CIBC Asset Management Inc Reduces Position in The Trade Desk, Inc. (NASDAQ:TTD)

CIBC Asset Management Inc cut its holdings in shares of The Trade Desk, Inc. (NASDAQ:TTD - Free Report) by 6.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 179,866 shares of the technology company's stock after selling 13,394 shares during the quarter. CIBC Asset Management Inc's holdings in Trade Desk were worth $21,140,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Harbor Investment Advisory LLC lifted its stake in Trade Desk by 68.8% in the fourth quarter. Harbor Investment Advisory LLC now owns 287 shares of the technology company's stock worth $34,000 after acquiring an additional 117 shares during the last quarter. Synergy Asset Management LLC acquired a new stake in shares of Trade Desk in the 4th quarter valued at $34,000. Exchange Traded Concepts LLC purchased a new stake in shares of Trade Desk during the 4th quarter worth $35,000. Avior Wealth Management LLC increased its holdings in Trade Desk by 37.7% in the third quarter. Avior Wealth Management LLC now owns 365 shares of the technology company's stock valued at $40,000 after buying an additional 100 shares during the last quarter. Finally, Brown Lisle Cummings Inc. increased its holdings in Trade Desk by 66.7% in the third quarter. Brown Lisle Cummings Inc. now owns 375 shares of the technology company's stock valued at $41,000 after buying an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 67.77% of the company's stock.

Trade Desk Trading Down 4.8 %

Shares of TTD traded down $3.67 during mid-day trading on Friday, hitting $72.06. The company's stock had a trading volume of 12,810,867 shares, compared to its average volume of 7,245,894. The Trade Desk, Inc. has a 1-year low of $71.61 and a 1-year high of $141.53. The firm has a market capitalization of $35.57 billion, a P/E ratio of 92.38, a P/E/G ratio of 3.15 and a beta of 1.45. The firm has a 50-day simple moving average of $115.27 and a 200 day simple moving average of $114.88.

Trade Desk (NASDAQ:TTD - Get Free Report) last released its quarterly earnings data 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%. As a group, sell-side analysts predict that The Trade Desk, Inc. will post 1.06 EPS for the current fiscal year.

Trade Desk announced that its Board of Directors has approved a share buyback plan on Wednesday, February 12th that allows the company to repurchase $564.00 million in outstanding 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 often an indication that the company's management believes its shares are undervalued.

Insider Activity at Trade Desk

In other Trade Desk news, insider Jay R. Grant sold 18,524 shares of the company's stock in a transaction 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 owns 169,464 shares of the company's stock, valued at approximately $20,225,528.40. This represents a 9.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Samantha Jacobson sold 4,298 shares of the firm's stock in a transaction 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 completion of the transaction, the insider now owns 90,709 shares of the company's stock, valued at approximately $10,754,459.04. This represents a 4.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 41,029 shares of company stock worth $5,004,296 over the last 90 days. Company insiders own 9.72% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on TTD. DA Davidson lowered their price objective on Trade Desk from $134.00 to $103.00 and set a "buy" rating for the company in a research report on Thursday, February 13th. Royal Bank of Canada lowered their price target on Trade Desk from $140.00 to $120.00 and set an "outperform" rating for the company in a report on Thursday, February 13th. Macquarie raised their price objective on shares of Trade Desk from $133.00 to $150.00 and gave the stock an "outperform" rating in a report on Friday, November 22nd. Cantor Fitzgerald lowered their target price on shares of Trade Desk from $115.00 to $100.00 and set a "neutral" rating for the company in a report on Thursday, February 13th. Finally, BTIG Research boosted their price target on shares of Trade Desk from $114.00 to $142.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Trade Desk presently has a consensus rating of "Moderate Buy" and an average price target of $119.45.

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.