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

Key Points

• Oppenheimer has raised its price target for Trade Desk (NASDAQ:TTD) from $80.00 to $110.00, indicating a potential upside of 28.18% from the current price, while maintaining an "outperform" rating on the stock.
• The technology company reported $0.33 EPS for the last quarter, surpassing estimates, with a revenue of $616.02 million, representing a year-over-year increase of 25.4%.
• Instutional investors own approximately 67.77% of Trade Desk's stock, with several firms recently adjusting their positions, indicating interest from the investment community.

Trade Desk (NASDAQ:TTD - Get Free Report) had its price target boosted by research analysts at Oppenheimer from $80.00 to $110.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an "outperform" rating on the technology company's stock. Oppenheimer's price target points to a potential upside of 28.18% from the company's current price.

Several other research analysts also recently issued reports on the stock. Wedbush reiterated an "outperform" rating and set a $86.00 price target on shares of Trade Desk in a research report on Tuesday, July 15th. Citizens Jmp cut their target price on shares of Trade Desk from $115.00 to $100.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. JMP Securities restated a "market outperform" rating and set a $100.00 target price on shares of Trade Desk in a research report on Tuesday, June 24th. Needham & Company LLC restated a "buy" rating and set a $84.00 target price on shares of Trade Desk in a research report on Friday, June 6th. Finally, Macquarie upped their target price on shares of Trade Desk from $90.00 to $92.00 and gave the company an "outperform" rating in a research report on Monday, May 19th. Eight investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $99.64.

Trade Desk Trading Down 3.0%

NASDAQ TTD traded down $2.64 on Tuesday, hitting $85.82. 1,754,799 shares of the company were exchanged, compared to its average volume of 10,100,303. The firm has a 50 day moving average of $74.74 and a two-hundred day moving average of $75.04. The company has a market cap of $42.17 billion, a P/E ratio of 104.79, a P/E/G ratio of 3.92 and a beta of 1.36. Trade Desk has a 1-year low of $42.96 and a 1-year 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 (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.07. The business had revenue of $616.02 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.26 EPS. Research analysts anticipate that Trade Desk will post 1.06 EPS for the current fiscal year.

Insider Activity

In related 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 directly owned 66,985 shares of the company's stock, valued at approximately $5,350,761.80. This represents a 29.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jeffrey Terry Green sold 26,684 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was 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 represents a 61.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Trade Desk

Several institutional investors have recently made changes to their positions in TTD. Values First Advisors Inc. grew its stake in Trade Desk by 3.1% in the second quarter. Values First Advisors Inc. now owns 6,932 shares of the technology company's stock valued at $499,000 after purchasing an additional 211 shares during the last quarter. Praxis Investment Management Inc. acquired a new stake in Trade Desk in the second quarter worth about $1,203,000. Activest Wealth Management acquired a new stake in Trade Desk in the second quarter worth about $64,000. Bridges Investment Management Inc. boosted its holdings in Trade Desk by 12.4% in the second quarter. Bridges Investment Management Inc. now owns 6,533 shares of the technology company's stock worth $470,000 after acquiring an additional 720 shares in the last quarter. Finally, Mutual Advisors LLC lifted its holdings in shares of Trade Desk by 3.5% during the second quarter. Mutual Advisors LLC now owns 4,239 shares of the technology company's stock worth $305,000 after purchasing an additional 142 shares during the period. Hedge funds and other institutional investors own 67.77% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.