Needham & Company LLC Lowers TechTarget (NASDAQ:TTGT) Price Target to $8.00

TechTarget (NASDAQ:TTGT) had its target price lowered by equities researchers at Needham & Company LLC from $15.00 to $8.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the information services provider’s stock. Needham & Company LLC’s target price would indicate a potential upside of 85.61% from the company’s current price.

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of TechTarget in a research report on Friday, July 17th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, TechTarget presently has an average rating of “Hold” and a consensus price target of $8.00.

TechTarget Price Performance

TTGT stock opened at $4.31 on Friday. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.23. The firm’s 50-day moving average price is $3.93 and its two-hundred day moving average price is $4.40. The stock has a market capitalization of $311.61 million, a price-to-earnings ratio of -0.56 and a beta of 1.12. TechTarget has a 12-month low of $3.37 and a 12-month high of $7.15.

TechTarget (NASDAQ:TTGT) last announced its quarterly earnings results on Thursday, May 7th. The information services provider reported ($0.98) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.59). The business had revenue of $106.05 million for the quarter, compared to analysts’ expectations of $104.93 million. TechTarget had a negative net margin of 113.65% and a positive return on equity of 5.19%.

Institutional Trading of TechTarget

A number of hedge funds and other institutional investors have recently modified their holdings of TTGT. Geode Capital Management LLC boosted its stake in TechTarget by 0.7% during the second quarter. Geode Capital Management LLC now owns 688,593 shares of the information services provider’s stock worth $5,351,000 after acquiring an additional 4,953 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of TechTarget by 8.0% during the second quarter. Rhumbline Advisers now owns 81,924 shares of the information services provider’s stock valued at $637,000 after purchasing an additional 6,077 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of TechTarget in the 2nd quarter worth approximately $209,000. Invesco Ltd. grew its stake in shares of TechTarget by 52.9% in the 2nd quarter. Invesco Ltd. now owns 67,055 shares of the information services provider’s stock worth $521,000 after buying an additional 23,200 shares during the last quarter. Finally, The Manufacturers Life Insurance Company bought a new position in TechTarget during the 2nd quarter valued at approximately $81,000. 93.52% of the stock is owned by hedge funds and other institutional investors.

About TechTarget

TechTarget, Inc operates as a specialized media and information services company focused on the technology sector. Through a network of over 140 online channels and dedicated sites covering a wide range of IT topics—from cloud computing and cybersecurity to data analytics and storage—the company delivers targeted content, research, and insights to enterprise technology buyers. TechTarget’s offerings enable technology vendors and service providers to engage with qualified audiences at every stage of the purchasing cycle.

The company’s core products include purchase intent data solutions and lead-generation platforms designed to identify and nurture prospects actively researching technology solutions.