Principal Financial Group Inc. Cuts Position in TechTarget, Inc. (NASDAQ:TTGT)

Principal Financial Group Inc. trimmed its holdings in shares of TechTarget, Inc. (NASDAQ:TTGT) by 12.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 121,835 shares of the information services provider’s stock after selling 17,176 shares during the period. Principal Financial Group Inc. owned about 0.42% of TechTarget worth $2,979,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. BOKF NA purchased a new position in TechTarget in the 2nd quarter worth approximately $239,000. SG Americas Securities LLC acquired a new position in shares of TechTarget in the 3rd quarter valued at approximately $307,000. The Manufacturers Life Insurance Company boosted its stake in shares of 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 buying an additional 430 shares during the last quarter. Riverwater Partners LLC acquired a new stake in shares of TechTarget during the second quarter worth approximately $350,000. Finally, Inspire Investing LLC raised its holdings in TechTarget by 4.3% in the second quarter. Inspire Investing LLC now owns 11,379 shares of the information services provider’s stock valued at $355,000 after acquiring an additional 469 shares in the last quarter. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

TechTarget Stock Performance

TTGT opened at $32.44 on Friday. TechTarget, Inc. has a 1-year low of $22.82 and a 1-year high of $41.93. The company has a market capitalization of $948.55 million, a price-to-earnings ratio of -73.69, a price-to-earnings-growth ratio of 28.11 and a beta of 1.03. The business has a 50 day moving average price of $27.17 and a two-hundred day moving average price of $28.71. The company has a debt-to-equity ratio of 1.65, a current ratio of 10.49 and a quick ratio of 10.49.

TechTarget (NASDAQ:TTGT) last announced its earnings results on Tuesday, November 12th. The information services provider reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.05. TechTarget had a positive return on equity of 5.44% and a negative net margin of 5.34%. The business had revenue of $58.47 million during the quarter, compared to analysts’ expectations of $58.14 million. During the same quarter last year, the business posted $0.13 earnings per share. The company’s quarterly revenue was up 2.4% on a year-over-year basis. Research analysts predict that TechTarget, Inc. will post 0.61 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on TTGT shares. Needham & Company LLC restated a “buy” rating and set a $40.00 price objective on shares of TechTarget in a research note on Wednesday, November 13th. KeyCorp cut their price objective on shares of TechTarget from $38.00 to $37.00 and set an “overweight” rating on the stock in a research report on Thursday, November 14th. Raymond James decreased 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. Finally, Craig Hallum lifted their target price on TechTarget from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.17.

TechTarget 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.