Piper Sandler Cuts Trade Desk (NASDAQ:TTD) Price Target to $64.00

Key Points

• Piper Sandler has reduced the price target for Trade Desk (TTD) from $65.00 to $64.00, reflecting a potential downside of 27.54% from the current stock price.
• Despite Piper Sandler's pessimism, the consensus rating for Trade Desk remains a "Moderate Buy" with an average price target of $95.76, supported by multiple analysts with varying ratings.
• In the past quarter, Trade Desk reported $694.04 million in revenue—an 18.7% year-over-year increase—but fell short of analysts' EPS estimates, posting just $0.41 per share compared to the expected $0.42.

Trade Desk (NASDAQ:TTD - Free Report) had its price objective decreased by Piper Sandler from $65.00 to $64.00 in a research report released on Friday,Benzinga reports. Piper Sandler currently has a neutral rating on the technology company's stock.

Other research analysts also recently issued research reports about the stock. BMO Capital Markets lowered their price objective on shares of Trade Desk from $115.00 to $98.00 and set an "outperform" rating on the stock in a research report on Friday. Jefferies Financial Group set a $125.00 price objective on shares of Trade Desk and gave the company a "buy" rating in a research report on Tuesday, April 29th. Truist Financial increased their price objective on shares of Trade Desk from $95.00 to $100.00 and gave the company a "buy" rating in a research report on Friday, May 9th. DA Davidson reduced their target price on shares of Trade Desk from $103.00 to $92.00 and set a "buy" rating for the company in a report on Friday, May 9th. Finally, Arete Research raised shares of Trade Desk to a "strong sell" rating in a report on Monday, July 28th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-one have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $89.33.

Trade Desk Stock Performance

Shares of TTD stock traded up $0.03 during trading hours on Friday, reaching $54.26. The company had a trading volume of 24,565,898 shares, compared to its average volume of 10,886,177. The firm has a market cap of $26.66 billion, a PE ratio of 65.60, a price-to-earnings-growth ratio of 2.46 and a beta of 1.37. The business has a fifty day moving average price of $76.31 and a 200-day moving average price of $72.70. Trade Desk has a one year low of $42.96 and a one year high of $141.53.

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

Insider Buying and Selling

In other news, Director David B. Wells sold 28,638 shares of Trade Desk 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 transaction, the director owned 66,985 shares of the company's stock, valued at $5,350,761.80. The trade was a 29.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 10.00% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Dorsey & Whitney Trust CO LLC acquired a new stake in Trade Desk in the 2nd quarter worth approximately $205,000. Intrust Bank NA acquired a new stake in Trade Desk in the 2nd quarter worth approximately $261,000. Nomura Asset Management Co. Ltd. boosted its stake in Trade Desk by 327.3% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 1,121,436 shares of the technology company's stock worth $80,732,000 after purchasing an additional 858,978 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH boosted its stake in Trade Desk by 45.8% in the 2nd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 383,689 shares of the technology company's stock worth $27,622,000 after purchasing an additional 120,557 shares in the last quarter. Finally, Westpac Banking Corp boosted its stake in Trade Desk by 65.1% in the 2nd quarter. Westpac Banking Corp now owns 1,522 shares of the technology company's stock worth $110,000 after purchasing an additional 600 shares in the last quarter. 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.