TechTarget (TTGT) Lifted to “Buy” at Zacks Investment Research
TechTarget (NASDAQ:TTGT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Saturday. The brokerage presently has a $16.00 price target on the information services provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 16.45% 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. “
Several other analysts also recently issued reports on the stock. BidaskClub downgraded shares of TechTarget from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, December 12th. Jefferies Group reissued a “hold” rating and set a $13.00 target price on shares of TechTarget in a research note on Friday, November 10th. Finally, Needham & Company LLC reissued a “buy” rating and set a $14.00 target price (up from $11.00) on shares of TechTarget in a research note on Tuesday, October 3rd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $13.25.
TechTarget (NASDAQ:TTGT) last announced its earnings results on Wednesday, November 8th. The information services provider reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. TechTarget had a net margin of 3.33% and a return on equity of 3.01%. The company had revenue of $28.01 million for the quarter, compared to the consensus estimate of $28.34 million. During the same period in the previous year, the business earned $0.07 EPS. The company’s revenue was up 8.8% on a year-over-year basis. equities research analysts forecast that TechTarget will post 0.2 EPS for the current fiscal year.
In other TechTarget news, insider Greg Strakosch sold 20,000 shares of the business’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $12.02, for a total transaction of $240,400.00. Following the sale, the insider now directly owns 1,278,274 shares of the company’s stock, valued at approximately $15,364,853.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Leonard P. Forman sold 5,000 shares of the business’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $13.38, for a total transaction of $66,900.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 165,328 shares of company stock worth $2,198,984. Company insiders own 30.19% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of TTGT. Wells Fargo & Company MN increased its stake in shares of TechTarget by 2.6% in the second quarter. Wells Fargo & Company MN now owns 11,046 shares of the information services provider’s stock worth $115,000 after acquiring an additional 275 shares during the last quarter. First Quadrant L P CA acquired a new position in shares of TechTarget in the third quarter worth $115,000. Nationwide Fund Advisors increased its stake in shares of TechTarget by 12.6% in the second quarter. Nationwide Fund Advisors now owns 12,634 shares of the information services provider’s stock worth $131,000 after acquiring an additional 1,418 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of TechTarget by 14.9% in the second quarter. Goldman Sachs Group Inc. now owns 17,754 shares of the information services provider’s stock worth $184,000 after acquiring an additional 2,303 shares during the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of TechTarget by 0.5% in the second quarter. Alliancebernstein L.P. now owns 21,700 shares of the information services provider’s stock worth $225,000 after acquiring an additional 100 shares during the last quarter. 55.84% of the stock is currently owned by institutional investors and hedge funds.
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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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