Royal Bank of Canada Forecasts Strong Price Appreciation for Trade Desk (NASDAQ:TTD) Stock

Trade Desk (NASDAQ:TTD) had its target price hoisted by investment analysts at Royal Bank of Canada from $136.00 to $140.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 16.32% from the stock’s current price.

Several other research analysts have also recently issued reports on TTD. Robert W. Baird increased their price target on Trade Desk from $130.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Stifel Nicolaus raised their target price on shares of Trade Desk from $111.00 to $136.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Piper Sandler restated an “overweight” rating and set a $140.00 price target (up previously from $110.00) on shares of Trade Desk in a report on Friday, November 8th. Citigroup boosted their target price on shares of Trade Desk from $115.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, Macquarie raised their target price on Trade Desk from $133.00 to $150.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, Trade Desk has an average rating of “Moderate Buy” and an average price target of $129.14.

Trade Desk Stock Up 2.2 %

NASDAQ TTD traded up $2.63 during trading hours on Friday, hitting $120.36. The company had a trading volume of 626,921 shares, compared to its average volume of 1,390,563. Trade Desk has a fifty-two week low of $61.47 and a fifty-two week high of $141.53. The business has a fifty day simple moving average of $126.51 and a 200-day simple moving average of $110.93. The firm has a market cap of $59.41 billion, a P/E ratio of 197.31, a price-to-earnings-growth ratio of 6.00 and a beta of 1.43.

Insider Activity

In other Trade Desk news, CFO Laura Schenkein sold 25,000 shares of the stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $115.43, for a total value of $2,885,750.00. Following the completion of the sale, the chief financial officer now directly owns 693,953 shares in the company, valued at $80,102,994.79. This represents a 3.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jay R. Grant sold 18,524 shares of the stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $119.35, for a total value of $2,210,839.40. Following the sale, the insider now directly owns 169,464 shares of the company’s stock, valued at approximately $20,225,528.40. The trade was a 9.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 325,528 shares of company stock worth $37,031,290. Insiders own 9.72% of the company’s stock.

Hedge Funds Weigh In On Trade Desk

A number of large investors have recently bought and sold shares of TTD. Edgewood Management LLC grew its stake in shares of Trade Desk by 133.3% in the third quarter. Edgewood Management LLC now owns 9,934,156 shares of the technology company’s stock valued at $1,089,280,000 after buying an additional 5,675,571 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Trade Desk by 11.0% during the 3rd quarter. Jennison Associates LLC now owns 20,320,769 shares of the technology company’s stock worth $2,228,172,000 after acquiring an additional 2,013,047 shares during the last quarter. Baillie Gifford & Co. increased its holdings in shares of Trade Desk by 4.7% in the third quarter. Baillie Gifford & Co. now owns 38,716,074 shares of the technology company’s stock valued at $4,245,218,000 after purchasing an additional 1,720,650 shares during the last quarter. International Assets Investment Management LLC raised its holdings in Trade Desk by 10,856.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,572,820 shares of the technology company’s stock valued at $172,460,000 after acquiring an additional 1,558,465 shares during the period. Finally, Marshall Wace LLP lifted its holdings in Trade Desk by 100.2% during the 2nd quarter. Marshall Wace LLP now owns 1,743,369 shares of the technology company’s stock worth $170,275,000 after purchasing an additional 872,555 shares during the last quarter. Institutional investors and hedge funds own 67.77% of the company’s stock.

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.