Morgan Stanley Issues Positive Forecast for Trade Desk (NASDAQ:TTD) Stock Price

Trade Desk (NASDAQ:TTD - Get Free Report) had its price objective boosted by research analysts at Morgan Stanley from $60.00 to $80.00 in a note issued to investors on Friday, Marketbeat Ratings reports. The brokerage presently has an "overweight" rating on the technology company's stock. Morgan Stanley's price target would indicate a potential upside of 0.79% from the stock's current price.

Several other equities analysts have also recently weighed in on TTD. Cfra Research raised Trade Desk to a "moderate buy" rating in a research note on Tuesday, March 25th. HSBC set a $75.00 target price on Trade Desk and gave the stock a "buy" rating in a report on Wednesday, April 23rd. Wedbush restated an "outperform" rating and issued a $86.00 target price (up from $80.00) on shares of Trade Desk in a report on Friday. Evercore ISI lowered Trade Desk from an "outperform" rating to an "inline" rating and reduced their target price for the stock from $135.00 to $90.00 in a report on Thursday, February 13th. Finally, BMO Capital Markets reduced their target price on Trade Desk from $160.00 to $115.00 and set an "outperform" rating for the company in a report on Thursday, February 13th. Seven equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.88.

Trade Desk Stock Performance

TTD traded down $0.03 during trading on Friday, reaching $79.37. The company had a trading volume of 11,164,740 shares, compared to its average volume of 5,891,300. The firm's 50-day simple moving average is $54.88 and its 200 day simple moving average is $94.71. The company has a market cap of $39.37 billion, a price-to-earnings ratio of 101.76, a PEG ratio of 3.11 and a beta of 1.29. Trade Desk has a 12-month low of $42.96 and a 12-month high of $141.53.

Trade Desk (NASDAQ:TTD - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The technology company reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.07. Trade Desk had a return on equity of 16.38% and a net margin of 16.08%. The firm had revenue of $616.02 million for the quarter, compared to analysts' expectations of $575.62 million. During the same quarter last year, the business posted $0.26 EPS. Trade Desk's revenue was up 25.4% on a year-over-year basis. On average, sell-side analysts expect that Trade Desk will post 1.06 EPS for the current year.

Trade Desk announced that its Board of Directors has approved a share buyback plan on Wednesday, February 12th that allows the company to buyback $564.00 million in shares. This buyback authorization allows the technology company to repurchase up to 0.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On Trade Desk

Several institutional investors and hedge funds have recently bought and sold shares of the company. Brown Advisory Inc. boosted its holdings in shares of Trade Desk by 198.4% in the first quarter. Brown Advisory Inc. now owns 8,102,294 shares of the technology company's stock worth $443,358,000 after acquiring an additional 5,387,339 shares during the period. Norges Bank purchased a new stake in Trade Desk during the fourth quarter valued at about $524,187,000. Nuveen LLC purchased a new stake in Trade Desk during the first quarter valued at about $191,935,000. Raymond James Financial Inc. purchased a new stake in Trade Desk during the fourth quarter valued at about $231,570,000. Finally, Vanguard Group Inc. raised its position in Trade Desk by 3.7% during the first quarter. Vanguard Group Inc. now owns 44,237,745 shares of the technology company's stock valued at $2,420,689,000 after purchasing an additional 1,567,491 shares in the last quarter. 67.77% of the stock is owned by institutional investors.

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.