Lake Street Capital Issues Pessimistic Forecast for TechTarget (NASDAQ:TTGT) Stock Price

TechTarget (NASDAQ:TTGT) had its price objective dropped by stock analysts at Lake Street Capital from $12.00 to $10.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the information services provider’s stock. Lake Street Capital’s price target would indicate a potential upside of 47.06% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the stock. Wall Street Zen raised shares of TechTarget from a “sell” rating to a “hold” rating in a research note on Saturday, April 26th. Craig Hallum initiated coverage on shares of TechTarget in a research note on Monday, June 9th. They set a “buy” rating and a $12.00 price target on the stock. JPMorgan Chase & Co. cut shares of TechTarget from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $18.00 to $8.00 in a report on Tuesday, June 10th. Finally, Needham & Company LLC cut their price target on shares of TechTarget from $25.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, June 5th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $19.33.

TechTarget Price Performance

Shares of NASDAQ TTGT opened at $6.80 on Tuesday. The stock has a fifty day moving average price of $7.77 and a 200 day moving average price of $13.75. TechTarget has a 1-year low of $6.51 and a 1-year high of $35.11. The company has a market cap of $198.83 million, a PE ratio of -16.19 and a beta of 1.05.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in TTGT. Trigran Investments Inc. raised its holdings in TechTarget by 20.4% during the first quarter. Trigran Investments Inc. now owns 4,526,836 shares of the information services provider’s stock worth $67,042,000 after purchasing an additional 767,327 shares in the last quarter. Raymond James Financial Inc. raised its holdings in TechTarget by 1,840.5% during the first quarter. Raymond James Financial Inc. now owns 461,691 shares of the information services provider’s stock worth $6,838,000 after purchasing an additional 437,899 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new position in TechTarget in the first quarter valued at about $3,921,000. Royal Bank of Canada increased its holdings in TechTarget by 30.3% in the fourth quarter. Royal Bank of Canada now owns 977,777 shares of the information services provider’s stock valued at $19,380,000 after buying an additional 227,459 shares in the last quarter. Finally, Earnest Partners LLC increased its holdings in TechTarget by 41.3% in the first quarter. Earnest Partners LLC now owns 686,440 shares of the information services provider’s stock valued at $10,166,000 after buying an additional 200,495 shares in the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

TechTarget Company Profile

TechTarget, Inc, together with its subsidiaries, provides marketing and sales services that deliver business impact for business-to-business technology companies in North America and internationally. The company's service enables technology vendors to identify, reach, and influence corporate information technology (IT) decision-makers actively researching specific IT purchases; and customized marketing programs that integrate demand generation, brand advertising techniques, and content curation and creation.