TechTarget Inc (TTGT) Upgraded by Zacks Investment Research to “Buy”
TechTarget Inc (NASDAQ:TTGT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The brokerage presently has a $10.00 price objective on the information services provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 10.74% from the stock’s previous close.
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. “
Other equities analysts have also issued reports about the company. Jefferies Group LLC reissued a “buy” rating and issued a $10.00 price objective on shares of TechTarget in a report on Monday, April 24th. Needham & Company LLC increased their price objective on TechTarget from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, May 11th. Finally, Lake Street Capital increased their price objective on TechTarget from $9.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, February 15th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $10.50.
Shares of TechTarget (NASDAQ:TTGT) opened at 9.03 on Friday. The firm has a market capitalization of $247.82 million, a PE ratio of 107.50 and a beta of 1.70. TechTarget has a 12-month low of $6.73 and a 12-month high of $9.94. The stock has a 50 day moving average price of $9.14 and a 200 day moving average price of $8.80.
TechTarget (NASDAQ:TTGT) last issued its quarterly earnings data on Wednesday, May 10th. The information services provider reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.04. TechTarget had a return on equity of 3.59% and a net margin of 3.93%. The business had revenue of $23.60 million during the quarter, compared to analyst estimates of $23.16 million. TechTarget’s revenue for the quarter was down 5.6% compared to the same quarter last year. Analysts predict that TechTarget will post $0.36 EPS for the current fiscal year.
In other TechTarget news, CEO Michael Cotoia sold 6,972 shares of the company’s stock in a transaction that occurred on Thursday, April 6th. The stock was sold at an average price of $9.03, for a total value of $62,957.16. Following the completion of the sale, the chief executive officer now directly owns 206,334 shares in the company, valued at $1,863,196.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Kevin Beam sold 7,719 shares of the company’s stock in a transaction that occurred on Thursday, May 4th. The stock was sold at an average price of $9.06, for a total value of $69,934.14. Following the completion of the sale, the president now owns 533,033 shares of the company’s stock, valued at $4,829,278.98. The disclosure for this sale can be found here. Insiders sold 105,628 shares of company stock valued at $955,056 over the last 90 days. 48.65% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its stake in shares of TechTarget by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 75,157 shares of the information services provider’s stock worth $678,000 after buying an additional 1,611 shares during the period. TIAA CREF Trust Co. FSB MO bought a new stake in shares of TechTarget during the first quarter worth approximately $3,300,000. Punch & Associates Investment Management Inc. increased its stake in shares of TechTarget by 1.2% in the first quarter. Punch & Associates Investment Management Inc. now owns 983,147 shares of the information services provider’s stock worth $8,878,000 after buying an additional 11,704 shares during the period. River Road Asset Management LLC bought a new stake in shares of TechTarget during the first quarter worth approximately $3,479,000. Finally, HCSF Management LLC increased its stake in shares of TechTarget by 87.0% in the fourth quarter. HCSF Management LLC now owns 1,637,461 shares of the information services provider’s stock worth $13,968,000 after buying an additional 761,828 shares during the period. Institutional investors own 56.82% 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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