TechTarget Inc. (TTGT) Upgraded at Zacks Investment Research
TechTarget Inc. (NASDAQ:TTGT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.
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 subject of a number of other research reports. Jefferies Group reissued a “buy” rating and issued a $9.00 target price on shares of TechTarget in a research note on Monday, August 22nd. Needham & Company LLC lowered their target price on TechTarget from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Wednesday, August 10th. Craig Hallum lowered TechTarget from a “buy” rating to a “hold” rating and lowered their target price for the company from $11.50 to $9.00 in a research note on Wednesday, August 10th. Finally, Sidoti began coverage on TechTarget in a research note on Wednesday, July 20th. They issued a “buy” rating and a $12.00 target price for the company. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. TechTarget has a consensus rating of “Buy” and a consensus target price of $10.20.
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Shares of TechTarget (NASDAQ:TTGT) opened at 8.12 on Thursday. The firm has a market cap of $221.02 million, a PE ratio of 42.51 and a beta of 1.98. The firm has a 50-day moving average price of $8.16 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.
TechTarget (NASDAQ:TTGT) last released its earnings results on Tuesday, August 9th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. TechTarget had a return on equity of 4.59% and a net margin of 5.65%. The company earned $29.17 million during the quarter, compared to analyst estimates of $29.65 million. During the same quarter in the previous year, the company posted $0.10 EPS. TechTarget’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, equities research analysts predict that TechTarget will post $0.29 earnings per share for the current year.
In other TechTarget news, President Kevin Beam sold 7,300 shares of the company’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 in the company, valued at approximately $4,820,464. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Cotoia sold 21,836 shares of the company’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 the company. Landscape Capital Management L.L.C. purchased a new position in TechTarget during the second quarter worth $111,000. Goldman Sachs Group Inc. purchased a new position in TechTarget during the first quarter worth $202,000. Spark Investment Management LLC increased 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 worth $336,000 after buying an additional 25,400 shares during the period. Bank of New York Mellon Corp increased 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 worth $583,000 after buying an additional 7,367 shares during the period. Finally, Strs Ohio increased its position in TechTarget by 6.6% in the second quarter. Strs Ohio now owns 72,700 shares of the company’s stock worth $588,000 after buying an additional 4,500 shares during the period. Hedge funds and other institutional investors own 55.61% 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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