,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank purchased a new position in Trade Desk in the fourth quarter worth approximately $524,187,000. Brown Advisory Inc. raised its holdings in Trade Desk by 3,037.0% during the fourth quarter. Brown Advisory Inc. now owns 2,714,955 shares of the technology company's stock worth $319,089,000 after purchasing an additional 2,628,409 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Trade Desk during the fourth quarter worth approximately $231,570,000. Franklin Resources Inc. raised its holdings in Trade Desk by 265.9% during the fourth quarter. Franklin Resources Inc. now owns 1,864,386 shares of the technology company's stock worth $219,121,000 after purchasing an additional 1,354,891 shares in the last quarter. Finally, FMR LLC raised its holdings in Trade Desk by 44.8% during the fourth quarter. FMR LLC now owns 3,788,285 shares of the technology company's stock worth $445,237,000 after purchasing an additional 1,172,082 shares in the last quarter. Hedge funds and other institutional investors own 67.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on TTD shares. Piper Sandler lifted their target price on shares of Trade Desk from $55.00 to $65.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Evercore ISI raised shares of Trade Desk from an "in-line" rating to an "outperform" rating and set a $90.00 price objective on the stock in a research note on Friday. DA Davidson dropped their price objective on shares of Trade Desk from $103.00 to $92.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. UBS Group dropped their price objective on shares of Trade Desk from $116.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Finally, HSBC set a $75.00 price objective on shares of Trade Desk and gave the company a "buy" rating in a research note on Wednesday, April 23rd. Eight equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. According to MarketBeat, Trade Desk has a consensus rating of "Moderate Buy" and an average price target of $97.27.

Trade Desk Stock Performance

TTD traded up $1.50 on Tuesday, reaching $73.49. 8,377,289 shares of the company's stock were exchanged, compared to its average volume of 6,349,544. The company's 50 day moving average is $68.05 and its 200-day moving average is $81.26. The company has a market cap of $36.12 billion, a price-to-earnings ratio of 89.62, a PEG ratio of 3.30 and a beta of 1.36. The Trade Desk has a twelve month low of $42.96 and a twelve month high of $141.53.

Trade Desk (NASDAQ:TTD - Get Free Report) last posted its earnings results 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 firm had revenue of $616.02 million during the quarter, compared to the consensus estimate of $575.62 million. During the same quarter in the prior year, the company earned $0.26 EPS. The company's revenue was up 25.4% on a year-over-year basis. Sell-side analysts forecast that The Trade Desk will post 1.06 EPS for the current year.

Insider Activity at Trade Desk

In other Trade Desk news, Director David B. Wells sold 28,638 shares of the stock in a transaction that occurred on 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. This trade 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 is available through the SEC website. Also, CEO Jeffrey Terry Green sold 26,684 shares of the stock in a transaction that occurred on 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 of the company's stock, valued at $1,361,950.54. This trade represents a 61.06% decrease in their position. The disclosure for this sale can be found here. 9.72% of the stock is owned by company insiders.

About Trade Desk

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.