TechTarget (TTGT) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of TechTarget (NASDAQ:TTGT) from a hold rating to a sell rating in a research report report published on Friday.

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. “

TTGT has been the subject of a number of other research reports. BidaskClub cut TechTarget from a strong-buy rating to a buy rating in a research report on Wednesday, August 1st. ValuEngine raised TechTarget from a hold rating to a buy rating in a research report on Thursday, November 1st. Lake Street Capital reduced their price objective on TechTarget from $32.00 to $26.00 and set a buy rating for the company in a research report on Thursday, November 8th. Raymond James started coverage on TechTarget in a research report on Thursday, September 27th. They set an outperform rating and a $26.00 price objective for the company. Finally, Craig Hallum cut TechTarget from a buy rating to a hold rating and set a $32.00 price objective for the company. in a research report on Thursday, August 9th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $27.00.

Shares of TechTarget stock opened at $14.76 on Friday. The firm has a market capitalization of $405.18 million, a PE ratio of 61.50 and a beta of 0.93. The company has a quick ratio of 3.03, a current ratio of 3.03 and a debt-to-equity ratio of 0.11. TechTarget has a 12 month low of $12.30 and a 12 month high of $34.47.

TechTarget (NASDAQ:TTGT) last issued its earnings results on Wednesday, November 7th. The information services provider reported $0.13 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.07). The business had revenue of $30.74 million during the quarter, compared to analyst estimates of $31.08 million. TechTarget had a return on equity of 10.88% and a net margin of 11.42%. The business’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period last year, the business earned $0.11 EPS. As a group, analysts predict that TechTarget will post 0.47 earnings per share for the current fiscal 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 stock was sold at an average price of $24.46, for a total transaction of $765,598.00. Following the transaction, the insider now directly owns 687,242 shares in the company, valued at $16,809,939.32. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael Cotoia sold 22,352 shares of the firm’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $24.36, for a total value of $544,494.72. Following the transaction, the chief executive officer now owns 133,810 shares in the company, valued at $3,259,611.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 636,410 shares of company stock worth $14,444,124. Corporate insiders own 27.14% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Federated Investors Inc. PA raised its holdings in TechTarget by 307.0% during the second quarter. Federated Investors Inc. PA now owns 4,550 shares of the information services provider’s stock valued at $130,000 after buying an additional 3,432 shares in the last quarter. First Quadrant L P CA raised its holdings in TechTarget by 101.5% during the third quarter. First Quadrant L P CA now owns 8,373 shares of the information services provider’s stock valued at $163,000 after buying an additional 4,217 shares in the last quarter. Jefferies Group LLC bought a new position in TechTarget during the third quarter valued at about $200,000. Voya Investment Management LLC bought a new position in TechTarget during the second quarter valued at about $231,000. Finally, Victory Capital Management Inc. bought a new position in TechTarget during the third quarter valued at about $246,000. Institutional investors own 63.73% of the company’s stock.

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.

Featured Article: Book Value Per Share – BVPS

Get a free copy of the Zacks research report on TechTarget (TTGT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for TechTarget Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TechTarget and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply