TechTarget Inc (NASDAQ:TTGT) saw a significant growth in short interest in September. As of September 28th, there was short interest totalling 2,421,343 shares, a growth of 123.1% from the September 14th total of 1,085,509 shares. Approximately 11.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 493,255 shares, the short-interest ratio is presently 4.9 days.
TTGT has been the subject of a number of recent analyst reports. BidaskClub downgraded TechTarget from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 1st. ValuEngine downgraded TechTarget from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, September 4th. Craig Hallum downgraded TechTarget from a “buy” rating to a “hold” rating and set a $32.00 price objective for the company. in a research report on Thursday, August 9th. They noted that the move was a valuation call. Zacks Investment Research downgraded TechTarget from a “buy” rating to a “hold” rating in a research report on Thursday, July 12th. Finally, Raymond James initiated coverage on TechTarget in a research report on Thursday, September 27th. They issued an “outperform” rating and a $26.00 price objective for the company. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $24.17.
In other TechTarget news, Chairman Greg Strakosch sold 25,000 shares of the firm’s stock in a transaction on Monday, October 8th. The stock was sold at an average price of $18.92, for a total transaction of $473,000.00. Following the completion of the transaction, the chairman now owns 612,242 shares of the company’s stock, valued at $11,583,618.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Cotoia sold 22,352 shares of the firm’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $24.36, for a total value of $544,494.72. Following the transaction, the chief executive officer now directly owns 133,810 shares of the company’s stock, valued at approximately $3,259,611.60. The disclosure for this sale can be found here. Insiders have sold 809,408 shares of company stock valued at $19,090,458 in the last three months. 27.14% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in the company. BlackRock Inc. grew its position in shares of TechTarget by 44.0% in the second quarter. BlackRock Inc. now owns 1,825,752 shares of the information services provider’s stock valued at $51,851,000 after purchasing an additional 557,794 shares during the period. Renaissance Technologies LLC boosted its holdings in TechTarget by 42.2% in the second quarter. Renaissance Technologies LLC now owns 1,198,800 shares of the information services provider’s stock valued at $34,046,000 after acquiring an additional 355,800 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in TechTarget by 6.0% in the second quarter. Dimensional Fund Advisors LP now owns 874,588 shares of the information services provider’s stock valued at $24,837,000 after acquiring an additional 49,336 shares during the last quarter. Ashford Capital Management Inc. boosted its holdings in TechTarget by 84.8% in the second quarter. Ashford Capital Management Inc. now owns 685,456 shares of the information services provider’s stock valued at $19,467,000 after acquiring an additional 314,453 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in TechTarget by 146.9% in the second quarter. Acadian Asset Management LLC now owns 392,747 shares of the information services provider’s stock valued at $11,154,000 after acquiring an additional 233,663 shares during the last quarter. 59.08% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ:TTGT opened at $19.40 on Friday. The firm has a market capitalization of $535.62 million, a PE ratio of 80.75 and a beta of 1.06. The company has a quick ratio of 3.09, a current ratio of 3.09 and a debt-to-equity ratio of 0.13. TechTarget has a 52 week low of $11.71 and a 52 week high of $34.47.
TechTarget (NASDAQ:TTGT) last announced its quarterly earnings data on Wednesday, August 8th. The information services provider reported $0.15 EPS for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.03. The business had revenue of $31.47 million during the quarter, compared to the consensus estimate of $30.81 million. TechTarget had a return on equity of 9.77% and a net margin of 10.24%. The business’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.09 earnings per share. On average, research analysts anticipate that TechTarget will post 0.49 earnings per share for the current fiscal year.
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.
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