TechTarget (NASDAQ:TTGT) Price Target Cut to $40.00

TechTarget (NASDAQ:TTGT) had its price objective cut by Needham & Company LLC from $50.00 to $40.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the information services provider’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 60.71% from the company’s current price.

TTGT has been the subject of a number of other research reports. Raymond James decreased their price target on shares of TechTarget from $39.00 to $34.00 and set an “outperform” rating for the company in a research note on Monday, August 12th. KeyCorp dropped their target price on TechTarget from $40.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, August 12th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $37.33.

TechTarget Price Performance

TechTarget stock opened at $24.89 on Monday. The company’s 50 day moving average is $28.43 and its two-hundred day moving average is $29.60. The firm has a market cap of $710.58 million, a PE ratio of -99.56, a price-to-earnings-growth ratio of 26.83 and a beta of 1.07. The company has a quick ratio of 9.35, a current ratio of 9.35 and a debt-to-equity ratio of 1.74. TechTarget has a 52-week low of $23.11 and a 52-week high of $41.93.

TechTarget (NASDAQ:TTGT) last released its earnings results on Thursday, August 8th. The information services provider reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. TechTarget had a positive return on equity of 5.92% and a negative net margin of 3.84%. The firm had revenue of $58.91 million during the quarter, compared to analyst estimates of $58.08 million. During the same period last year, the business posted $0.17 earnings per share. TechTarget’s revenue was up .8% compared to the same quarter last year. On average, research analysts expect that TechTarget will post 0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On TechTarget

Hedge funds have recently modified their holdings of the business. Trigran Investments Inc. boosted its stake in TechTarget by 2.1% during the 4th quarter. Trigran Investments Inc. now owns 2,726,635 shares of the information services provider’s stock worth $95,050,000 after purchasing an additional 55,125 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of TechTarget by 0.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 209,083 shares of the information services provider’s stock worth $7,289,000 after buying an additional 1,768 shares during the last quarter. Illinois Municipal Retirement Fund purchased a new position in shares of TechTarget during the first quarter worth about $501,000. Sei Investments Co. raised its stake in TechTarget by 4.6% during the 1st quarter. Sei Investments Co. now owns 32,853 shares of the information services provider’s stock valued at $1,087,000 after acquiring an additional 1,432 shares during the last quarter. Finally, Rice Hall James & Associates LLC lifted its position in TechTarget by 21.2% during the 2nd quarter. Rice Hall James & Associates LLC now owns 242,545 shares of the information services provider’s stock worth $7,560,000 after acquiring an additional 42,374 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.