TechTarget (TTGT) Downgraded to “Hold” at Craig Hallum

Craig Hallum downgraded shares of TechTarget (NASDAQ:TTGT) from a buy rating to a hold rating in a research note released on Thursday, August 9th, MarketBeat.com reports. They currently have $32.00 price target on the information services provider’s stock. The analysts noted that the move was a valuation call.

A number of other equities analysts have also recently weighed in on the company. BidaskClub cut TechTarget from a strong-buy rating to a buy rating in a report on Wednesday, August 1st. Zacks Investment Research cut TechTarget from a buy rating to a hold rating in a report on Thursday, July 12th. Lake Street Capital set a $23.00 price target on TechTarget and gave the stock a buy rating in a report on Friday, May 11th. Needham & Company LLC boosted their price objective on TechTarget from $24.00 to $25.00 and gave the stock a buy rating in a research note on Thursday, May 10th. Finally, ValuEngine upgraded TechTarget from a buy rating to a strong-buy rating in a research note on Wednesday, May 2nd. Three research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $23.80.

Shares of TTGT stock remained flat at $$23.99 on Thursday. The stock had a trading volume of 325,700 shares, compared to its average volume of 337,012. The firm has a market cap of $674.35 million, a PE ratio of 99.96, a PEG ratio of 2.45 and a beta of 1.29. The company has a current ratio of 3.09, a quick ratio of 3.09 and a debt-to-equity ratio of 0.13. TechTarget has a fifty-two week low of $9.68 and a fifty-two week high of $34.47.

TechTarget (NASDAQ:TTGT) last issued its quarterly earnings data on Wednesday, August 8th. The information services provider reported $0.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.03. The business had revenue of $31.47 million during the quarter, compared to analysts’ expectations of $30.81 million. TechTarget had a return on equity of 9.77% and a net margin of 10.24%. The company’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.09 EPS. research analysts expect that TechTarget will post 0.5 EPS for the current year.

In other news, Director Roger M. Marino sold 70,000 shares of the company’s stock in a transaction that occurred on Monday, July 2nd. The stock was sold at an average price of $27.88, for a total value of $1,951,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Roger M. Marino sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $28.34, for a total value of $283,400.00. The disclosure for this sale can be found here. Insiders sold 655,862 shares of company stock valued at $16,879,805 over the last 90 days. Company insiders own 27.14% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its holdings in TechTarget by 30.4% in the first quarter. BlackRock Inc. now owns 1,267,958 shares of the information services provider’s stock valued at $25,207,000 after acquiring an additional 295,581 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in TechTarget by 34.7% during the first quarter. Schwab Charles Investment Management Inc. now owns 42,700 shares of the information services provider’s stock worth $849,000 after purchasing an additional 11,000 shares in the last quarter. Spark Investment Management LLC acquired a new position in TechTarget during the first quarter worth $1,339,000. Mark Sheptoff Financial Planning LLC lifted its stake in TechTarget by 1,476.9% during the second quarter. Mark Sheptoff Financial Planning LLC now owns 20,500 shares of the information services provider’s stock worth $582,000 after purchasing an additional 19,200 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in TechTarget by 23.0% during the first quarter. Dimensional Fund Advisors LP now owns 825,252 shares of the information services provider’s stock worth $16,406,000 after purchasing an additional 154,516 shares in the last quarter. Hedge funds and other institutional investors own 59.09% 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.

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