Morgan Stanley Cuts Trade Desk (NASDAQ:TTD) Price Target to $60.00

Trade Desk (NASDAQ:TTD) had its price objective decreased by equities research analysts at Morgan Stanley from $132.00 to $60.00 in a report issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Morgan Stanley’s price objective indicates a potential upside of 19.66% from the stock’s current price.

Several other analysts have also recently commented on TTD. BMO Capital Markets decreased their price objective on shares of Trade Desk from $160.00 to $115.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. Evercore ISI downgraded Trade Desk from an “outperform” rating to an “inline” rating and lowered their target price for the stock from $135.00 to $90.00 in a research note on Thursday, February 13th. KeyCorp lowered their price objective on Trade Desk from $74.00 to $67.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. Loop Capital decreased their price objective on shares of Trade Desk from $145.00 to $101.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Finally, Wedbush upped their target price on Trade Desk from $135.00 to $145.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. Seven equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $104.10.

Trade Desk Stock Performance

TTD traded up $1.69 during trading on Thursday, hitting $50.14. The stock had a trading volume of 9,232,084 shares, compared to its average volume of 5,246,197. The stock has a 50 day simple moving average of $64.37 and a two-hundred day simple moving average of $102.42. The company has a market capitalization of $24.87 billion, a PE ratio of 64.28, a PEG ratio of 3.11 and a beta of 1.56. Trade Desk has a twelve month low of $42.96 and a twelve month high of $141.53.

Trade Desk (NASDAQ:TTD) last released 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 return on equity of 16.38% and a net margin of 16.08%. On average, equities research analysts anticipate that Trade Desk will post 1.06 EPS for the current year.

Trade Desk declared that its Board of Directors has initiated a share buyback plan 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 shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, insider Samantha Jacobson sold 4,298 shares of the stock in a transaction that occurred on 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 directly owns 90,709 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 9.72% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Trade Desk by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 42,670,254 shares of the technology company’s stock valued at $5,015,035,000 after purchasing an additional 253,137 shares during the period. Invesco Ltd. lifted its stake in shares of Trade Desk by 2.6% in the 4th quarter. Invesco Ltd. now owns 7,916,932 shares of the technology company’s stock worth $930,477,000 after acquiring an additional 198,822 shares during the period. Norges Bank purchased a new stake in shares of Trade Desk in the fourth quarter valued at about $524,187,000. FMR LLC raised its holdings in Trade Desk by 44.8% during the fourth 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. Finally, Bank of America Corp DE boosted its holdings in Trade Desk by 13.2% in the 4th quarter. Bank of America Corp DE now owns 3,591,849 shares of the technology company’s stock valued at $422,150,000 after purchasing an additional 418,911 shares in the last quarter. 67.77% of the stock is currently owned by institutional investors and hedge funds.

Trade Desk Company Profile

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.