TechTarget Inc. (TTGT) Raised 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 report 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. “
TTGT has been the topic of several other reports. Jefferies Group reaffirmed a “buy” rating and set a $10.00 price objective on shares of TechTarget in a research note on Monday, June 27th. Needham & Company LLC reaffirmed a “buy” rating on shares of TechTarget in a research note on Monday, June 27th. Sidoti assumed coverage on shares of TechTarget in a research note on Wednesday, July 20th. They set a “buy” rating and a $12.00 price objective on the stock. Finally, Craig Hallum cut shares of TechTarget from a “buy” rating to a “hold” rating and decreased their price objective 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 assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $10.20.
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TechTarget (NASDAQ:TTGT) opened at 8.26 on Wednesday. TechTarget has a 52 week low of $5.98 and a 52 week high of $9.60. The firm has a 50-day moving average price of $8.12 and a 200-day moving average price of $8.07. The firm has a market capitalization of $224.83 million, a P/E ratio of 43.25 and a beta of 2.04.
TechTarget (NASDAQ:TTGT) last posted its earnings results on Tuesday, August 9th. The company reported $0.11 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.02. The business had revenue of $29.17 million for the quarter, compared to analysts’ expectations of $29.65 million. TechTarget had a net margin of 5.65% and a return on equity of 4.59%. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.10 earnings per share. Equities analysts forecast that TechTarget will post $0.29 EPS for the current year.
In other TechTarget news, major shareholder Nine Ten Capital Management Ll acquired 9,394 shares of the business’s stock in a transaction that occurred on Wednesday, August 10th. The shares were acquired at an average cost of $7.49 per share, for a total transaction of $70,361.06. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Nine Ten Partners Lp acquired 15,773 shares of the business’s stock in a transaction that occurred on Thursday, August 11th. The stock was acquired at an average price of $7.80 per share, for a total transaction of $123,029.40. The disclosure for this purchase can be found here. Insiders own 48.65% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Landscape Capital Management L.L.C. acquired a new position in shares of TechTarget during the second quarter valued at $111,000. Spark Investment Management LLC raised its position 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 in the last quarter. Bank of New York Mellon Corp raised its position 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 in the last quarter. Strs Ohio raised its position 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 in the last quarter. Finally, BlackRock Investment Management LLC raised its position in shares of 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. 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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