TechTarget (NASDAQ:TTGT) Shares Down 7.1% After Analyst Downgrade

TechTarget, Inc. (NASDAQ:TTGT) shares fell 7.1% during mid-day trading on Thursday after KeyCorp lowered their price target on the stock from $38.00 to $37.00. KeyCorp currently has an overweight rating on the stock. TechTarget traded as low as $30.00 and last traded at $30.00. 28,656 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 128,580 shares. The stock had previously closed at $32.31.

Other equities analysts have also recently issued reports about the company. Needham & Company LLC reiterated a “buy” rating and issued a $40.00 price objective on shares of TechTarget in a report on Wednesday. Craig Hallum upped their price objective on TechTarget from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Raymond James cut their price objective on TechTarget from $39.00 to $34.00 and set an “outperform” rating for the company in a report on Monday, August 12th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $38.17.

Institutional Investors Weigh In On TechTarget

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BOKF NA bought a new position in TechTarget during the 2nd quarter valued at approximately $239,000. The Manufacturers Life Insurance Company raised its position in TechTarget by 4.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,993 shares of the information services provider’s stock valued at $311,000 after purchasing an additional 430 shares during the last quarter. Cornercap Investment Counsel Inc. bought a new position in TechTarget during the 3rd quarter valued at approximately $245,000. State Board of Administration of Florida Retirement System raised its position in TechTarget by 37.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 10,232 shares of the information services provider’s stock valued at $370,000 after purchasing an additional 2,790 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in TechTarget during the 3rd quarter valued at approximately $257,000. Institutional investors own 93.52% of the company’s stock.

TechTarget Price Performance

The business has a 50-day simple moving average of $26.56 and a 200 day simple moving average of $28.64. The firm has a market cap of $848.25 million, a P/E ratio of -69.07, a price-to-earnings-growth ratio of 31.84 and a beta of 1.03. The company has a debt-to-equity ratio of 1.65, a quick ratio of 9.35 and a current ratio of 10.49.

TechTarget Company Profile

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.