TechTarget (NASDAQ:TTGT) Earns “Buy” Rating from Needham & Company LLC

TechTarget (NASDAQ:TTGT)‘s stock had its “buy” rating reissued by Needham & Company LLC in a report released on Friday, Benzinga reports. They presently have a $50.00 price objective on the information services provider’s stock. Needham & Company LLC’s target price suggests a potential upside of 79.53% from the company’s previous close.

Several other equities research analysts have also commented on TTGT. KeyCorp decreased their price objective on shares of TechTarget from $58.00 to $40.00 and set an “overweight” rating on the stock in a research report on Monday, January 22nd. Raymond James increased their price target on shares of TechTarget from $31.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, January 12th. TheStreet cut shares of TechTarget from a “c” rating to a “d+” rating in a research note on Wednesday, February 7th. Finally, UBS Group raised TechTarget from a “neutral” rating to a “buy” rating and upped their target price for the company from $31.00 to $45.00 in a research note on Wednesday, January 31st. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $40.33.

TechTarget Price Performance

Shares of NASDAQ:TTGT opened at $27.85 on Friday. The company has a quick ratio of 10.04, a current ratio of 10.04 and a debt-to-equity ratio of 1.84. The company has a 50-day moving average price of $29.96 and a 200 day moving average price of $31.11. The company has a market cap of $795.09 million, a P/E ratio of 174.06, a PEG ratio of 8.35 and a beta of 0.99. TechTarget has a 52 week low of $23.43 and a 52 week high of $41.93.

TechTarget (NASDAQ:TTGT) last released its quarterly earnings data on Wednesday, February 7th. The information services provider reported $0.11 EPS for the quarter, hitting analysts’ consensus estimates of $0.11. The firm had revenue of $57.29 million for the quarter, compared to the consensus estimate of $56.73 million. TechTarget had a net margin of 1.94% and a return on equity of 8.53%. Research analysts predict that TechTarget will post 0.62 earnings per share for the current year.

Insider Activity

In other news, President Rebecca Kitchens sold 13,666 shares of TechTarget stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $32.20, for a total value of $440,045.20. Following the completion of the sale, the president now owns 53,920 shares of the company’s stock, valued at $1,736,224. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, President Rebecca Kitchens sold 13,666 shares of the stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $32.20, for a total value of $440,045.20. Following the transaction, the president now directly owns 53,920 shares of the company’s stock, valued at approximately $1,736,224. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Steven Niemiec sold 13,608 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $32.20, for a total transaction of $438,177.60. Following the completion of the transaction, the chief operating officer now owns 40,755 shares in the company, valued at approximately $1,312,311. The disclosure for this sale can be found here. Company insiders own 9.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TTGT. Impax Asset Management Group plc lifted its stake in shares of TechTarget by 60.9% in the fourth quarter. Impax Asset Management Group plc now owns 213,387 shares of the information services provider’s stock worth $7,439,000 after acquiring an additional 80,804 shares in the last quarter. Vanguard Group Inc. increased its stake in TechTarget by 1.8% during the third quarter. Vanguard Group Inc. now owns 1,959,476 shares of the information services provider’s stock valued at $59,490,000 after purchasing an additional 34,024 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in TechTarget by 160.2% during the third quarter. Assenagon Asset Management S.A. now owns 202,105 shares of the information services provider’s stock valued at $6,136,000 after purchasing an additional 124,433 shares during the last quarter. M&T Bank Corp raised its stake in TechTarget by 29.0% during the third quarter. M&T Bank Corp now owns 29,818 shares of the information services provider’s stock worth $906,000 after acquiring an additional 6,711 shares during the period. Finally, Federated Hermes Inc. raised its position in shares of TechTarget by 249.2% during the 4th quarter. Federated Hermes Inc. now owns 219,739 shares of the information services provider’s stock worth $7,660,000 after purchasing an additional 156,814 shares during the period. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

About TechTarget

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.