Scotiabank Has Lowered Expectations for Trade Desk (NASDAQ:TTD) Stock Price

Key Points

• Scotiabank has reduced its price target for Trade Desk (NASDAQ:TTD) from $83.00 to $60.00, indicating a potential upside of 10.73% from the stock's previous close.
• The stock has had mixed ratings from analysts, with two sell ratings, ten hold ratings, and twenty-three buy ratings, resulting in a consensus target price of $92.18.
• The company reported a quarterly earnings miss, with earnings per share of $0.41 falling short of the $0.42 consensus estimate, despite a revenue increase of 18.7% year-over-year.

Trade Desk (NASDAQ:TTD - Get Free Report) had its price target cut by equities research analysts at Scotiabank from $83.00 to $60.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "sector perform" rating on the technology company's stock. Scotiabank's target price would suggest a potential upside of 10.73% from the stock's previous close.

Other analysts also recently issued reports about the stock. Macquarie lifted their price target on Trade Desk from $90.00 to $92.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. Oppenheimer increased their price target on shares of Trade Desk from $80.00 to $110.00 and gave the company an "outperform" rating in a research report on Tuesday, July 29th. DA Davidson cut their price target on shares of Trade Desk from $103.00 to $92.00 and set a "buy" rating on the stock in a report on Friday, May 9th. KeyCorp upped their price objective on shares of Trade Desk from $80.00 to $95.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Finally, Arete Research upgraded shares of Trade Desk to a "strong sell" rating in a report on Monday, July 28th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, Trade Desk has an average rating of "Moderate Buy" and a consensus target price of $92.18.

Trade Desk Price Performance

Shares of NASDAQ:TTD traded down $34.15 on Friday, hitting $54.18. The company's stock had a trading volume of 101,819,168 shares, compared to its average volume of 10,728,634. Trade Desk has a 1 year low of $42.96 and a 1 year high of $141.53. The company has a market capitalization of $26.63 billion, a PE ratio of 66.08, a PEG ratio of 4.07 and a beta of 1.37. The company has a 50-day simple moving average of $76.70 and a 200 day simple moving average of $73.84.

Trade Desk (NASDAQ:TTD - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The technology company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.01). The firm 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 16.04% and a return on equity of 15.41%. Trade Desk's revenue for the quarter was up 18.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.39 earnings per share. On average, equities research analysts expect that Trade Desk will post 1.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director David B. Wells sold 28,638 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $79.88, for a total transaction of $2,287,603.44. Following the sale, the director directly 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jeffrey Terry Green sold 26,684 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $80.03, for a total value of $2,135,520.52. Following the completion of the transaction, the chief executive officer directly owned 17,018 shares of the company's stock, valued at approximately $1,361,950.54. This trade represents a 61.06% decrease in their position. The disclosure for this sale can be found here. 10.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Trade Desk

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Trade Desk by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 44,237,745 shares of the technology company's stock worth $2,420,689,000 after buying an additional 1,567,491 shares in the last quarter. Jennison Associates LLC boosted its stake in shares of Trade Desk by 17.9% in the second quarter. Jennison Associates LLC now owns 14,267,457 shares of the technology company's stock worth $1,027,114,000 after acquiring an additional 2,169,252 shares during the period. Geode Capital Management LLC grew its position in shares of Trade Desk by 52.1% during the second quarter. Geode Capital Management LLC now owns 12,314,817 shares of the technology company's stock worth $884,860,000 after purchasing an additional 4,218,975 shares in the last quarter. Brown Advisory Inc. grew its position in shares of Trade Desk by 198.4% during the first quarter. Brown Advisory Inc. now owns 8,102,294 shares of the technology company's stock worth $443,358,000 after purchasing an additional 5,387,339 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in Trade Desk by 13.2% during the 4th quarter. Bank of America Corp DE now owns 3,591,849 shares of the technology company's stock valued at $422,150,000 after purchasing an additional 418,911 shares during the period. Institutional investors own 67.77% of the company's stock.

Trade Desk Company 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.

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.