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

Shares of TechTarget, Inc. (NASDAQ:TTGT) dropped 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. Approximately 28,656 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 128,580 shares. The stock had previously closed at $32.31.

Several other analysts have also issued reports on the stock. Craig Hallum boosted their target price on shares of TechTarget from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $40.00 price objective on shares of TechTarget in a research report on Wednesday. Finally, Raymond James reduced their price objective on TechTarget from $39.00 to $34.00 and set an “outperform” rating for the company in a research note 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. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $38.17.

Hedge Funds Weigh In On TechTarget

Hedge funds have recently modified their holdings of the company. FMR LLC lifted its stake in shares of TechTarget by 2.5% during the 3rd quarter. FMR LLC now owns 2,455,705 shares of the information services provider’s stock valued at $60,042,000 after buying an additional 60,191 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in TechTarget by 1.1% during the second quarter. Dimensional Fund Advisors LP now owns 792,983 shares of the information services provider’s stock valued at $24,717,000 after acquiring an additional 8,681 shares during the period. Rockefeller Capital Management L.P. lifted its position in shares of TechTarget by 19.2% in the third quarter. Rockefeller Capital Management L.P. now owns 513,066 shares of the information services provider’s stock valued at $12,545,000 after acquiring an additional 82,626 shares in the last quarter. Earnest Partners LLC boosted its stake in shares of TechTarget by 6.3% in the second quarter. Earnest Partners LLC now owns 495,701 shares of the information services provider’s stock worth $15,451,000 after acquiring an additional 29,375 shares during the period. Finally, Impax Asset Management Group plc grew its position in shares of TechTarget by 24.9% during the third quarter. Impax Asset Management Group plc now owns 351,387 shares of the information services provider’s stock worth $8,591,000 after purchasing an additional 70,000 shares in the last quarter. 93.52% of the stock is currently owned by institutional investors.

TechTarget Price Performance

The firm has a 50 day moving average of $26.48 and a 200-day moving average of $28.63. The company has a current ratio of 9.35, a quick ratio of 9.35 and a debt-to-equity ratio of 1.74. The company has a market cap of $856.73 million, a P/E ratio of -69.76, a P/E/G ratio of 31.15 and a beta of 1.03.

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.