Bank of America Corp DE increased its stake in TechTarget Inc (NASDAQ:TTGT) by 48.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 105,388 shares of the information services provider’s stock after acquiring an additional 34,301 shares during the quarter. Bank of America Corp DE’s holdings in TechTarget were worth $2,994,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in the company. Wells Fargo & Company MN increased its holdings in shares of TechTarget by 51.4% during the 1st quarter. Wells Fargo & Company MN now owns 48,512 shares of the information services provider’s stock worth $965,000 after buying an additional 16,473 shares during the last quarter. Schwab Charles Investment Management Inc. increased its holdings in shares of TechTarget by 34.7% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 42,700 shares of the information services provider’s stock worth $849,000 after buying an additional 11,000 shares during the last quarter. BlackRock Inc. increased its holdings in shares of TechTarget by 30.4% during the 1st quarter. BlackRock Inc. now owns 1,267,958 shares of the information services provider’s stock worth $25,207,000 after buying an additional 295,581 shares during the last quarter. California Public Employees Retirement System acquired a new stake in shares of TechTarget during the 1st quarter worth $347,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of TechTarget by 23.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 825,252 shares of the information services provider’s stock worth $16,406,000 after buying an additional 154,516 shares during the last quarter. Institutional investors own 60.69% of the company’s stock.
Shares of NASDAQ TTGT opened at $21.17 on Monday. TechTarget Inc has a 12-month low of $12.18 and a 12-month high of $34.47. The firm has a market capitalization of $583.89 million, a P/E ratio of 88.21 and a beta of 0.93. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.09 and a quick ratio of 3.09.
TechTarget (NASDAQ:TTGT) last announced its quarterly earnings results on Wednesday, August 8th. The information services provider reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.03. TechTarget had a return on equity of 9.77% and a net margin of 10.24%. The firm had revenue of $31.47 million during the quarter, compared to the consensus estimate of $30.81 million. During the same period in the prior year, the firm earned $0.09 EPS. The firm’s quarterly revenue was up 18.0% compared to the same quarter last year. On average, analysts forecast that TechTarget Inc will post 0.5 earnings per share for the current year.
A number of research firms have recently commented on TTGT. ValuEngine upgraded TechTarget from a “hold” rating to a “buy” rating in a report on Thursday. BidaskClub downgraded TechTarget from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 1st. Zacks Investment Research downgraded TechTarget from a “buy” rating to a “hold” rating in a report on Thursday, July 12th. Raymond James began coverage on TechTarget in a report on Thursday, September 27th. They set an “outperform” rating and a $26.00 price objective for the company. Finally, Craig Hallum downgraded TechTarget from a “buy” rating to a “hold” rating and set a $32.00 price objective for the company. in a report on Thursday, August 9th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $24.17.
In related news, insider Greg Strakosch sold 25,000 shares of the stock in a transaction on Tuesday, August 7th. The stock was sold at an average price of $28.69, for a total value of $717,250.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Bruce Levenson sold 45,000 shares of the stock in a transaction on Friday, September 14th. The shares were sold at an average price of $20.33, for a total value of $914,850.00. Following the completion of the sale, the director now owns 39,033 shares of the company’s stock, valued at $793,540.89. The disclosure for this sale can be found here. Over the last quarter, insiders sold 799,408 shares of company stock valued at $18,489,188. 27.14% of the stock is owned by insiders.
TechTarget, Inc provides specialized online content for buyers of enterprise information technology (IT) products and services in the United States, the United Kingdom, and internationally. It also provides purchase-intent marketing and sales services for enterprise technology vendors; and customized marketing programs that integrate demand generation and brand marketing, as well as advertising techniques, which enable IT vendors to identify, reach, and influence corporate IT decision makers who are researching specific IT purchases.
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