Needham & Company LLC Reaffirms "Buy" Rating for Trade Desk (NASDAQ:TTD)

Needham & Company LLC reiterated their buy rating on shares of Trade Desk (NASDAQ:TTD - Free Report) in a research report sent to investors on Tuesday,Benzinga reports. Needham & Company LLC currently has a $84.00 price objective on the technology company's stock.

A number of other research firms have also recently weighed in on TTD. Cantor Fitzgerald lowered their target price on shares of Trade Desk from $115.00 to $100.00 and set a "neutral" rating on the stock in a research note on Thursday, February 13th. Truist Financial lowered their price objective on Trade Desk from $130.00 to $95.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Susquehanna cut their target price on Trade Desk from $150.00 to $135.00 and set a "positive" rating for the company in a research report on Thursday, February 13th. Loop Capital lowered their price target on Trade Desk from $145.00 to $101.00 and set a "buy" rating on the stock in a research report on Thursday, February 20th. Finally, DA Davidson dropped their price objective on Trade Desk from $134.00 to $103.00 and set a "buy" rating for the company in a research note on Thursday, February 13th. Seven analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $101.34.

Trade Desk Stock Up 1.3 %

Trade Desk stock traded up $0.70 during trading hours on Tuesday, hitting $53.97. The stock had a trading volume of 6,287,369 shares, compared to its average volume of 5,369,239. The company has a 50-day moving average of $57.70 and a two-hundred day moving average of $99.39. Trade Desk has a fifty-two week low of $42.96 and a fifty-two week high of $141.53. The company has a market cap of $26.77 billion, a PE ratio of 69.19, a price-to-earnings-growth ratio of 3.11 and a beta of 1.56.

Trade Desk (NASDAQ:TTD - Get Free Report) last issued its earnings results on Wednesday, February 12th. The technology company reported $0.36 EPS for the quarter, missing analysts' consensus estimates of $0.57 by ($0.21). Trade Desk had a net margin of 16.08% and a return on equity of 16.38%. As a group, analysts forecast that Trade Desk will post 1.06 EPS for the current fiscal year.

Trade Desk announced that its board has authorized a share buyback program on Wednesday, February 12th that allows the company to buyback $564.00 million in shares. This buyback authorization allows the technology company to purchase up to 0.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Insider Activity at Trade Desk

In related news, insider Samantha Jacobson sold 4,298 shares of the company's stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $118.56, for a total value of $509,570.88. Following the completion of the sale, the insider now owns 90,709 shares in the company, valued at approximately $10,754,459.04. This represents a 4.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 9.72% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Trade Desk

Institutional investors have recently modified their holdings of the stock. Investment Management Corp VA ADV bought a new position in Trade Desk during the 4th quarter worth approximately $25,000. Rialto Wealth Management LLC bought a new position in shares of Trade Desk during the fourth quarter worth $26,000. Harbor Investment Advisory LLC boosted its position in shares of Trade Desk by 68.8% during the fourth quarter. Harbor Investment Advisory LLC now owns 287 shares of the technology company's stock worth $34,000 after purchasing an additional 117 shares in the last quarter. Synergy Asset Management LLC acquired a new position in shares of Trade Desk in the 4th quarter valued at $34,000. Finally, Midwest Capital Advisors LLC bought a new stake in shares of Trade Desk in the 4th quarter valued at $34,000. 67.77% of the stock is currently owned by institutional investors and hedge funds.

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.