Zacks Investment Research upgraded shares of TechTarget Inc. (NASDAQ:TTGT) from a sell rating to a hold rating in a research note issued to investors on Wednesday morning.
According to Zacks, “TECHTARGET, a leading online Information Technology media company, provides IT companies with ROI-focused marketing programs to generate leads, shorten sales cycles, and grow revenues. The company is also a leading provider of independent, peer and vendor content, a leading distributor of white papers, and a leading producer of vendor-sponsored Webcasts and Podcasts for the IT market. Its Web sites are complemented by numerous invitation-only events and two magazines. TechTarget provides proven lead generation and branding programs to numerous advertisers including Cisco, Dell, EMC, HP, IBM, Intel, Microsoft, SAP and Symantec. “
A number of other equities analysts also recently weighed in on TTGT. Needham & Company LLC reaffirmed a buy rating on shares of TechTarget in a research note on Monday, June 27th. Jefferies Group reissued a buy rating and issued a $10.00 target price on shares of TechTarget in a research note on Monday, June 27th. Sidoti started coverage on shares of TechTarget in a research note on Wednesday, July 20th. They issued a buy rating and a $12.00 target price on the stock. Finally, Craig Hallum downgraded shares of TechTarget from a buy rating to a hold rating and cut their target price for the company from $11.50 to $9.00 in a research note on Wednesday, August 10th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $10.20.
Shares of TechTarget (NASDAQ:TTGT) traded down 1.6961% during trading on Wednesday, hitting $8.1199. 4,108 shares of the company were exchanged. TechTarget has a 12 month low of $5.98 and a 12 month high of $9.60. The company’s 50-day moving average price is $8.12 and its 200 day moving average price is $8.08. The stock has a market cap of $221.02 million, a P/E ratio of 42.5126 and a beta of 2.04.
TechTarget (NASDAQ:TTGT) last posted its quarterly earnings results on Tuesday, August 9th. The company reported $0.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.02. The company had revenue of $29.17 million for the quarter, compared to the consensus estimate of $29.65 million. TechTarget had a net margin of 5.65% and a return on equity of 4.59%. TechTarget’s revenue was down 2.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.10 earnings per share. On average, equities analysts predict that TechTarget will post $0.29 earnings per share for the current fiscal year.
In related news, major shareholder Nine Ten Capital Management Ll acquired 9,394 shares of the firm’s stock in a transaction on Wednesday, August 10th. The stock was bought at an average cost of $7.49 per share, with a total value of $70,361.06. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, insider Don Hawk sold 20,000 shares of the firm’s stock in a transaction on Tuesday, October 4th. The stock was sold at an average price of $8.07, for a total transaction of $161,400.00. Following the transaction, the insider now directly owns 359,520 shares of the company’s stock, valued at $2,901,326.40. The disclosure for this sale can be found here. 48.65% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Landscape Capital Management L.L.C. bought a new position in shares of TechTarget during the second quarter valued at $111,000. Spark Investment Management LLC raised its position in shares of TechTarget by 157.8% in the second quarter. Spark Investment Management LLC now owns 41,500 shares of the company’s stock valued at $336,000 after buying an additional 25,400 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of TechTarget by 11.4% in the second quarter. Bank of New York Mellon Corp now owns 72,019 shares of the company’s stock valued at $583,000 after buying an additional 7,367 shares in the last quarter. Strs Ohio raised its position in shares of TechTarget by 6.6% in the second quarter. Strs Ohio now owns 72,700 shares of the company’s stock valued at $588,000 after buying an additional 4,500 shares in the last quarter. Finally, BlackRock Investment Management LLC raised its position in shares of TechTarget by 6.4% in the second quarter. BlackRock Investment Management LLC now owns 78,227 shares of the company’s stock valued at $634,000 after buying an additional 4,681 shares in the last quarter. 55.61% of the stock is owned by institutional investors.
TechTarget, Inc provides online content that helps buyers and sellers of corporate information technology (IT) products and services. The Company’s offerings enable IT vendors to identify, reach and influence corporate IT decision makers researching specific IT purchases through customized marketing programs that include data analytics-driven intelligence solutions, demand generation and brand advertising.