State Street Reports 3.3% Passive Position In Trade Desk, Schedule 13G Shows
The filing lists 13,935,185 shares, with SSGA Funds Management holding 1.5% of the class and no sole voting power at either filer.
State Street holds 13,935,185 Trade Desk shares, or 3.3% of the common stock, according to a Schedule 13G filed Wednesday. A Schedule 13G is the passive ownership disclosure, used by holders that do not seek control of a company.
What the filing says
The filing lists September 30 as the date of the event. State Street Corporation is identified as a holding company.
SSGA Funds Management, a State Street unit that filed alongside the parent, reported 6,463,531 shares, or 1.5% of the class. The filing labels it an investment adviser.
On voting, State Street reported zero sole voting power and shared voting power over 12,826,048 shares. SSGA Funds Management also reported zero sole voting power, with shared voting power over 6,376,253 shares.
The filing also names several other State Street Global Advisors entities as advisers. The signer certifies the shares were bought and are held in the ordinary course of business, not to change or influence control of Trade Desk.
What it changes
Nothing about control. The certification describes a passive holding, and the filing lists no plan to push for changes at the company. Each reporting person's figures stand on their own; the 1.5% belongs to SSGA Funds Management and is not added to the parent's 3.3%.
Trade Desk shares traded at $11.95 in Wednesday trading (market data). A Zacks report on Yahoo Finance put the stock down 15% over the past month, against a 1.4% return for the S&P 500 composite.
The backdrop
Zacks rates Trade Desk #4 (Sell). It projects current-quarter earnings of $0.26 a share, a 42.2% drop from a year earlier, on sales of $650.67 million.
A separate Yahoo Finance commentary noted that operating income for the June quarter fell to $101.6 million from $116.8 million.
The filing's key figure is 12,826,048: the shares over which State Street shares voting power, nearly all of its position and none of it sole.
