TechTarget Inc. (TTGT) Upgraded to “Hold” at Zacks Investment Research
TechTarget Inc. (NASDAQ:TTGT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.
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. “
TTGT has been the subject of a number of other research reports. Needham & Company LLC reduced their price objective on shares of TechTarget from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Wednesday, August 10th. Craig Hallum downgraded shares of TechTarget from a “buy” rating to a “hold” rating and reduced their price objective for the company from $11.50 to $9.00 in a research report on Wednesday, August 10th. Jefferies Group restated a “buy” rating and issued a $10.00 price objective on shares of TechTarget in a research report on Tuesday, August 9th. Finally, Sidoti assumed coverage on shares of TechTarget in a research report on Wednesday, July 20th. They issued a “buy” rating and a $12.00 price objective for the company. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $10.20.
Shares of TechTarget (NASDAQ:TTGT) opened at 8.26 on Wednesday. The firm has a market cap of $224.83 million, a PE ratio of 43.25 and a beta of 2.04. The firm’s 50-day moving average price is $8.12 and its 200-day moving average price is $8.07. TechTarget has a 12 month low of $5.98 and a 12 month high of $9.60.
TechTarget (NASDAQ:TTGT) last announced its earnings results on Tuesday, August 9th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.02. TechTarget had a net margin of 5.65% and a return on equity of 4.59%. The business earned $29.17 million during the quarter, compared to the consensus estimate of $29.65 million. During the same quarter in the prior year, the firm earned $0.10 earnings per share. The business’s quarterly revenue was down 2.0% compared to the same quarter last year. Analysts expect that TechTarget will post $0.29 earnings per share for the current year.
In other TechTarget news, insider Don Hawk sold 20,000 shares of the stock in a transaction dated Tuesday, October 4th. The shares were sold at an average price of $8.07, for a total value of $161,400.00. Following the completion of the transaction, the insider now directly owns 359,520 shares of the company’s stock, valued at $2,901,326.40. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Nine Ten Capital Management Ll bought 9,394 shares of the company’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 disclosure for this purchase can be found here. 48.65% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC boosted its position in shares of TechTarget by 0.9% in the first quarter. Geode Capital Management LLC now owns 116,818 shares of the company’s stock worth $866,000 after buying an additional 1,032 shares during the period. Strs Ohio boosted 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 worth $588,000 after buying an additional 4,500 shares during the period. BlackRock Investment Management LLC boosted 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 worth $634,000 after buying an additional 4,681 shares during the period. State Street Corp boosted its position in shares of TechTarget by 2.5% in the first quarter. State Street Corp now owns 231,562 shares of the company’s stock worth $1,719,000 after buying an additional 5,713 shares during the period. Finally, Bank of New York Mellon Corp boosted 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 worth $583,000 after buying an additional 7,367 shares during the period. 55.61% of the stock is owned by institutional investors.
TechTarget Company Profile
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.
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