TechTarget Inc. (TTGT) Stock Rating Upgraded by 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 to investors on Friday.
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. “
TTGT has been the topic of a number of other research reports. Jefferies Group reaffirmed a “buy” rating and set a $10.00 price target on shares of TechTarget in a research report on Monday, June 27th. Needham & Company LLC reissued a “buy” rating on shares of TechTarget in a research report on Monday, June 27th. Sidoti assumed coverage on TechTarget in a research report on Wednesday, July 20th. They issued a “buy” rating and a $12.00 target price on the stock. Finally, Craig Hallum lowered TechTarget from a “buy” rating to a “hold” rating and dropped their target price for the company from $11.50 to $9.00 in a research report on Wednesday, August 10th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $10.20.
Shares of TechTarget (NASDAQ:TTGT) opened at 8.26 on Friday. The stock has a 50 day moving average price of $8.21 and a 200 day moving average price of $7.98. TechTarget has a 52-week low of $5.98 and a 52-week high of $9.60. The company has a market capitalization of $224.83 million, a PE ratio of 43.25 and a beta of 1.98.
TechTarget (NASDAQ:TTGT) last released its quarterly earnings results on Tuesday, August 9th. The company reported $0.11 EPS for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.02. The company had revenue of $29.17 million for the quarter, compared to analyst estimates of $29.65 million. TechTarget had a return on equity of 4.59% and a net margin of 5.65%. TechTarget’s revenue was down 2.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.10 earnings per share. On average, analysts predict that TechTarget will post $0.29 earnings per share for the current fiscal year.
In other TechTarget news, President Kevin Beam sold 7,300 shares of the business’s stock in a transaction that occurred on Wednesday, July 6th. The stock was sold at an average price of $8.00, for a total transaction of $58,400.00. Following the transaction, the president now owns 602,558 shares of the company’s stock, valued at approximately $4,820,464. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Cotoia sold 21,836 shares of the business’s 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. Company insiders own 48.65% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of TTGT. Landscape Capital Management L.L.C. bought a new position in TechTarget during the second quarter valued at $111,000. Goldman Sachs Group Inc. bought a new position in TechTarget during the first quarter valued at $202,000. Spark Investment Management LLC raised its position 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 during the period. Bank of New York Mellon Corp raised its position 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 during the period. Finally, Strs Ohio raised its position 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 during the period. 55.61% of the stock is currently owned by hedge funds and other institutional investors.
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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