TechTarget, Inc. (NASDAQ:TTGT) Sees Large Drop in Short Interest

TechTarget, Inc. (NASDAQ:TTGT) saw a significant decrease in short interest in the month of December. As of December 15th, there was short interest totalling 499,100 shares, a decrease of 52.9% from the November 30th total of 1,060,000 shares. Based on an average daily trading volume, of 353,200 shares, the short-interest ratio is currently 1.4 days.

Institutional Investors Weigh In On TechTarget

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Texas Permanent School Fund Corp raised its holdings in shares of TechTarget by 10.0% in the 2nd quarter. Texas Permanent School Fund Corp now owns 24,884 shares of the information services provider’s stock valued at $776,000 after purchasing an additional 2,254 shares in the last quarter. Rice Hall James & Associates LLC increased its holdings in shares of 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 acquiring an additional 42,374 shares during the period. American Century Companies Inc. raised its position in shares of TechTarget by 14.4% in the 2nd quarter. American Century Companies Inc. now owns 34,576 shares of the information services provider’s stock worth $1,078,000 after acquiring an additional 4,352 shares in the last quarter. BOKF NA bought a new stake in TechTarget during the second quarter valued at about $239,000. Finally, Envestnet Asset Management Inc. grew its stake in TechTarget by 2.6% in the second 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 during the last quarter. 93.52% of the stock is owned by institutional investors.

TechTarget Price Performance

Shares of TTGT traded up $1.09 during trading hours on Friday, reaching $19.98. 67,970 shares of the stock traded hands, compared to its average volume of 329,234. The company’s 50-day moving average price is $27.16 and its two-hundred day moving average price is $27.79. The company has a current ratio of 10.49, a quick ratio of 10.49 and a debt-to-equity ratio of 1.65. TechTarget has a 52-week low of $18.26 and a 52-week high of $33.08. The company has a market cap of $584.12 million, a P/E ratio of -47.57, a price-to-earnings-growth ratio of 12.04 and a beta of 1.04.

TechTarget (NASDAQ:TTGT) last issued its quarterly earnings data on Tuesday, November 12th. The information services provider reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.05. TechTarget had a positive return on equity of 5.44% and a negative net margin of 5.34%. The company had revenue of $58.47 million for the quarter, compared to analysts’ expectations of $58.14 million. During the same period in the previous year, the firm posted $0.13 earnings per share. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, analysts anticipate that TechTarget will post 0.55 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $40.00 price target on shares of TechTarget in a research note on Wednesday, November 13th. Craig Hallum upped their price target on TechTarget from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. StockNews.com began coverage on TechTarget in a report on Tuesday. They issued a “hold” rating on the stock. Finally, KeyCorp dropped their price objective on shares of TechTarget from $38.00 to $37.00 and set an “overweight” rating on the stock in a research note on Thursday, November 14th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, TechTarget has a consensus rating of “Moderate Buy” and a consensus target price of $38.17.

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.