Zacks Investment Research Lowers TechTarget (TTGT) to Sell

TechTarget (NASDAQ:TTGT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday.

According to Zacks, “TECHTARGET, a leading online Information Technology media company, provides IT companies with ROI-focused marketing programs to generate leads, shorten sales cycles, and grow revenues. The company is also a leading provider of independent, peer and vendor content, a leading distributor of white papers, and a leading producer of vendor-sponsored Webcasts and Podcasts for the IT market. Its Web sites are complemented by numerous invitation-only events and two magazines. TechTarget provides proven lead generation and branding programs to numerous advertisers including Cisco, Dell, EMC, HP, IBM, Intel, Microsoft, SAP and Symantec. “

Other equities analysts also recently issued reports about the company. Craig Hallum downgraded TechTarget from a “buy” rating to a “hold” rating and set a $32.00 price target on the stock. in a research note on Thursday, August 9th. They noted that the move was a valuation call. Raymond James started coverage on TechTarget in a report on Thursday, September 27th. They issued an “outperform” rating and a $26.00 target price on the stock. ValuEngine cut TechTarget from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. BidaskClub raised TechTarget from a “sell” rating to a “hold” rating in a report on Friday, October 12th. Finally, Lake Street Capital decreased their target price on TechTarget from $32.00 to $26.00 and set a “buy” rating on the stock in a report on Thursday, November 8th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $27.00.

Shares of TTGT stock traded down $0.07 on Friday, reaching $14.01. The stock had a trading volume of 800 shares, compared to its average volume of 437,321. The company has a market cap of $387.26 million, a P/E ratio of 58.38 and a beta of 0.79. TechTarget has a 1 year low of $12.30 and a 1 year high of $34.47. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.03 and a quick ratio of 3.03.

TechTarget (NASDAQ:TTGT) last released its quarterly earnings results on Wednesday, November 7th. The information services provider reported $0.13 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.07). The firm had revenue of $30.74 million during the quarter, compared to analysts’ expectations of $31.08 million. TechTarget had a return on equity of 10.88% and a net margin of 11.42%. The business’s quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter last year, the business earned $0.11 earnings per share. As a group, analysts expect that TechTarget will post 0.47 earnings per share for the current year.

In related news, Chairman Greg Strakosch sold 25,000 shares of the firm’s stock in a transaction on Wednesday, November 21st. The stock was sold at an average price of $14.65, for a total value of $366,250.00. Following the transaction, the chairman now directly owns 537,242 shares of the company’s stock, valued at approximately $7,870,595.30. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Roger M. Marino sold 54,500 shares of the firm’s stock in a transaction on Tuesday, September 11th. The stock was sold at an average price of $22.14, for a total value of $1,206,630.00. Following the completion of the transaction, the director now directly owns 2,825 shares in the company, valued at $62,545.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 266,000 shares of company stock worth $5,306,635. 27.14% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in TTGT. Connor Clark & Lunn Investment Management Ltd. bought a new position in TechTarget in the 2nd quarter worth $469,000. Navellier & Associates Inc raised its holdings in TechTarget by 76.6% during the second quarter. Navellier & Associates Inc now owns 37,129 shares of the information services provider’s stock valued at $1,054,000 after acquiring an additional 16,108 shares during the period. Mackay Shields LLC raised its holdings in TechTarget by 308.1% during the second quarter. Mackay Shields LLC now owns 145,300 shares of the information services provider’s stock valued at $4,126,000 after acquiring an additional 109,700 shares during the period. State Board of Administration of Florida Retirement System bought a new stake in TechTarget during the second quarter valued at about $341,000. Finally, Bank of New York Mellon Corp raised its holdings in TechTarget by 9.8% during the second quarter. Bank of New York Mellon Corp now owns 84,835 shares of the information services provider’s stock valued at $2,410,000 after acquiring an additional 7,600 shares during the period. 71.90% of the stock is currently owned by institutional investors.

TechTarget Company Profile

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.

See Also: Intrinsic Value

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