TechTarget (TTGT) Price Target Cut to $26.00

TechTarget (NASDAQ:TTGT) had its price objective dropped by Lake Street Capital from $32.00 to $26.00 in a research report issued to clients and investors on Thursday, Marketbeat reports. The firm currently has a “buy” rating on the information services provider’s stock. Lake Street Capital’s price target would indicate a potential upside of 56.63% from the company’s previous close.

A number of other research firms have also commented on TTGT. Zacks Investment Research lowered shares of TechTarget from a “buy” rating to a “hold” rating in a research report on Thursday, July 12th. Craig Hallum lowered shares of TechTarget from a “buy” rating to a “hold” rating and set a $32.00 price target on the stock. in a research report on Thursday, August 9th. They noted that the move was a valuation call. BidaskClub lowered shares of TechTarget from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 1st. ValuEngine lowered shares of TechTarget from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, September 4th. Finally, Raymond James began coverage on shares of TechTarget in a research report on Thursday, September 27th. They set an “outperform” rating and a $26.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $24.67.

NASDAQ:TTGT traded up $0.09 during mid-day trading on Thursday, reaching $16.60. 770,856 shares of the company’s stock were exchanged, compared to its average volume of 712,592. TechTarget has a one year low of $12.30 and a one year high of $34.47. The firm has a market cap of $563.47 million, a price-to-earnings ratio of 69.17 and a beta of 0.93. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.09 and a current ratio of 3.09.

TechTarget (NASDAQ:TTGT) last released its quarterly 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). TechTarget had a return on equity of 9.77% and a net margin of 10.24%. The business had revenue of $30.74 million for the quarter, compared to the consensus estimate of $31.08 million. During the same period in the prior year, the business posted $0.11 earnings per share. TechTarget’s revenue was up 9.7% compared to the same quarter last year. Sell-side analysts anticipate that TechTarget will post 0.5 EPS for the current year.

In other TechTarget news, insider Greg Strakosch sold 31,300 shares of the firm’s stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $24.46, for a total value of $765,598.00. Following the transaction, the insider now directly owns 687,242 shares of the company’s stock, valued at approximately $16,809,939.32. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Daniel T. Noreck sold 2,000 shares of the firm’s stock in a transaction dated Monday, October 15th. The shares were sold at an average price of $19.21, for a total transaction of $38,420.00. Following the completion of the transaction, the chief financial officer now directly owns 2,056 shares in the company, valued at $39,495.76. The disclosure for this sale can be found here. Over the last three months, insiders sold 813,908 shares of company stock worth $18,569,923. Insiders own 27.14% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in TTGT. BlackRock Inc. increased its holdings in TechTarget by 44.0% in the 2nd quarter. BlackRock Inc. now owns 1,825,752 shares of the information services provider’s stock valued at $51,851,000 after buying an additional 557,794 shares during the period. Renaissance Technologies LLC increased its holdings in TechTarget by 42.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,198,800 shares of the information services provider’s stock valued at $34,046,000 after buying an additional 355,800 shares during the period. Ashford Capital Management Inc. increased its holdings in TechTarget by 84.8% in the 2nd quarter. Ashford Capital Management Inc. now owns 685,456 shares of the information services provider’s stock valued at $19,467,000 after buying an additional 314,453 shares during the period. Summit Creek Advisors LLC bought a new position in TechTarget in the 3rd quarter valued at about $6,094,000. Finally, Acadian Asset Management LLC increased its holdings in TechTarget by 146.9% in the 2nd quarter. Acadian Asset Management LLC now owns 392,747 shares of the information services provider’s stock valued at $11,154,000 after buying an additional 233,663 shares during the period. 61.72% of the stock is currently owned by hedge funds and other institutional investors.

About TechTarget

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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