TechTarget, Inc. (NASDAQ:TTGT) Sees Significant Growth in Short Interest

TechTarget, Inc. (NASDAQ:TTGT) was the recipient of a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 692,700 shares, an increase of 17.8% from the February 13th total of 587,800 shares. Currently, 5.9% of the company’s stock are sold short. Based on an average daily trading volume, of 253,600 shares, the days-to-cover ratio is currently 2.7 days.

Institutional Trading of TechTarget

A number of hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of TechTarget by 4.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,860 shares of the information services provider’s stock worth $295,000 after buying an additional 698 shares during the last quarter. Balyasny Asset Management L.P. boosted its stake in shares of TechTarget by 3.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 22,199 shares of the information services provider’s stock worth $440,000 after buying an additional 747 shares during the last quarter. State of Tennessee Department of Treasury raised its holdings in TechTarget by 8.2% in the 4th quarter. State of Tennessee Department of Treasury now owns 12,074 shares of the information services provider’s stock worth $239,000 after purchasing an additional 910 shares during the period. KBC Group NV raised its holdings in TechTarget by 79.1% in the 4th quarter. KBC Group NV now owns 2,178 shares of the information services provider’s stock worth $43,000 after purchasing an additional 962 shares during the period. Finally, Geode Capital Management LLC raised its holdings in TechTarget by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 611,513 shares of the information services provider’s stock worth $14,955,000 after purchasing an additional 1,602 shares during the period. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on TTGT shares. Lake Street Capital dropped their target price on TechTarget from $36.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, December 30th. Needham & Company LLC restated a “buy” rating and set a $40.00 target price on shares of TechTarget in a research note on Wednesday, January 15th. Raymond James downgraded TechTarget from an “outperform” rating to a “market perform” rating in a research note on Tuesday, February 11th. StockNews.com initiated coverage on TechTarget in a research note on Monday, February 10th. They set a “hold” rating on the stock. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $18.00 price target on shares of TechTarget in a research note on Tuesday, January 21st. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $30.14.

TechTarget Stock Down 2.1 %

Shares of TTGT opened at $14.26 on Friday. TechTarget has a 52 week low of $13.04 and a 52 week high of $35.11. The company has a quick ratio of 10.49, a current ratio of 10.49 and a debt-to-equity ratio of 1.65. The company has a market capitalization of $416.89 million, a price-to-earnings ratio of -33.95, a PEG ratio of 113.92 and a beta of 1.05. The stock’s 50-day moving average price is $15.99 and its 200-day moving average price is $22.15.

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.