TechTarget (NASDAQ:TTGT) Stock Price Down 2.3% – Here’s Why

TechTarget, Inc. (NASDAQ:TTGT)’s stock price traded down 2.3% during mid-day trading on Tuesday . The company traded as low as $18.74 and last traded at $18.82. 64,526 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 343,540 shares. The stock had previously closed at $19.26.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on TTGT shares. StockNews.com initiated coverage on TechTarget in a report on Tuesday. They set a “hold” rating on the stock. KeyCorp cut their target price 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. Craig Hallum lifted their price target on shares of TechTarget from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $40.00 price target on shares of TechTarget in a report on Wednesday, November 13th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $38.17.

TechTarget Price Performance

The company has a debt-to-equity ratio of 1.65, a current ratio of 10.49 and a quick ratio of 10.49. The company’s 50 day simple moving average is $27.52 and its 200 day simple moving average is $27.91. The company has a market capitalization of $539.68 million, a PE ratio of -43.95, a price-to-earnings-growth ratio of 12.04 and a beta of 1.04.

TechTarget (NASDAQ:TTGT) last posted its earnings results on Tuesday, November 12th. The information services provider reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.05. TechTarget had a negative net margin of 5.34% and a positive return on equity of 5.44%. The firm had revenue of $58.47 million for the quarter, compared to the consensus estimate of $58.14 million. During the same period last year, the firm posted $0.13 EPS. The company’s revenue was up 2.4% on a year-over-year basis. As a group, sell-side analysts predict that TechTarget, Inc. will post 0.55 earnings per share for the current year.

Institutional Trading of TechTarget

Several institutional investors and hedge funds have recently made changes to their positions in TTGT. FMR LLC grew its stake in TechTarget by 2.5% during the 3rd quarter. FMR LLC now owns 2,455,705 shares of the information services provider’s stock worth $60,042,000 after buying an additional 60,191 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of TechTarget by 1.1% during the second quarter. Dimensional Fund Advisors LP now owns 792,983 shares of the information services provider’s stock worth $24,717,000 after acquiring an additional 8,681 shares during the last quarter. Geode Capital Management LLC grew its position in shares of TechTarget by 0.3% during the third quarter. Geode Capital Management LLC now owns 611,513 shares of the information services provider’s stock worth $14,955,000 after acquiring an additional 1,602 shares during the last quarter. Rockefeller Capital Management L.P. increased its holdings 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 acquiring an additional 82,626 shares during the period. Finally, Earnest Partners LLC raised its position in TechTarget by 6.3% in the 2nd quarter. Earnest Partners LLC now owns 495,701 shares of the information services provider’s stock valued at $15,451,000 after purchasing an additional 29,375 shares during the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

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.