Engineers Gate Manager LP bought a new stake in TechTarget Inc (NASDAQ:TTGT) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 61,846 shares of the information services provider’s stock, valued at approximately $1,201,000. Engineers Gate Manager LP owned approximately 0.22% of TechTarget at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wells Fargo & Company MN increased its holdings in TechTarget by 51.4% in the first quarter. Wells Fargo & Company MN now owns 48,512 shares of the information services provider’s stock valued at $965,000 after buying an additional 16,473 shares in the last quarter. BlackRock Inc. increased its holdings in TechTarget by 30.4% in the first quarter. BlackRock Inc. now owns 1,267,958 shares of the information services provider’s stock valued at $25,207,000 after buying an additional 295,581 shares in the last quarter. California Public Employees Retirement System purchased a new position in TechTarget in the first quarter valued at $347,000. Dimensional Fund Advisors LP increased its holdings in TechTarget by 23.0% in the first quarter. Dimensional Fund Advisors LP now owns 825,252 shares of the information services provider’s stock valued at $16,406,000 after buying an additional 154,516 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new position in TechTarget in the second quarter valued at $378,000. Institutional investors and hedge funds own 61.72% of the company’s stock.
A number of research firms have weighed in on TTGT. ValuEngine cut shares of TechTarget from a “buy” rating to a “hold” rating in a report on Thursday. Lake Street Capital cut their target price on shares of TechTarget from $32.00 to $26.00 and set a “buy” rating for the company in a research note on Thursday. BidaskClub raised shares of TechTarget from a “sell” rating to a “hold” rating in a research note on Friday, October 12th. Raymond James assumed coverage on shares of TechTarget in a research note on Thursday, September 27th. They set an “outperform” rating and a $26.00 target price for the company. Finally, Craig Hallum cut shares of TechTarget from a “buy” rating to a “hold” rating and set a $32.00 target price for the company. in a research note on Thursday, August 9th. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $24.67.
In related news, CEO Michael Cotoia sold 14,500 shares of the business’s stock in a transaction dated Monday, November 5th. The shares were sold at an average price of $20.43, for a total transaction of $296,235.00. Following the transaction, the chief executive officer now directly owns 69,310 shares in the company, valued at $1,416,003.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Greg Strakosch sold 25,000 shares of the business’s stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $20.07, for a total transaction of $501,750.00. Following the transaction, the chairman now owns 562,242 shares in the company, valued at $11,284,196.94. The disclosure for this sale can be found here. Insiders have sold 813,908 shares of company stock valued at $18,569,923 in the last three months. Corporate insiders own 27.14% of the company’s stock.
TTGT stock opened at $16.60 on Friday. The stock has a market cap of $564.85 million, a PE ratio of 69.17 and a beta of 0.93. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.09 and a quick ratio of 3.09. TechTarget Inc has a 52 week low of $12.30 and a 52 week high of $34.47.
TechTarget (NASDAQ:TTGT) last released its earnings results on Wednesday, November 7th. The information services provider reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). The company had revenue of $30.74 million for the quarter, compared to analysts’ expectations of $31.08 million. TechTarget had a return on equity of 9.77% and a net margin of 10.24%. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.11 EPS. As a group, equities analysts anticipate that TechTarget Inc will post 0.5 EPS for the current fiscal year.
TechTarget, Inc provides specialized online content for buyers of enterprise information technology (IT) products and services in the United States, the United Kingdom, and internationally. It also provides purchase-intent marketing and sales services for enterprise technology vendors; and customized marketing programs that integrate demand generation and brand marketing, as well as advertising techniques, which enable IT vendors to identify, reach, and influence corporate IT decision makers who are researching specific IT purchases.
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