TechTarget Inc. (TTGT) Upgraded by Zacks Investment Research to Hold
TechTarget Inc. (NASDAQ:TTGT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued 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. “
A number of other analysts have also issued reports on TTGT. Needham & Company LLC reissued a “buy” rating on shares of TechTarget in a research note on Monday, June 27th. Jefferies Group reissued a “buy” rating and issued a $10.00 price target on shares of TechTarget in a research note on Monday, June 27th. Sidoti started coverage on TechTarget in a research note on Wednesday, July 20th. They issued a “buy” rating and a $12.00 price target on the stock. Finally, Craig Hallum lowered TechTarget from a “buy” rating to a “hold” rating and decreased their price target for the stock from $11.50 to $9.00 in a research note on Wednesday, August 10th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company currently 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 company’s 50 day moving average is $8.16 and its 200-day moving average is $7.98. TechTarget has a 1-year low of $5.98 and a 1-year high of $9.60. The stock has a market capitalization of $221.02 million, a price-to-earnings ratio of 42.51 and a beta of 1.98.
TechTarget (NASDAQ:TTGT) last issued its quarterly earnings results on Tuesday, August 9th. The company reported $0.11 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $29.17 million for the quarter, compared to analyst estimates of $29.65 million. During the same period last year, the company earned $0.10 EPS. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. Equities analysts anticipate that TechTarget will post $0.29 earnings per share for the current fiscal year.
In other news, President Kevin Beam sold 7,300 shares of TechTarget stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $8.00, for a total value of $58,400.00. Following the transaction, the president now directly owns 602,558 shares of the company’s stock, valued at approximately $4,820,464. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Cotoia sold 3,164 shares of TechTarget stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $8.02, for a total value of $25,375.28. Following the completion of the transaction, the chief executive officer now directly owns 273,498 shares in the company, valued at $2,193,453.96. The disclosure for this sale can be found here. 48.65% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in TTGT. Landscape Capital Management L.L.C. bought a new stake in shares of TechTarget during the second quarter valued at approximately $111,000. Goldman Sachs Group Inc. bought a new stake in shares of TechTarget during the first quarter valued at approximately $202,000. Spark Investment Management LLC increased its stake in shares of 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 last quarter. Bank of New York Mellon Corp increased its stake in shares of 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 last quarter. Finally, Strs Ohio increased its stake in shares of 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 last quarter. Institutional investors and hedge funds own 55.61% of the company’s stock.
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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