Federated Hermes Inc. Purchases 376,407 Shares of The Trade Desk, Inc. (NASDAQ:TTD)

Federated Hermes Inc. lifted its position in shares of The Trade Desk, Inc. (NASDAQ:TTD) by 176.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 589,374 shares of the technology company’s stock after purchasing an additional 376,407 shares during the quarter. Federated Hermes Inc.’s holdings in Trade Desk were worth $69,269,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TTD. MIG Capital LLC purchased a new stake in Trade Desk in the fourth quarter worth about $312,000. Atika Capital Management LLC bought a new stake in shares of Trade Desk in the 4th quarter worth approximately $6,029,000. Russell Investments Group Ltd. grew its stake in shares of Trade Desk by 83.1% in the 4th quarter. Russell Investments Group Ltd. now owns 499,602 shares of the technology company’s stock worth $59,175,000 after buying an additional 226,773 shares during the last quarter. Wedbush Securities Inc. increased its position in Trade Desk by 4.3% during the 4th quarter. Wedbush Securities Inc. now owns 21,363 shares of the technology company’s stock valued at $2,511,000 after buying an additional 873 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Trade Desk by 16.7% during the fourth quarter. Envestnet Asset Management Inc. now owns 877,984 shares of the technology company’s stock valued at $103,189,000 after buying an additional 125,440 shares during the last quarter. 67.77% of the stock is owned by hedge funds and other institutional investors.

Trade Desk Stock Down 5.8 %

Shares of TTD opened at $46.24 on Monday. The Trade Desk, Inc. has a 52 week low of $44.27 and a 52 week high of $141.53. The stock has a market cap of $22.94 billion, a price-to-earnings ratio of 59.28, a PEG ratio of 3.11 and a beta of 1.56. The business has a 50-day simple moving average of $78.11 and a two-hundred day simple moving average of $106.54.

Trade Desk (NASDAQ:TTD) last released its earnings results on Wednesday, February 12th. The technology company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts anticipate that The Trade Desk, Inc. will post 1.06 earnings per share for the current fiscal year.

Trade Desk announced that its Board of Directors has initiated a share repurchase plan on Wednesday, February 12th that authorizes the company to repurchase $564.00 million in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 0.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TTD. Morgan Stanley reduced their price target on Trade Desk from $145.00 to $132.00 and set an “overweight” rating for the company in a report on Thursday, February 13th. Oppenheimer decreased their target price on shares of Trade Desk from $135.00 to $115.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. Evercore ISI downgraded shares of Trade Desk from an “outperform” rating to an “inline” rating and dropped their target price for the stock from $135.00 to $90.00 in a research note on Thursday, February 13th. Needham & Company LLC reissued a “buy” rating and set a $145.00 price target on shares of Trade Desk in a research report on Thursday, March 13th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $110.00 price objective (down from $140.00) on shares of Trade Desk in a research report on Thursday, February 13th. Six research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $114.38.

Insider Activity

In related news, insider Samantha Jacobson sold 4,298 shares of the stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $118.56, for a total transaction of $509,570.88. Following the completion of the sale, the insider now owns 90,709 shares in the company, valued at approximately $10,754,459.04. This trade represents a 4.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jeffrey Terry Green sold 18,207 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $125.44, for a total value of $2,283,886.08. Following the completion of the transaction, the chief executive officer now directly owns 704,229 shares in the company, valued at approximately $88,338,485.76. This represents a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 9.72% of the company’s stock.

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.