TechTarget Inc. (TTGT) Downgraded by Zacks Investment Research to Sell
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. “
Several other analysts have also recently issued reports on TTGT. Needham & Company LLC cut their price objective on 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 restated a buy rating on shares of TechTarget in a research note on Monday, July 18th. Lake Street Capital cut their price objective on TechTarget from $10.00 to $9.00 and set a buy rating on the stock in a research note on Thursday, November 10th. Sidoti began coverage on TechTarget in a research note on Wednesday, July 20th. They set a buy rating and a $12.00 price objective on the stock. Finally, Craig Hallum cut TechTarget from a buy rating to a hold rating and cut their price objective for the company from $11.50 to $9.00 in a research note on Wednesday, August 10th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $9.90.
TechTarget (NASDAQ:TTGT) traded up 0.47% during mid-day trading on Tuesday, hitting $8.48. The stock had a trading volume of 44,847 shares. The stock has a market cap of $235.88 million, a price-to-earnings ratio of 64.24 and a beta of 1.85. The company has a 50-day moving average of $8.22 and a 200-day moving average of $8.23. TechTarget has a 12-month low of $5.98 and a 12-month high of $9.24.
TechTarget (NASDAQ:TTGT) last released its quarterly earnings results on Wednesday, November 9th. The company reported $0.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.01. TechTarget had a return on equity of 3.59% and a net margin of 3.93%. The business had revenue of $25.80 million for the quarter, compared to analysts’ expectations of $26.26 million. During the same quarter in the previous year, the firm posted $0.11 earnings per share. The company’s revenue was down 11.0% compared to the same quarter last year. On average, analysts anticipate that TechTarget will post $0.25 earnings per share for the current fiscal year.
In related news, insider Don Hawk sold 20,000 shares of the stock in a transaction that occurred on Wednesday, November 2nd. The stock was sold at an average price of $8.01, for a total value of $160,200.00. Following the completion of the transaction, the insider now directly owns 339,520 shares of the company’s stock, valued at approximately $2,719,555.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Cotoia sold 21,836 shares of the stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $8.01, for a total value of $174,906.36. The disclosure for this sale can be found here. 48.65% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of TTGT. Morgan Stanley raised 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 worth $101,000 after buying an additional 4,566 shares during the period. Landscape Capital Management L.L.C. purchased a new position in shares of TechTarget during the second quarter worth about $111,000. The Manufacturers Life Insurance Company purchased a new position in shares of TechTarget during the third quarter worth about $122,000. Rhumbline Advisers raised its position in shares of 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 last quarter. Finally, Prudential Financial Inc. purchased a new position in shares of TechTarget during the third quarter worth about $185,000. 55.64% of the stock is owned by institutional investors and hedge funds.
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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