Bank of Nova Scotia Acquires 77,978 Shares of The Trade Desk, Inc. (NASDAQ:TTD)

Bank of Nova Scotia grew its holdings in The Trade Desk, Inc. (NASDAQ:TTD - Free Report) by 1,112.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 84,989 shares of the technology company's stock after buying an additional 77,978 shares during the period. Bank of Nova Scotia's holdings in Trade Desk were worth $9,989,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Lyell Wealth Management LP boosted its stake in shares of Trade Desk by 24.3% during the 4th quarter. Lyell Wealth Management LP now owns 98,339 shares of the technology company's stock worth $11,558,000 after acquiring an additional 19,204 shares during the last quarter. Nordea Investment Management AB increased its holdings in shares of Trade Desk by 36.2% in the 4th quarter. Nordea Investment Management AB now owns 1,347,318 shares of the technology company's stock valued at $159,132,000 after acquiring an additional 358,350 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Trade Desk by 276.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 70,237 shares of the technology company's stock worth $8,255,000 after acquiring an additional 51,603 shares during the period. Independent Solutions Wealth Management LLC raised its position in shares of Trade Desk by 21.0% in the third quarter. Independent Solutions Wealth Management LLC now owns 64,358 shares of the technology company's stock valued at $7,057,000 after buying an additional 11,181 shares during the last quarter. Finally, Moody National Bank Trust Division acquired a new position in shares of Trade Desk during the fourth quarter worth $985,000. Institutional investors and hedge funds own 67.77% of the company's stock.

Remove Ads

Insider Transactions at Trade Desk

In other news, insider Samantha Jacobson sold 4,298 shares of Trade Desk stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $118.56, for a total value of $509,570.88. Following the transaction, the insider now owns 90,709 shares of the company's stock, valued at $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. Insiders own 9.72% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on TTD shares. Jefferies Financial Group lowered their price target on Trade Desk from $120.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. Morgan Stanley decreased 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. Wolfe Research boosted their price objective on Trade Desk from $140.00 to $155.00 and gave the company an "outperform" rating in a research report on Friday, January 3rd. Benchmark raised Trade Desk from a "sell" rating to a "hold" rating in a research report on Friday, March 7th. Finally, Evercore ISI lowered shares of Trade Desk from an "outperform" rating to an "inline" rating and reduced their price target for the company from $135.00 to $90.00 in a report on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $109.69.

Trade Desk Stock Down 0.9 %

NASDAQ TTD traded down $0.43 during trading hours on Wednesday, reaching $48.81. The company's stock had a trading volume of 1,640,286 shares, compared to its average volume of 5,202,679. The firm's 50-day moving average price is $65.74 and its 200-day moving average price is $102.80. The Trade Desk, Inc. has a 1 year low of $42.96 and a 1 year high of $141.53. The company has a market capitalization of $24.21 billion, a price-to-earnings ratio of 62.58, a PEG ratio of 3.11 and a beta of 1.56.

Trade Desk (NASDAQ:TTD - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The technology company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.21). Trade Desk had a net margin of 16.08% and a return on equity of 16.38%. Equities research analysts anticipate that The Trade Desk, Inc. will post 1.06 EPS for the current fiscal year.

Trade Desk declared that its Board of Directors has authorized a stock repurchase program on Wednesday, February 12th that allows the company to buyback $564.00 million in shares. This buyback authorization allows the technology company to purchase up to 0.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company's leadership believes its shares are undervalued.

Trade Desk 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.