Bank of Nova Scotia Has $9.99 Million Stock Position in The Trade Desk, Inc. (NASDAQ:TTD)

Bank of Nova Scotia boosted its holdings in shares of The Trade Desk, Inc. (NASDAQ:TTD) by 1,112.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 84,989 shares of the technology company’s stock after purchasing an additional 77,978 shares during the quarter. Bank of Nova Scotia’s holdings in Trade Desk were worth $9,989,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Rialto Wealth Management LLC bought a new stake in shares of Trade Desk in the fourth quarter valued at about $26,000. Harbor Investment Advisory LLC grew its stake in Trade Desk by 68.8% during the fourth 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 last quarter. Midwest Capital Advisors LLC bought a new stake in Trade Desk during the 4th quarter worth approximately $34,000. Zions Bancorporation N.A. grew its holdings in shares of Trade Desk by 148.3% during the fourth quarter. Zions Bancorporation N.A. now owns 293 shares of the technology company’s stock worth $34,000 after purchasing an additional 175 shares during the last quarter. Finally, Exchange Traded Concepts LLC bought a new stake in Trade Desk during the 4th quarter worth about $35,000. 67.77% of the stock is owned by institutional investors.

Trade Desk Stock Down 9.0 %

NASDAQ:TTD opened at $49.27 on Friday. The company has a fifty day moving average of $69.64 and a 200-day moving average of $104.06. The Trade Desk, Inc. has a twelve month low of $42.96 and a twelve month high of $141.53. The firm has a market capitalization of $24.44 billion, a P/E ratio of 63.17, a P/E/G ratio of 3.11 and a beta of 1.56.

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

Trade Desk announced that its board has approved a share buyback program on Wednesday, February 12th that allows the company to buyback $564.00 million in outstanding shares. This buyback authorization allows the technology company to purchase up to 0.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have recently commented on TTD. Evercore ISI cut Trade Desk from an “outperform” rating to an “inline” rating and lowered their target price for the company from $135.00 to $90.00 in a research note on Thursday, February 13th. Scotiabank lowered their target price on shares of Trade Desk from $133.00 to $83.00 and set a “sector perform” rating for the company in a research note on Thursday, February 13th. Citigroup dropped their price target on Trade Desk from $140.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Citizens Jmp upgraded shares of Trade Desk to a “strong-buy” rating in a report on Tuesday, January 21st. Finally, Cantor Fitzgerald dropped their target price on Trade Desk from $115.00 to $100.00 and set a “neutral” rating on the stock in a research report on Thursday, February 13th. Six research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Trade Desk currently has an average rating of “Moderate Buy” and a consensus price target of $114.14.

Insiders Place Their Bets

In other news, insider Samantha Jacobson sold 4,298 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was 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 in the company, valued at $10,754,459.04. The trade was a 4.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 9.72% of the company’s stock.

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.