TechTarget (TTGT) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of TechTarget (NASDAQ:TTGT) from a hold rating to a buy rating in a research note released on Tuesday. They currently have $18.00 target price on the information services provider’s stock.
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 analysts have also issued reports on the company. BidaskClub upgraded TechTarget from a buy rating to a strong-buy rating in a report on Saturday. Lake Street Capital reiterated a buy rating and issued a $18.00 price target (up previously from $14.00) on shares of TechTarget in a report on Thursday, February 8th. Needham & Company LLC reiterated a buy rating and issued a $17.00 price target (up previously from $14.00) on shares of TechTarget in a report on Friday, January 12th. Finally, Jefferies Group reiterated a hold rating and issued a $13.00 price target on shares of TechTarget in a report on Friday, November 10th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $16.50.
TechTarget (NASDAQ:TTGT) last announced its quarterly earnings results on Wednesday, February 7th. The information services provider reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.05. The firm had revenue of $30.30 million during the quarter, compared to analyst estimates of $30.05 million. TechTarget had a return on equity of 5.79% and a net margin of 6.27%. TechTarget’s quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.10 earnings per share. research analysts expect that TechTarget will post 0.41 EPS for the current fiscal year.
In other TechTarget news, major shareholder Nine Ten Partners Lp sold 60,000 shares of the company’s stock in a transaction on Friday, January 19th. The stock was sold at an average price of $15.08, for a total transaction of $904,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Kevin Beam sold 10,000 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $15.72, for a total value of $157,200.00. Following the sale, the president now owns 436,808 shares of the company’s stock, valued at approximately $6,866,621.76. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 292,668 shares of company stock valued at $4,169,326. 30.19% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of the business. Alliancebernstein L.P. lifted its holdings in TechTarget by 0.5% during the second quarter. Alliancebernstein L.P. now owns 21,700 shares of the information services provider’s stock worth $225,000 after buying an additional 100 shares during the period. Wells Fargo & Company MN increased its position in shares of TechTarget by 2.6% during the second quarter. Wells Fargo & Company MN now owns 11,046 shares of the information services provider’s stock worth $115,000 after purchasing an additional 275 shares in the last quarter. Nationwide Fund Advisors increased its position in shares of TechTarget by 12.6% during the second quarter. Nationwide Fund Advisors now owns 12,634 shares of the information services provider’s stock worth $131,000 after purchasing an additional 1,418 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of TechTarget by 14.9% during the second quarter. Goldman Sachs Group Inc. now owns 17,754 shares of the information services provider’s stock worth $184,000 after purchasing an additional 2,303 shares in the last quarter. Finally, California State Teachers Retirement System increased its position in shares of TechTarget by 8.4% during the second quarter. California State Teachers Retirement System now owns 34,746 shares of the information services provider’s stock worth $360,000 after purchasing an additional 2,700 shares in the last quarter. Institutional investors own 55.68% 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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