JAT Capital Mgmt LP Acquires New Holdings in The Trade Desk, Inc. (NASDAQ:TTD)

JAT Capital Mgmt LP purchased a new stake in shares of The Trade Desk, Inc. (NASDAQ:TTD) in the 4th quarter, Holdings Channel.com reports. The fund purchased 131,907 shares of the technology company’s stock, valued at approximately $15,503,000. Trade Desk comprises about 2.5% of JAT Capital Mgmt LP’s investment portfolio, making the stock its 13th largest holding.

Other hedge funds have also bought and sold shares of the company. Norges Bank acquired a new stake in Trade Desk in the fourth quarter worth $524,187,000. Raymond James Financial Inc. bought a new position in Trade Desk during the fourth quarter valued at $231,570,000. Franklin Resources Inc. boosted its holdings in shares of Trade Desk by 265.9% in the fourth quarter. Franklin Resources Inc. now owns 1,864,386 shares of the technology company’s stock worth $219,121,000 after acquiring an additional 1,354,891 shares during the period. FMR LLC boosted its holdings in shares of Trade Desk by 44.8% in the fourth quarter. FMR LLC now owns 3,788,285 shares of the technology company’s stock worth $445,237,000 after acquiring an additional 1,172,082 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Trade Desk during the fourth quarter valued at $100,658,000. Institutional investors own 67.77% of the company’s stock.

Trade Desk Price Performance

TTD stock opened at $54.67 on Wednesday. The stock has a market cap of $27.12 billion, a price-to-earnings ratio of 70.09, a price-to-earnings-growth ratio of 3.11 and a beta of 1.56. The Trade Desk, Inc. has a one year low of $42.96 and a one year high of $141.53. The company has a fifty day moving average price of $56.84 and a two-hundred day moving average price of $98.52.

Trade Desk (NASDAQ:TTD) last issued its quarterly 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%. Research analysts anticipate that The Trade Desk, Inc. will post 1.06 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on TTD shares. Evercore ISI downgraded Trade Desk from an “outperform” rating to an “inline” rating and lowered their price target for the company from $135.00 to $90.00 in a research report on Thursday, February 13th. Susquehanna lowered their price objective on Trade Desk from $150.00 to $135.00 and set a “positive” rating for the company in a research report on Thursday, February 13th. Piper Sandler initiated coverage on Trade Desk in a report on Thursday, April 17th. They set a “neutral” rating and a $55.00 price target for the company. Morgan Stanley reduced their price objective on Trade Desk from $132.00 to $60.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Finally, Cfra Research raised shares of Trade Desk to a “moderate buy” rating in a research note on Tuesday, March 25th. Seven equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.32.

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.