Lake Street Capital Issues Pessimistic Forecast for TechTarget (NASDAQ:TTGT) Stock Price

TechTarget (NASDAQ:TTGT) had its price objective cut by equities research analysts at Lake Street Capital from $12.00 to $10.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the information services provider’s stock. Lake Street Capital’s price target would indicate a potential upside of 43.72% from the company’s previous close.

Several other research firms have also commented on TTGT. Wall Street Zen upgraded shares of TechTarget from a “sell” rating to a “hold” rating in a research report on Saturday, April 26th. Needham & Company LLC reduced their target price on shares of TechTarget from $25.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, June 5th. Craig Hallum initiated coverage on shares of TechTarget in a research note on Monday, June 9th. They issued a “buy” rating and a $12.00 price target on the stock. Finally, JPMorgan Chase & Co. lowered TechTarget from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $18.00 to $8.00 in a report on Tuesday, June 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $19.33.

TechTarget Stock Performance

NASDAQ:TTGT traded down $0.17 during trading hours on Tuesday, reaching $6.96. 87,206 shares of the stock were exchanged, compared to its average volume of 304,718. The stock has a market capitalization of $203.42 million, a P/E ratio of -16.57, a P/E/G ratio of 113.92 and a beta of 1.05. The firm has a 50 day simple moving average of $7.86 and a 200-day simple moving average of $13.85. The company has a quick ratio of 10.49, a current ratio of 10.49 and a debt-to-equity ratio of 1.65. TechTarget has a 52 week low of $6.80 and a 52 week high of $33.08.

Institutional Investors Weigh In On TechTarget

A number of hedge funds have recently bought and sold shares of TTGT. Trigran Investments Inc. raised its position in shares of TechTarget by 20.4% during the first quarter. Trigran Investments Inc. now owns 4,526,836 shares of the information services provider’s stock valued at $67,042,000 after buying an additional 767,327 shares during the last quarter. Vanguard Group Inc. raised its holdings in TechTarget by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 1,923,408 shares of the information services provider’s stock valued at $28,486,000 after acquiring an additional 18,603 shares in the last quarter. Royal Bank of Canada raised its holdings in TechTarget by 30.3% in the 4th quarter. Royal Bank of Canada now owns 977,777 shares of the information services provider’s stock valued at $19,380,000 after acquiring an additional 227,459 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of TechTarget by 1.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 806,078 shares of the information services provider’s stock worth $15,977,000 after acquiring an additional 11,646 shares during the period. Finally, Earnest Partners LLC grew its holdings in shares of TechTarget by 41.3% during the 1st quarter. Earnest Partners LLC now owns 686,440 shares of the information services provider’s stock worth $10,166,000 after purchasing an additional 200,495 shares in the last quarter. 93.52% of the stock is currently owned by 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.