Zacks Investment Research Lowers TechTarget, Inc. (TTGT) to Hold
TechTarget, Inc. (NASDAQ:TTGT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday, July 13th.
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 equities research analysts have also recently weighed in on TTGT. BidaskClub raised TechTarget from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. ValuEngine raised TechTarget from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Needham & Company LLC increased their price target on TechTarget from $10.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, May 11th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $10.00 price target on shares of TechTarget in a research note on Monday, April 24th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $10.20.
TechTarget (NASDAQ TTGT) opened at 9.58 on Thursday. The stock’s 50 day moving average is $9.95 and its 200 day moving average is $9.29. The company has a market cap of $262.91 million, a price-to-earnings ratio of 114.05 and a beta of 1.53. TechTarget has a 52-week low of $6.73 and a 52-week high of $10.59.
TechTarget (NASDAQ:TTGT) last issued its quarterly earnings results on Wednesday, May 10th. The information services provider reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.04. The company had revenue of $23.60 million during the quarter, compared to analysts’ expectations of $23.16 million. TechTarget had a return on equity of 2.19% and a net margin of 2.32%. The company’s revenue was down 5.6% on a year-over-year basis. On average, analysts predict that TechTarget will post $0.36 earnings per share for the current fiscal year.
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In other TechTarget news, President Kevin Beam sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $10.21, for a total value of $102,100.00. Following the completion of the sale, the president now owns 498,033 shares of the company’s stock, valued at $5,084,916.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 60,000 shares of company stock valued at $583,600 in the last three months. Insiders own 30.19% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. American International Group Inc. raised its position in TechTarget by 5.6% in the first quarter. American International Group Inc. now owns 11,363 shares of the information services provider’s stock worth $103,000 after buying an additional 602 shares in the last quarter. Rhumbline Advisers raised its position in TechTarget by 7.0% in the second quarter. Rhumbline Advisers now owns 22,325 shares of the information services provider’s stock worth $232,000 after buying an additional 1,470 shares in the last quarter. Bank of New York Mellon Corp raised its position in TechTarget by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 75,157 shares of the information services provider’s stock worth $678,000 after buying an additional 1,611 shares in the last quarter. Prudential Financial Inc. raised its position in TechTarget by 8.0% in the first quarter. Prudential Financial Inc. now owns 37,752 shares of the information services provider’s stock worth $341,000 after buying an additional 2,800 shares in the last quarter. Finally, State Street Corp raised its position in TechTarget by 3.4% in the fourth quarter. State Street Corp now owns 231,237 shares of the information services provider’s stock worth $1,977,000 after buying an additional 7,578 shares in the last quarter. Institutional investors own 55.76% of the company’s stock.
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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