Trade Desk (NASDAQ:TTD) Stock Price Expected to Rise, Truist Financial Analyst Says

Trade Desk (NASDAQ:TTD - Get Free Report) had its target price increased by equities research analysts at Truist Financial from $95.00 to $100.00 in a report released on Friday,Briefing.com Automated Import reports. The firm presently has a "buy" rating on the technology company's stock. Truist Financial's target price points to a potential upside of 36.56% from the company's previous close.

Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley lowered their price target on shares of Trade Desk from $132.00 to $60.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Benchmark upgraded Trade Desk from a "sell" rating to a "hold" rating in a research report on Friday, March 7th. Citigroup dropped their price objective on Trade Desk from $70.00 to $63.00 and set a "buy" rating for the company in a report on Friday, April 25th. JMP Securities decreased their target price on Trade Desk from $115.00 to $100.00 and set a "market outperform" rating for the company in a research report on Friday. Finally, Jefferies Financial Group set a $125.00 price target on shares of Trade Desk and gave the company a "buy" rating in a research report on Tuesday, April 29th. Seven research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $99.94.

Trade Desk Trading Up 22.3 %

NASDAQ TTD traded up $13.33 on Friday, hitting $73.23. 28,053,464 shares of the company were exchanged, compared to its average volume of 5,690,598. Trade Desk has a 1-year low of $42.96 and a 1-year high of $141.53. The firm has a 50 day moving average of $54.55 and a two-hundred day moving average of $95.64. The company has a market cap of $36.33 billion, a P/E ratio of 93.88, a P/E/G ratio of 3.11 and a beta of 1.29.

Trade Desk (NASDAQ:TTD - Get Free Report) last announced its earnings results on Thursday, May 8th. The technology company reported $0.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.26 by $0.07. Trade Desk had a net margin of 16.08% and a return on equity of 16.38%. The company had revenue of $616.02 million for the quarter, compared to analyst estimates of $575.62 million. During the same period in the prior year, the business earned $0.26 earnings per share. Trade Desk's quarterly revenue was up 25.4% on a year-over-year basis. Research analysts anticipate that Trade Desk will post 1.06 EPS for the current fiscal year.

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

Hedge Funds Weigh In On Trade Desk

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Brown Advisory Inc. grew its position in Trade Desk by 198.4% in 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 acquired a new position in shares of Trade Desk during the fourth quarter worth $524,187,000. Raymond James Financial Inc. bought a new position in shares of Trade Desk in the 4th quarter valued at $231,570,000. Franklin Resources Inc. boosted its holdings in shares of Trade Desk by 265.9% during the 4th quarter. Franklin Resources Inc. now owns 1,864,386 shares of the technology company's stock valued at $219,121,000 after acquiring an additional 1,354,891 shares in the last quarter. Finally, FMR LLC increased its holdings in Trade Desk by 44.8% in the 4th quarter. FMR LLC now owns 3,788,285 shares of the technology company's stock worth $445,237,000 after purchasing an additional 1,172,082 shares in the last quarter. 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.

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