Lake Street Capital Trims TechTarget Inc. (TTGT) Target Price to $9.00
TTGT has been the topic of several other research reports. Zacks Investment Research cut shares of TechTarget from a buy rating to a hold rating in a research note on Wednesday, July 13th. Needham & Company LLC lowered their target price on shares of TechTarget from $12.00 to $10.00 and set a buy rating on the stock in a research note on Wednesday, August 10th. Jefferies Group reissued a buy rating and set a $9.50 target price on shares of TechTarget in a research note on Thursday, November 10th. Finally, Sidoti initiated coverage on shares of TechTarget in a research note on Wednesday, July 20th. They set a buy rating and a $12.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $9.90.
Shares of TechTarget (NASDAQ:TTGT) opened at 8.40 on Thursday. TechTarget has a 12-month low of $5.98 and a 12-month high of $9.24. The company’s 50-day moving average is $8.21 and its 200-day moving average is $8.23. The stock has a market cap of $233.68 million, a P/E ratio of 63.64 and a beta of 1.85.
TechTarget (NASDAQ:TTGT) last released its quarterly earnings data on Wednesday, November 9th. The company reported $0.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.01. TechTarget had a net margin of 3.93% and a return on equity of 3.59%. The business had revenue of $25.80 million for the quarter, compared to analysts’ expectations of $26.26 million. During the same quarter last year, the company earned $0.11 EPS. The company’s revenue for the quarter was down 11.0% compared to the same quarter last year. On average, analysts expect that TechTarget will post $0.25 earnings per share for the current fiscal year.
In other TechTarget news, CEO Michael Cotoia sold 21,836 shares of the firm’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $8.01, for a total value of $174,906.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Don Hawk sold 20,000 shares of the firm’s stock in a transaction dated Friday, September 23rd. The stock was sold at an average price of $8.17, for a total transaction of $163,400.00. Following the completion of the transaction, the insider now owns 374,020 shares of the company’s stock, valued at $3,055,743.40. The disclosure for this sale can be found here. 48.65% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in TTGT. Morgan Stanley boosted its position in shares of TechTarget by 56.9% in the third quarter. Morgan Stanley now owns 12,584 shares of the company’s stock valued at $101,000 after buying an additional 4,566 shares during the last quarter. Landscape Capital Management L.L.C. purchased a new position in shares of TechTarget during the second quarter valued at approximately $111,000. The Manufacturers Life Insurance Company purchased a new position in shares of TechTarget during the third quarter valued at approximately $122,000. Rhumbline Advisers raised its stake in TechTarget by 0.8% in the third quarter. Rhumbline Advisers now owns 21,273 shares of the company’s stock worth $171,000 after buying an additional 160 shares during the period. Finally, Prudential Financial Inc. bought a new stake in TechTarget during the third quarter worth about $185,000. Institutional investors own 55.64% of the company’s stock.
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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