The Trade Desk, Inc. (NASDAQ:TTD - Get Free Report)'s stock price gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $59.90, but opened at $68.70. Trade Desk shares last traded at $74.78, with a volume of 696,212 shares traded.
The technology company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.07. Trade Desk had a return on equity of 16.38% and a net margin of 16.08%. The firm had revenue of $616.02 million for the quarter, compared to the consensus estimate of $575.62 million. During the same quarter in the previous year, the business earned $0.26 EPS. The company's quarterly revenue was up 25.4% compared to the same quarter last year.
Trade Desk announced that its Board of Directors has authorized a stock repurchase program on Wednesday, February 12th that allows the company to buyback $564.00 million in outstanding 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 generally an indication that the company's leadership believes its shares are undervalued.
Analysts Set New Price Targets
A number of research analysts recently issued reports on the company. Cantor Fitzgerald decreased their target price on Trade Desk from $115.00 to $100.00 and set a "neutral" rating for the company in a report on Thursday, February 13th. HSBC set a $75.00 target price on Trade Desk and gave the company a "buy" rating in a report on Wednesday, April 23rd. Piper Sandler assumed coverage on Trade Desk in a research note on Thursday, April 17th. They set a "neutral" rating and a $55.00 price target on the stock. KeyCorp upped their price target on shares of Trade Desk from $67.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday. Finally, JMP Securities reduced their price objective on Trade Desk from $150.00 to $115.00 and set a "market outperform" rating for the company in a research note on Thursday, February 13th. Seven investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $101.26.
Check Out Our Latest Stock Report on Trade Desk
Hedge Funds Weigh In On Trade Desk
Several large investors have recently added to or reduced their stakes in TTD. Brown Advisory Inc. boosted its position in shares of Trade Desk by 198.4% in the first quarter. Brown Advisory Inc. now owns 8,102,294 shares of the technology company's stock worth $443,358,000 after acquiring an additional 5,387,339 shares during the last quarter. Norges Bank acquired a new position in shares of Trade Desk in the 4th quarter valued at $524,187,000. Raymond James Financial Inc. purchased a new stake in shares of Trade Desk during the 4th quarter valued at $231,570,000. Franklin Resources Inc. raised its position in shares of Trade Desk by 265.9% in the 4th quarter. Franklin Resources Inc. now owns 1,864,386 shares of the technology company's stock worth $219,121,000 after buying an additional 1,354,891 shares during the period. Finally, FMR LLC boosted its holdings in Trade Desk by 44.8% in the fourth quarter. FMR LLC now owns 3,788,285 shares of the technology company's stock valued at $445,237,000 after acquiring an additional 1,172,082 shares during the last quarter. 67.77% of the stock is currently owned by hedge funds and other institutional investors.
Trade Desk Stock Up 24.8 %
The company has a market capitalization of $37.10 billion, a price-to-earnings ratio of 95.87, a price-to-earnings-growth ratio of 3.11 and a beta of 1.29. The company has a 50 day simple moving average of $54.55 and a 200 day simple moving average of $95.64.
About Trade Desk
(
Get Free Report)
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.
Further Reading
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