Citigroup Forecasts Strong Price Appreciation for Trade Desk (NASDAQ:TTD) Stock

Trade Desk (NASDAQ:TTD - Free Report) had its price objective hoisted by Citigroup from $63.00 to $82.00 in a research report report published on Friday morning, Marketbeat.com reports. They currently have a buy rating on the technology company's stock.

Other research analysts also recently issued reports about the company. Benchmark upgraded Trade Desk from a "sell" rating to a "hold" rating in a report on Friday, March 7th. Loop Capital cut their price target on Trade Desk from $145.00 to $101.00 and set a "buy" rating on the stock in a report on Thursday, February 20th. Morgan Stanley boosted their target price on Trade Desk from $60.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday. Needham & Company LLC restated a "buy" rating and set a $84.00 target price on shares of Trade Desk in a research note on Friday. Finally, DA Davidson cut their price objective on Trade Desk from $103.00 to $92.00 and set a "buy" rating on the stock in a report on Friday. Seven research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.88.

Trade Desk Stock Performance

Shares of TTD stock traded down $0.03 during mid-day trading on Friday, hitting $79.37. The company's stock had a trading volume of 11,164,740 shares, compared to its average volume of 5,891,300. Trade Desk has a 52-week low of $42.96 and a 52-week high of $141.53. The business has a 50-day moving average price of $54.88 and a 200 day moving average price of $94.71. The stock has a market cap of $39.37 billion, a price-to-earnings ratio of 101.76, a PEG ratio of 3.11 and a beta of 1.29.

Trade Desk (NASDAQ:TTD - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The technology company reported $0.33 EPS for the quarter, topping 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 company had revenue of $616.02 million during the quarter, compared to analyst estimates of $575.62 million. During the same quarter in the previous year, the company posted $0.26 earnings per share. Trade Desk's revenue was up 25.4% compared to the same quarter last year. Equities research analysts predict that Trade Desk will post 1.06 EPS for the current fiscal year.

Trade Desk declared that its Board of Directors has authorized a stock repurchase program on Wednesday, February 12th that allows the company to repurchase $564.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 0.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Lyell Wealth Management LP boosted its position in shares of Trade Desk by 24.3% during the fourth quarter. Lyell Wealth Management LP now owns 98,339 shares of the technology company's stock worth $11,558,000 after buying an additional 19,204 shares during the period. Assenagon Asset Management S.A. boosted its position in shares of Trade Desk by 276.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 70,237 shares of the technology company's stock worth $8,255,000 after buying an additional 51,603 shares during the period. Moody National Bank Trust Division acquired a new stake in shares of Trade Desk in the fourth quarter valued at $985,000. Yousif Capital Management LLC raised its stake in shares of Trade Desk by 5.4% in the fourth quarter. Yousif Capital Management LLC now owns 5,856 shares of the technology company's stock valued at $688,000 after acquiring an additional 300 shares in the last quarter. Finally, Allworth Financial LP raised its stake in shares of Trade Desk by 46.3% in the fourth quarter. Allworth Financial LP now owns 5,470 shares of the technology company's stock valued at $660,000 after acquiring an additional 1,732 shares in 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.