Renaissance Technologies LLC Raises Holdings in The Trade Desk, Inc. (NASDAQ:TTD)

Renaissance Technologies LLC grew its holdings in shares of The Trade Desk, Inc. (NASDAQ:TTD - Free Report) by 36.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 719,300 shares of the technology company's stock after acquiring an additional 192,500 shares during the quarter. Renaissance Technologies LLC owned 0.15% of Trade Desk worth $84,539,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Rialto Wealth Management LLC bought a new stake in shares of Trade Desk during the fourth quarter worth about $26,000. Harbor Investment Advisory LLC boosted its position in Trade Desk by 68.8% during the 4th quarter. Harbor Investment Advisory LLC now owns 287 shares of the technology company's stock worth $34,000 after buying an additional 117 shares during the period. Midwest Capital Advisors LLC bought a new stake in Trade Desk during the 4th quarter worth approximately $34,000. Zions Bancorporation N.A. increased its position in Trade Desk by 148.3% in the 4th quarter. Zions Bancorporation N.A. now owns 293 shares of the technology company's stock valued at $34,000 after acquiring an additional 175 shares during the period. Finally, Exchange Traded Concepts LLC bought a new position in shares of Trade Desk during the fourth quarter valued at $35,000. Institutional investors own 67.77% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on TTD shares. Cantor Fitzgerald reduced their price objective on shares of Trade Desk from $115.00 to $100.00 and set a "neutral" rating on the stock in a research note on Thursday, February 13th. Cfra Research upgraded Trade Desk to a "moderate buy" rating in a research report on Tuesday, March 25th. Truist Financial lowered their price objective on Trade Desk from $155.00 to $130.00 and set a "buy" rating for the company in a research report on Thursday, February 13th. BMO Capital Markets reduced their target price on Trade Desk from $160.00 to $115.00 and set an "outperform" rating on the stock in a report on Thursday, February 13th. Finally, Piper Sandler restated an "overweight" rating and set a $110.00 price target (down previously from $140.00) on shares of Trade Desk in a report on Thursday, February 13th. Six investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Trade Desk has an average rating of "Moderate Buy" and an average target price of $111.79.

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Insider Activity

In other Trade Desk news, insider Samantha Jacobson sold 4,298 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $118.56, for a total transaction of $509,570.88. Following the transaction, the insider now directly owns 90,709 shares in the company, valued at $10,754,459.04. This trade represents a 4.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 9.72% of the company's stock.

Trade Desk Price Performance

Shares of Trade Desk stock traded up $0.51 during trading hours on Friday, hitting $49.78. 7,135,822 shares of the company's stock traded hands, compared to its average volume of 5,155,756. The stock has a market capitalization of $24.70 billion, a price-to-earnings ratio of 63.82, a PEG ratio of 3.11 and a beta of 1.56. The Trade Desk, Inc. has a 12-month low of $42.96 and a 12-month high of $141.53. The company has a fifty day simple moving average of $68.37 and a 200-day simple moving average of $103.64.

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

Trade Desk declared that its Board of Directors has approved a share repurchase program on Wednesday, February 12th that allows the company to repurchase $564.00 million in outstanding shares. This repurchase authorization allows the technology company to reacquire up to 0.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

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.