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 research note issued 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. “
Several other research analysts have also weighed in on TTGT. Needham & Company LLC reiterated a “buy” rating on shares of TechTarget in a research note on Monday, June 27th. Jefferies Group reiterated a “buy” rating and issued a $10.00 price objective on shares of TechTarget in a research note on Monday, June 27th. Sidoti initiated coverage on shares of TechTarget in a research note on Wednesday, July 20th. They issued a “buy” rating and a $12.00 price objective on the stock. Finally, Craig Hallum downgraded shares of TechTarget from a “buy” rating to a “hold” rating and decreased their target price for the stock from $11.50 to $9.00 in a research report on Wednesday, August 10th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $10.20.
TechTarget (NASDAQ:TTGT) opened at 8.26 on Wednesday. The firm has a market cap of $224.83 million, a price-to-earnings ratio of 43.25 and a beta of 2.04. TechTarget has a one year low of $5.98 and a one year high of $9.60. The firm has a 50 day moving average of $8.12 and a 200-day moving average of $8.07.
TechTarget (NASDAQ:TTGT) last released its quarterly earnings data on Tuesday, August 9th. The company reported $0.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.02. The firm had revenue of $29.17 million for the quarter, compared to analyst estimates of $29.65 million. TechTarget had a net margin of 5.65% and a return on equity of 4.59%. The company’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.10 EPS. Equities research analysts forecast that TechTarget will post $0.29 EPS for the current fiscal year.
In related news, insider Don Hawk sold 20,000 shares of the company’s stock in a transaction on Friday, September 23rd. The shares were sold at an average price of $8.17, for a total transaction of $163,400.00. Following the completion of the sale, the insider now directly owns 374,020 shares of the company’s stock, valued at approximately $3,055,743.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Nine Ten Partners Lp acquired 118,481 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The shares were purchased at an average cost of $7.79 per share, with a total value of $922,966.99. The disclosure for this purchase can be found here. Corporate insiders own 48.65% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Landscape Capital Management L.L.C. purchased a new stake in TechTarget during the second quarter valued at about $111,000. Spark Investment Management LLC increased its stake in TechTarget by 157.8% in the second quarter. Spark Investment Management LLC now owns 41,500 shares of the company’s stock valued at $336,000 after buying an additional 25,400 shares in the last quarter. Bank of New York Mellon Corp increased its stake in TechTarget by 11.4% in the second quarter. Bank of New York Mellon Corp now owns 72,019 shares of the company’s stock valued at $583,000 after buying an additional 7,367 shares in the last quarter. Strs Ohio increased its stake in TechTarget by 6.6% in the second quarter. Strs Ohio now owns 72,700 shares of the company’s stock valued at $588,000 after buying an additional 4,500 shares in the last quarter. Finally, BlackRock Investment Management LLC increased its stake in TechTarget by 6.4% in the second quarter. BlackRock Investment Management LLC now owns 78,227 shares of the company’s stock valued at $634,000 after buying an additional 4,681 shares in the last quarter. 55.61% of the stock is owned by institutional investors and hedge funds.
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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