Trade Desk (NASDAQ:TTD) Cut to "Equal Weight" at Wells Fargo & Company

Wells Fargo & Company cut shares of Trade Desk (NASDAQ:TTD - Free Report) from an overweight rating to an equal weight rating in a research note published on Thursday morning, Marketbeat Ratings reports. The firm currently has $68.00 target price on the technology company's stock, down from their previous target price of $74.00.

Other equities research analysts have also recently issued research reports about the stock. Oppenheimer raised their target price on shares of Trade Desk from $75.00 to $80.00 and gave the stock an "outperform" rating in a research note on Friday, May 9th. Jefferies Financial Group set a $125.00 target price on shares of Trade Desk and gave the company a "buy" rating in a research note on Tuesday, April 29th. Royal Bank Of Canada dropped their target price on shares of Trade Desk from $100.00 to $85.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. UBS Group decreased their price target on Trade Desk from $116.00 to $80.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Finally, Morgan Stanley boosted their price objective on Trade Desk from $60.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Eight analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $97.03.

Trade Desk Trading Down 2.6%

NASDAQ TTD traded down $1.78 during trading hours on Thursday, hitting $68.02. 9,535,985 shares of the company's stock traded hands, compared to its average volume of 6,275,956. Trade Desk has a 52 week low of $42.96 and a 52 week high of $141.53. The firm has a market capitalization of $33.43 billion, a P/E ratio of 82.95, a P/E/G ratio of 3.30 and a beta of 1.41. The business's fifty day moving average price is $66.83 and its two-hundred day moving average price is $83.30.

Trade Desk (NASDAQ:TTD - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The technology company reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.26 by $0.07. The firm had revenue of $616.02 million during 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 company's revenue for the quarter was up 25.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.26 EPS. On average, sell-side analysts expect that Trade Desk will post 1.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director David B. Wells sold 28,638 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $79.88, for a total transaction of $2,287,603.44. Following the transaction, the director now directly owns 66,985 shares of the company's stock, valued at approximately $5,350,761.80. This trade represents a 29.95% decrease in their ownership of the stock. The sale 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 business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $80.03, for a total value of $2,135,520.52. Following the completion of the sale, the chief executive officer now owns 17,018 shares of the company's stock, valued at $1,361,950.54. The trade was a 61.06% decrease in their position. The disclosure for this sale can be found here. 9.74% of the stock is owned by insiders.

Institutional Investors Weigh In On Trade Desk

Several hedge funds have recently made changes to their positions in TTD. Brown Advisory Inc. lifted its position in Trade Desk by 198.4% during the first quarter. Brown Advisory Inc. now owns 8,102,294 shares of the technology company's stock valued at $443,358,000 after acquiring an additional 5,387,339 shares during the last quarter. Norges Bank purchased a new position in Trade Desk during the 4th quarter worth $524,187,000. Nuveen LLC purchased a new stake in Trade Desk in the first quarter valued at about $191,935,000. Raymond James Financial Inc. acquired a new stake in Trade Desk in the fourth quarter worth about $231,570,000. Finally, Vanguard Group Inc. grew its stake in shares of Trade Desk by 3.7% during the first quarter. Vanguard Group Inc. now owns 44,237,745 shares of the technology company's stock worth $2,420,689,000 after acquiring an additional 1,567,491 shares during the last quarter. 67.77% of the stock is currently owned by hedge funds and other 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.