TechTarget (NASDAQ:TTGT) Stock Price Down 2.6% – Here’s Why

TechTarget, Inc. (NASDAQ:TTGT)’s share price was down 2.6% on Wednesday . The company traded as low as $26.85 and last traded at $27.12. Approximately 20,627 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 126,880 shares. The stock had previously closed at $27.83.

Analysts Set New Price Targets

Several research firms have issued reports on TTGT. Craig Hallum upgraded TechTarget from a “hold” rating to a “buy” rating and increased their price objective for the stock from $34.00 to $36.00 in a research report on Tuesday. KeyCorp cut their price target on shares of TechTarget from $40.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, August 12th. Needham & Company LLC decreased their price objective on shares of TechTarget from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Finally, Raymond James dropped their target price on shares of TechTarget from $39.00 to $34.00 and set an “outperform” rating for the company in a report on Monday, August 12th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $37.67.

TechTarget Trading Down 0.5 %

The company has a market cap of $790.52 million, a price-to-earnings ratio of -111.32, a PEG ratio of 26.01 and a beta of 1.06. The company has a debt-to-equity ratio of 1.74, a current ratio of 9.35 and a quick ratio of 9.35. The business’s 50-day simple moving average is $25.35 and its 200-day simple moving average is $28.56.

TechTarget (NASDAQ:TTGT) last posted 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. The firm had revenue of $58.91 million for the quarter, compared to analyst estimates of $58.08 million. TechTarget had a positive return on equity of 5.92% and a negative net margin of 3.84%. TechTarget’s revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.17 EPS. Research analysts predict that TechTarget, Inc. will post 0.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its holdings in TechTarget by 1.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 792,983 shares of the information services provider’s stock valued at $24,717,000 after purchasing an additional 8,681 shares in the last quarter. Earnest Partners LLC lifted its holdings in TechTarget by 6.3% in the 2nd quarter. Earnest Partners LLC now owns 495,701 shares of the information services provider’s stock valued at $15,451,000 after purchasing an additional 29,375 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in TechTarget by 2.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 319,976 shares of the information services provider’s stock valued at $9,974,000 after purchasing an additional 8,212 shares in the last quarter. Rice Hall James & Associates LLC lifted its holdings in TechTarget by 21.2% in the 2nd quarter. Rice Hall James & Associates LLC now owns 242,545 shares of the information services provider’s stock valued at $7,560,000 after purchasing an additional 42,374 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in TechTarget by 6.8% in the 1st quarter. Principal Financial Group Inc. now owns 143,459 shares of the information services provider’s stock valued at $4,746,000 after purchasing an additional 9,166 shares in the last quarter. 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.