TechTarget, Inc. (TTGT) Expected to Post Quarterly Sales of $26.56 Million
Wall Street brokerages forecast that TechTarget, Inc. (NASDAQ:TTGT) will report $26.56 million in sales for the current quarter, Zacks reports. Two analysts have provided estimates for TechTarget’s earnings, with the lowest sales estimate coming in at $26.50 million and the highest estimate coming in at $26.62 million. TechTarget reported sales of $29.17 million in the same quarter last year, which indicates a negative year-over-year growth rate of 8.9%. The business is expected to issue its next earnings report on Tuesday, August 8th.
According to Zacks, analysts expect that TechTarget will report full year sales of $26.56 million for the current fiscal year, with estimates ranging from $108.12 million to $111.78 million. For the next year, analysts forecast that the firm will post sales of $125.10 million per share, with estimates ranging from $122.96 million to $127.24 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that cover TechTarget.
TechTarget (NASDAQ:TTGT) last released its quarterly earnings results on Wednesday, May 10th. The information services provider reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.04. TechTarget had a return on equity of 2.19% and a net margin of 2.32%. The business had revenue of $23.60 million during the quarter, compared to analyst estimates of $23.16 million. The firm’s quarterly revenue was down 5.6% on a year-over-year basis.
TTGT has been the subject of several research analyst reports. Zacks Investment Research upgraded shares of TechTarget from a “hold” rating to a “buy” rating and set a $10.00 price target for the company in a research report on Friday, May 19th. Jefferies Group LLC restated a “buy” rating and issued a $11.00 price target (up previously from $10.00) on shares of TechTarget in a research report on Sunday, May 14th. Needham & Company LLC upped their price target on shares of TechTarget from $10.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, May 11th. Finally, ValuEngine upgraded shares of TechTarget from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $10.50.
TechTarget (NASDAQ:TTGT) traded up 1.44% on Thursday, hitting $9.83. The stock had a trading volume of 11,863 shares. The company’s 50-day moving average price is $9.58 and its 200 day moving average price is $9.07. TechTarget has a one year low of $6.73 and a one year high of $10.59. The firm has a market cap of $269.77 million, a price-to-earnings ratio of 117.02 and a beta of 1.54.
In other TechTarget news, President Kevin Beam sold 10,000 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $10.21, for a total value of $102,100.00. Following the completion of the sale, the president now owns 498,033 shares in the company, valued at approximately $5,084,916.93. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael Cotoia sold 18,413 shares of the stock in a transaction that occurred on Thursday, April 20th. The stock was sold at an average price of $9.17, for a total transaction of $168,847.21. Following the completion of the sale, the chief executive officer now owns 194,768 shares of the company’s stock, valued at approximately $1,786,022.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 105,842 shares of company stock valued at $1,003,711. Insiders own 30.19% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in TTGT. American International Group Inc. increased its stake in TechTarget by 5.6% in the first quarter. American International Group Inc. now owns 11,363 shares of the information services provider’s stock worth $103,000 after buying an additional 602 shares during the last quarter. Goldman Sachs Group Inc. bought a new stake in TechTarget during the first quarter worth about $140,000. Trexquant Investment LP bought a new stake in TechTarget during the fourth quarter worth about $173,000. Engine Capital Management LLC increased its stake in TechTarget by 7,889.2% in the first quarter. Engine Capital Management LLC now owns 26,684 shares of the information services provider’s stock worth $241,000 after buying an additional 26,350 shares during the last quarter. Finally, Prudential Financial Inc. increased its stake in TechTarget by 8.0% in the first quarter. Prudential Financial Inc. now owns 37,752 shares of the information services provider’s stock worth $341,000 after buying an additional 2,800 shares during the last quarter. Institutional investors own 55.88% 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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