Needham & Company LLC Reaffirms Buy Rating for TechTarget (NASDAQ:TTGT)

TechTarget (NASDAQ:TTGT)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They presently have a $40.00 price objective on the information services provider’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 123.59% from the stock’s current price.

Several other analysts also recently weighed in on the stock. Lake Street Capital decreased their price target on shares of TechTarget from $36.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, December 30th. StockNews.com began coverage on TechTarget in a research report on Thursday, January 9th. They set a “hold” rating for the company. KeyCorp dropped 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. Finally, Craig Hallum cut their price target on TechTarget from $40.00 to $25.00 and set a “buy” rating on the stock in a research note on Tuesday. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $34.00.

TechTarget Stock Performance

TTGT stock opened at $17.89 on Wednesday. TechTarget has a twelve month low of $17.21 and a twelve month high of $33.08. The firm has a market cap of $523.10 million, a price-to-earnings ratio of -42.60, a PEG ratio of 9.11 and a beta of 1.04. The business’s fifty day simple moving average is $24.04 and its two-hundred day simple moving average is $26.53. 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 (NASDAQ:TTGT) last posted its quarterly earnings results on Tuesday, November 12th. The information services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.37 by $0.05. TechTarget had a negative net margin of 5.34% and a positive return on equity of 5.44%. The company had revenue of $58.47 million for the quarter, compared to the consensus estimate of $58.14 million. During the same quarter last year, the firm posted $0.13 EPS. The firm’s revenue was up 2.4% compared to the same quarter last year. Analysts predict that TechTarget will post 0.55 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. BOKF NA purchased a new position in TechTarget in the second quarter valued at about $239,000. Cornercap Investment Counsel Inc. bought a new stake in shares of TechTarget in the 3rd quarter valued at about $245,000. Intech Investment Management LLC purchased a new position in shares of TechTarget in the 3rd quarter worth approximately $257,000. Quest Partners LLC bought a new position in shares of TechTarget during the 3rd quarter worth approximately $272,000. Finally, SG Americas Securities LLC purchased a new stake in TechTarget during the third quarter valued at approximately $307,000. 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.