TechTarget (NASDAQ:TTGT) Shares Down 7.1% on Analyst Downgrade

Shares of TechTarget, Inc. (NASDAQ:TTGT) fell 7.1% on Thursday after KeyCorp lowered their price target on the stock from $38.00 to $37.00. KeyCorp currently has an overweight rating on the stock. TechTarget traded as low as $30.00 and last traded at $30.00. 28,656 shares were traded during mid-day trading, a decline of 78% from the average session volume of 128,580 shares. The stock had previously closed at $32.31.

A number of other research firms also recently weighed in on TTGT. Needham & Company LLC restated a “buy” rating and issued a $40.00 target price on shares of TechTarget in a report on Wednesday. Raymond James reduced their price objective on TechTarget from $39.00 to $34.00 and set an “outperform” rating on the stock in a research note on Monday, August 12th. Finally, Craig Hallum raised their price objective on TechTarget from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $38.17.

Hedge Funds Weigh In On TechTarget

Several hedge funds have recently added to or reduced their stakes in TTGT. BOKF NA bought a new stake in TechTarget in the second quarter worth about $239,000. Cornercap Investment Counsel Inc. purchased a new stake in shares of TechTarget in the third quarter worth approximately $245,000. Intech Investment Management LLC purchased a new stake in shares of TechTarget in the third quarter worth approximately $257,000. Quest Partners LLC bought a new stake in shares of TechTarget during the 3rd quarter worth approximately $272,000. Finally, SG Americas Securities LLC purchased a new position in TechTarget during the 3rd quarter valued at $307,000. 93.52% of the stock is currently owned by institutional investors.

TechTarget Stock Down 9.3 %

The company has a current ratio of 9.35, a quick ratio of 9.35 and a debt-to-equity ratio of 1.74. The company has a 50-day simple moving average of $26.48 and a 200 day simple moving average of $28.63. The company has a market cap of $856.73 million, a P/E ratio of -69.76, a P/E/G ratio of 31.15 and a beta of 1.03.

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.