Needham & Company LLC Reaffirms “Buy” Rating for TechTarget (NASDAQ:TTGT)

Needham & Company LLC restated their buy rating on shares of TechTarget (NASDAQ:TTGT) in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a $40.00 price objective on the information services provider’s stock.

Several other research firms have also weighed in on TTGT. KeyCorp reduced their price objective on shares of TechTarget from $40.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday, August 12th. Craig Hallum lifted their target price on shares of TechTarget from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Raymond James decreased their price objective 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. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $38.17.

TechTarget Price Performance

TTGT stock opened at $29.01 on Wednesday. The firm’s 50-day moving average is $26.64 and its two-hundred day moving average is $28.65. TechTarget has a 52 week low of $22.82 and a 52 week high of $41.93. The company has a debt-to-equity ratio of 1.65, a quick ratio of 9.35 and a current ratio of 10.49.

TechTarget (NASDAQ:TTGT) last announced its earnings results on Tuesday, November 12th. The information services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.37 by $0.05. The firm had revenue of $58.47 million for the quarter, compared to analysts’ expectations of $58.14 million. TechTarget had a positive return on equity of 5.44% and a negative net margin of 5.34%. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.13 earnings per share. Equities research analysts expect that TechTarget will post 0.57 EPS for the current fiscal year.

Institutional Investors Weigh In On TechTarget

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. increased its position in TechTarget by 152.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 160,370 shares of the information services provider’s stock worth $3,921,000 after purchasing an additional 96,896 shares during the last quarter. Rockefeller Capital Management L.P. grew its stake in shares of TechTarget by 19.2% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 513,066 shares of the information services provider’s stock valued at $12,545,000 after buying an additional 82,626 shares in the last quarter. Impax Asset Management Group plc increased its holdings in TechTarget by 24.9% in the third quarter. Impax Asset Management Group plc now owns 351,387 shares of the information services provider’s stock worth $8,591,000 after buying an additional 70,000 shares during the last quarter. ArrowMark Colorado Holdings LLC raised its position in TechTarget by 31.7% during the third quarter. ArrowMark Colorado Holdings LLC now owns 277,282 shares of the information services provider’s stock valued at $6,780,000 after acquiring an additional 66,766 shares in the last quarter. Finally, FMR LLC raised its position in TechTarget by 2.5% during the third quarter. FMR LLC now owns 2,455,705 shares of the information services provider’s stock valued at $60,042,000 after acquiring an additional 60,191 shares in the last quarter. Hedge funds and other institutional investors own 93.52% of the company’s stock.

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.