Parnassus Investments LLC Sells 117,469 Shares of The Trade Desk, Inc. (NASDAQ:TTD)

Parnassus Investments LLC cut its holdings in The Trade Desk, Inc. (NASDAQ:TTD) by 12.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 863,014 shares of the technology company’s stock after selling 117,469 shares during the quarter. Parnassus Investments LLC owned approximately 0.17% of Trade Desk worth $101,430,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Atria Investments Inc increased its position in Trade Desk by 3.3% during the 3rd quarter. Atria Investments Inc now owns 31,876 shares of the technology company’s stock valued at $3,495,000 after purchasing an additional 1,033 shares during the period. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in shares of Trade Desk during the third quarter valued at about $271,000. Prime Capital Investment Advisors LLC raised its stake in Trade Desk by 7.4% in the third quarter. Prime Capital Investment Advisors LLC now owns 10,367 shares of the technology company’s stock worth $1,137,000 after buying an additional 718 shares in the last quarter. Aptus Capital Advisors LLC lifted its holdings in Trade Desk by 3.6% in the third quarter. Aptus Capital Advisors LLC now owns 4,116 shares of the technology company’s stock worth $451,000 after buying an additional 144 shares during the period. Finally, Empower Advisory Group LLC lifted its holdings in Trade Desk by 91.2% in the third quarter. Empower Advisory Group LLC now owns 12,454 shares of the technology company’s stock worth $1,366,000 after buying an additional 5,942 shares during the period. Hedge funds and other institutional investors own 67.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TTD. Evercore ISI lowered Trade Desk from an “outperform” rating to an “inline” rating and decreased their target price for the stock from $135.00 to $90.00 in a research report on Thursday, February 13th. Benchmark raised Trade Desk from a “sell” rating to a “hold” rating in a research report on Friday, March 7th. Loop Capital reduced their target price on shares of Trade Desk from $145.00 to $101.00 and set a “buy” rating on the stock in a research report on Thursday, February 20th. Piper Sandler reissued an “overweight” rating and set a $110.00 price target (down from $140.00) on shares of Trade Desk in a research report on Thursday, February 13th. Finally, Wedbush boosted their price objective on shares of Trade Desk from $135.00 to $145.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. Six investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $119.45.

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 dated 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 completion of the sale, the insider now owns 169,464 shares in the company, valued at $20,225,528.40. This represents a 9.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Jeffrey Terry Green sold 18,207 shares of Trade Desk stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $125.44, for a total value of $2,283,886.08. Following the transaction, the chief executive officer now directly owns 704,229 shares in the company, 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. Over the last ninety days, insiders sold 41,029 shares of company stock worth $5,004,296. 9.72% of the stock is owned by company insiders.

Trade Desk Price Performance

TTD stock opened at $53.88 on Friday. The Trade Desk, Inc. has a 1 year low of $53.74 and a 1 year high of $141.53. The company has a market cap of $26.73 billion, a P/E ratio of 69.08, a price-to-earnings-growth ratio of 3.11 and a beta of 1.63. The stock’s fifty day moving average price is $100.42 and its 200-day moving average price is $112.21.

Trade Desk (NASDAQ:TTD) last announced its earnings results 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, analysts expect that The Trade Desk, Inc. will post 1.06 earnings per share for the current year.

Trade Desk announced that its Board of Directors has approved a stock 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 repurchase up to 0.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors 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.