Raymond James Downgrades TechTarget (NASDAQ:TTGT) to Market Perform

TechTarget (NASDAQ:TTGT) was downgraded by stock analysts at Raymond James from an “outperform” rating to a “market perform” rating in a note issued to investors on Tuesday, Marketbeat reports.

A number of other research analysts have also issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and set a $40.00 price target on shares of TechTarget in a research note on Wednesday, January 15th. KeyCorp dropped their price target on shares of TechTarget from $38.00 to $37.00 and set an “overweight” rating on the stock in a research note on Thursday, November 14th. Lake Street Capital dropped their price target on shares of TechTarget from $36.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, December 30th. StockNews.com started coverage on shares of TechTarget in a research note on Monday. They set a “hold” rating on the stock. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $18.00 target price on shares of TechTarget in a research report on Tuesday, January 21st. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $30.14.

TechTarget Price Performance

Shares of NASDAQ:TTGT opened at $17.18 on Tuesday. The company has a 50-day simple moving average of $19.27 and a 200-day simple moving average of $24.63. TechTarget has a one year low of $16.34 and a one year high of $33.08. The company has a debt-to-equity ratio of 1.65, a quick ratio of 10.49 and a current ratio of 10.49. The stock has a market capitalization of $502.34 million, a price-to-earnings ratio of -40.90, a PEG ratio of 139.38 and a beta of 1.02.

TechTarget (NASDAQ:TTGT) last announced its earnings results on Tuesday, November 12th. The information services provider reported $0.42 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $58.47 million during the quarter, compared to analysts’ expectations of $58.14 million. During the same period in the prior year, the company earned $0.13 earnings per share. The business’s revenue was up 2.4% compared to the same quarter last year. On average, analysts predict that TechTarget will post -0.46 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in TTGT. The Manufacturers Life Insurance Company grew its position in TechTarget by 4.5% during the second quarter. The Manufacturers Life Insurance Company now owns 9,993 shares of the information services provider’s stock worth $311,000 after buying an additional 430 shares during the period. SG Americas Securities LLC acquired a new stake in shares of TechTarget in the third quarter valued at approximately $307,000. Inspire Investing LLC grew its position in shares of TechTarget by 48.1% in the third quarter. Inspire Investing LLC now owns 16,856 shares of the information services provider’s stock valued at $412,000 after purchasing an additional 5,477 shares during the last quarter. Rice Hall James & Associates LLC grew its position in shares of TechTarget by 10.3% in the third quarter. Rice Hall James & Associates LLC now owns 267,592 shares of the information services provider’s stock valued at $6,543,000 after purchasing an additional 25,047 shares during the last quarter. Finally, Harbor Capital Advisors Inc. grew its position in shares of TechTarget by 152.7% in the third quarter. Harbor Capital Advisors Inc. now owns 160,370 shares of the information services provider’s stock valued at $3,921,000 after purchasing an additional 96,896 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors and hedge funds.

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.