TechTarget (NASDAQ:TTGT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.
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 commented on the stock. Needham & Company LLC lifted their target price on shares of TechTarget from $17.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday. ValuEngine raised shares of TechTarget from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. BidaskClub raised shares of TechTarget from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 10th. Finally, Lake Street Capital reaffirmed a “buy” rating and set a $18.00 target price (up previously from $14.00) on shares of TechTarget in a report on Thursday, February 8th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. TechTarget has a consensus rating of “Buy” and a consensus target price of $18.25.
TechTarget (NASDAQ:TTGT) last announced its earnings results on Wednesday, February 7th. The information services provider reported $0.20 EPS for the quarter, topping the consensus estimate of $0.15 by $0.05. The business had revenue of $30.30 million during the quarter, compared to the consensus estimate of $30.05 million. TechTarget had a net margin of 6.27% and a return on equity of 5.77%. TechTarget’s revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.10 EPS. research analysts forecast that TechTarget will post 0.43 EPS for the current year.
In other TechTarget news, CEO Michael Cotoia sold 25,000 shares of TechTarget stock in a transaction dated Thursday, March 15th. The shares were sold at an average price of $18.76, for a total value of $469,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Greg Strakosch sold 5,000 shares of TechTarget stock in a transaction dated Thursday, January 18th. The stock was sold at an average price of $15.00, for a total transaction of $75,000.00. The disclosure for this sale can be found here. Insiders sold a total of 292,340 shares of company stock valued at $4,943,441 in the last quarter. Corporate insiders own 30.19% of the company’s stock.
A number of institutional investors have recently modified their holdings of TTGT. Millennium Management LLC raised its stake in TechTarget by 325.0% in the 4th quarter. Millennium Management LLC now owns 127,801 shares of the information services provider’s stock worth $1,779,000 after purchasing an additional 97,731 shares in the last quarter. Next Century Growth Investors LLC raised its stake in TechTarget by 22.0% in the 4th quarter. Next Century Growth Investors LLC now owns 404,508 shares of the information services provider’s stock worth $5,630,000 after purchasing an additional 72,851 shares in the last quarter. Macquarie Group Ltd. acquired a new stake in TechTarget in the 3rd quarter worth about $439,000. Dimensional Fund Advisors LP raised its stake in TechTarget by 5.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 652,467 shares of the information services provider’s stock worth $7,791,000 after purchasing an additional 31,696 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in TechTarget by 4.8% in the 4th quarter. Renaissance Technologies LLC now owns 571,453 shares of the information services provider’s stock worth $7,955,000 after purchasing an additional 26,283 shares in the last quarter. Institutional investors and hedge funds own 56.25% of the company’s stock.
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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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