JAT Capital Mgmt LP Takes $15.50 Million Position in The Trade Desk, Inc. (NASDAQ:TTD)

JAT Capital Mgmt LP purchased a new stake in The Trade Desk, Inc. (NASDAQ:TTD - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 131,907 shares of the technology company's stock, valued at approximately $15,503,000. Trade Desk makes up approximately 2.5% of JAT Capital Mgmt LP's investment portfolio, making the stock its 13th biggest holding.

Several other hedge funds also recently added to or reduced their stakes in TTD. Norges Bank purchased a new stake in shares of Trade Desk in the 4th quarter valued at about $524,187,000. Raymond James Financial Inc. purchased a new stake in Trade Desk in the fourth quarter valued at approximately $231,570,000. Franklin Resources Inc. boosted its holdings in shares of Trade Desk by 265.9% in the fourth quarter. Franklin Resources Inc. now owns 1,864,386 shares of the technology company's stock valued at $219,121,000 after acquiring an additional 1,354,891 shares during the period. FMR LLC grew its position in shares of 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 acquiring an additional 1,172,082 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Trade Desk in the 4th quarter valued at $100,658,000. 67.77% of the stock is currently owned by hedge funds and other institutional investors.

Trade Desk Trading Up 1.9 %

Shares of Trade Desk stock traded up $1.03 during mid-day trading on Friday, hitting $54.09. 10,777,609 shares of the stock were exchanged, compared to its average volume of 5,444,757. The stock has a market capitalization of $26.83 billion, a price-to-earnings ratio of 69.35, a price-to-earnings-growth ratio of 3.11 and a beta of 1.29. The Trade Desk, Inc. has a twelve month low of $42.96 and a twelve month high of $141.53. The company has a 50-day simple moving average of $55.63 and a 200 day simple moving average of $97.33.

Trade Desk (NASDAQ:TTD - Get Free Report) last released its earnings results on Wednesday, February 12th. The technology company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.21). Trade Desk had a return on equity of 16.38% and a net margin of 16.08%. Equities research analysts forecast that The Trade Desk, Inc. will post 1.06 earnings per share for the current fiscal year.

Trade Desk announced that its board has approved a stock repurchase plan on Wednesday, February 12th that allows the company to repurchase $564.00 million in shares. This repurchase authorization allows the technology company to reacquire up to 0.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Needham & Company LLC restated a "buy" rating and issued a $84.00 price objective on shares of Trade Desk in a research note on Tuesday, April 22nd. Jefferies Financial Group set a $125.00 price objective on Trade Desk and gave the company a "buy" rating in a research note on Tuesday. Benchmark raised Trade Desk from a "sell" rating to a "hold" rating in a research report on Friday, March 7th. HSBC set a $75.00 price target on Trade Desk and gave the stock a "buy" rating in a research note on Wednesday, April 23rd. Finally, Royal Bank of Canada dropped their price objective on shares of Trade Desk from $100.00 to $85.00 and set an "outperform" rating on the stock in a research note on Friday. Seven analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $100.84.

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.