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

TechTarget (NASDAQ:TTGT) had its target price lowered by analysts at Needham & Company LLC from $50.00 to $40.00 in a report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the information services provider’s stock. Needham & Company LLC’s price target indicates a potential upside of 63.20% from the stock’s current price.

Several other analysts also recently weighed in on the stock. 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 lowered their target price on TechTarget from $40.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, August 12th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.33.

TechTarget Stock Performance

TTGT stock opened at $24.51 on Monday. TechTarget has a twelve month low of $23.11 and a twelve month high of $41.93. The firm has a market cap of $699.74 million, a price-to-earnings ratio of -98.04, a PEG ratio of 26.83 and a beta of 1.07. The business’s fifty day simple moving average is $28.69 and its two-hundred day simple moving average is $29.70. 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 (NASDAQ:TTGT) last posted its quarterly earnings results on Thursday, August 8th. The information services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.41 by $0.01. TechTarget had a negative net margin of 3.84% and a positive return on equity of 5.92%. The company had revenue of $58.91 million for the quarter, compared to the consensus estimate of $58.08 million. During the same quarter last year, the firm posted $0.17 EPS. The firm’s revenue was up .8% compared to the same quarter last year. Analysts predict that TechTarget will post 0.5 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. BOKF NA purchased a new position in TechTarget in the second quarter valued at about $239,000. Aigen Investment Management LP boosted its holdings in shares of TechTarget by 6.6% in the 4th quarter. Aigen Investment Management LP now owns 7,712 shares of the information services provider’s stock valued at $269,000 after buying an additional 476 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of TechTarget by 4.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,993 shares of the information services provider’s stock worth $311,000 after buying an additional 430 shares during the last quarter. Riverwater Partners LLC bought a new position in shares of TechTarget during the 2nd quarter worth approximately $350,000. Finally, Inspire Investing LLC lifted its position in TechTarget by 4.3% during the second quarter. Inspire Investing LLC now owns 11,379 shares of the information services provider’s stock valued at $355,000 after acquiring an additional 469 shares during the last quarter. 93.52% of the stock is owned by institutional investors.

TechTarget Company Profile

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.