TechTarget (NASDAQ:TTGT) Price Target Cut to $24.00 by Analysts at Lake Street Capital

TechTarget (NASDAQ:TTGT) had its price objective cut by equities researchers at Lake Street Capital from $36.00 to $24.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the information services provider’s stock. Lake Street Capital’s price objective would suggest a potential upside of 23.20% from the stock’s current price.

Several other analysts have also recently weighed in on the stock. StockNews.com started coverage on shares of TechTarget in a research note on Tuesday, December 24th. They set a “hold” rating on the stock. KeyCorp decreased their price target on TechTarget from $38.00 to $37.00 and set an “overweight” rating on the stock in a research report on Thursday, November 14th. Craig Hallum lifted their price objective on TechTarget from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Needham & Company LLC restated a “buy” rating and set a $40.00 target price on shares of TechTarget in a report on Wednesday, November 13th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, TechTarget currently has an average rating of “Moderate Buy” and a consensus price target of $36.14.

TechTarget Trading Up 3.1 %

Shares of TTGT opened at $19.48 on Monday. The stock has a 50 day simple moving average of $26.97 and a 200-day simple moving average of $27.66. TechTarget has a 1 year low of $18.26 and a 1 year high of $33.08. The stock has a market cap of $569.50 million, a PE ratio of -46.38, a PEG ratio of 12.04 and a beta of 1.04. The company has a current ratio of 10.49, a quick ratio of 10.49 and a debt-to-equity ratio of 1.65.

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

Institutional Trading of TechTarget

Several institutional investors and hedge funds have recently added to or reduced their stakes in TTGT. Barclays PLC boosted its stake in shares of TechTarget by 399.1% in the 3rd quarter. Barclays PLC now owns 45,914 shares of the information services provider’s stock valued at $1,123,000 after purchasing an additional 36,714 shares during the last quarter. Geode Capital Management LLC increased its position in shares of TechTarget by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 611,513 shares of the information services provider’s stock valued at $14,955,000 after buying an additional 1,602 shares in the last quarter. M&T Bank Corp raised its stake in TechTarget by 54.0% during the 3rd quarter. M&T Bank Corp now owns 32,523 shares of the information services provider’s stock worth $795,000 after buying an additional 11,398 shares during the period. Jane Street Group LLC lifted its holdings in TechTarget by 15.4% during the third quarter. Jane Street Group LLC now owns 37,290 shares of the information services provider’s stock worth $912,000 after acquiring an additional 4,988 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC lifted its holdings in TechTarget by 31.7% during the third quarter. ArrowMark Colorado Holdings LLC now owns 277,282 shares of the information services provider’s stock worth $6,780,000 after acquiring an additional 66,766 shares in the last quarter. 93.52% of the stock is 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.