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

TechTarget, Inc. (NASDAQ:TTGT)’s share price fell 7.1% during 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. 28,656 shares traded hands during trading, a decline of 78% from the average session volume of 128,580 shares. The stock had previously closed at $32.31.

TTGT has been the topic of a number of other reports. Needham & Company LLC reiterated a “buy” rating and set a $40.00 price target on shares of TechTarget in a report on Wednesday. Craig Hallum lifted their price target on TechTarget from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Raymond James dropped their price target on TechTarget from $39.00 to $34.00 and set an “outperform” rating on the stock in a report on Monday, August 12th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.17.

Institutional Trading of TechTarget

Hedge funds have recently made changes to their positions in the company. BOKF NA bought a new stake in shares of TechTarget during the 2nd quarter valued at $239,000. The Manufacturers Life Insurance Company raised 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 purchasing an additional 430 shares during the period. Cornercap Investment Counsel Inc. bought a new stake in shares of TechTarget during the 3rd quarter valued at $245,000. State Board of Administration of Florida Retirement System raised its stake in shares of TechTarget by 37.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 10,232 shares of the information services provider’s stock valued at $370,000 after purchasing an additional 2,790 shares during the period. Finally, Intech Investment Management LLC bought a new stake in shares of TechTarget during the 3rd quarter valued at $257,000. 93.52% of the stock is currently owned by institutional investors.

TechTarget Stock Performance

The company has a debt-to-equity ratio of 1.65, a quick ratio of 9.35 and a current ratio of 10.49. The company has a market capitalization of $848.25 million, a P/E ratio of -69.07, a price-to-earnings-growth ratio of 31.84 and a beta of 1.03. The business has a 50 day moving average of $26.56 and a 200-day moving average of $28.64.

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.