Geode Capital Management LLC Cuts Stake in The Trade Desk, Inc. (NASDAQ:TTD)

Geode Capital Management LLC reduced its position in The Trade Desk, Inc. (NASDAQ:TTD - Free Report) by 6.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,670,568 shares of the technology company's stock after selling 492,986 shares during the period. Geode Capital Management LLC owned approximately 1.55% of Trade Desk worth $900,138,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Trade Desk by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 42,670,254 shares of the technology company's stock valued at $5,015,035,000 after buying an additional 253,137 shares during the last quarter. Norges Bank bought a new position in Trade Desk during the 4th quarter valued at $524,187,000. Bank of New York Mellon Corp boosted its holdings in Trade Desk by 0.3% during the 4th quarter. Bank of New York Mellon Corp now owns 2,019,707 shares of the technology company's stock worth $237,376,000 after acquiring an additional 5,080 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Trade Desk in the 4th quarter worth $231,570,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Trade Desk by 5.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,875,139 shares of the technology company's stock valued at $220,385,000 after purchasing an additional 95,489 shares during the last quarter. Institutional investors and hedge funds own 67.77% of the company's stock.

Trade Desk Price Performance

Shares of TTD traded down $2.84 during midday trading on Friday, hitting $46.24. 15,267,052 shares of the company traded hands, compared to its average volume of 4,950,409. The Trade Desk, Inc. has a one year low of $45.05 and a one year high of $141.53. The firm has a market cap of $22.94 billion, a P/E ratio of 59.28, a PEG ratio of 3.11 and a beta of 1.56. The stock has a 50-day moving average of $78.11 and a 200-day moving average of $106.55.

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Trade Desk (NASDAQ:TTD - Get Free Report) last issued its quarterly earnings data 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%. Sell-side analysts forecast that The Trade Desk, Inc. will post 1.06 EPS for the current fiscal year.

Trade Desk announced that its board has authorized a share buyback plan on Wednesday, February 12th that permits the company to buyback $564.00 million in outstanding shares. This buyback authorization permits the technology company to reacquire up to 0.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

Insider Transactions at Trade Desk

In related news, insider Samantha Jacobson sold 4,298 shares of the company's 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 directly owns 90,709 shares in the company, valued at approximately $10,754,459.04. This represents a 4.52 % 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, CEO Jeffrey Terry Green sold 18,207 shares of Trade Desk stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $125.44, for a total transaction of $2,283,886.08. Following the sale, the chief executive officer now owns 704,229 shares of the company's stock, valued at approximately $88,338,485.76. The trade was 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.

Analyst Ratings Changes

TTD has been the subject of a number of recent analyst reports. UBS Group upped their price objective on shares of Trade Desk from $116.00 to $148.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Royal Bank of Canada reduced their target price on Trade Desk from $120.00 to $100.00 and set an "outperform" rating for the company in a report on Monday, March 17th. Robert W. Baird dropped their price target on Trade Desk from $160.00 to $145.00 and set an "outperform" rating on the stock in a report on Thursday, February 13th. Wolfe Research upped their price objective on Trade Desk from $140.00 to $155.00 and gave the company an "outperform" rating in a research note on Friday, January 3rd. Finally, Loop Capital lowered their target price on Trade Desk from $145.00 to $101.00 and set a "buy" rating on the stock in a research note on Thursday, February 20th. Six equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $114.38.

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.