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

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

Other equities analysts have also issued reports about the stock. Needham & Company LLC reiterated a “buy” rating and issued a $40.00 price target on shares of TechTarget in a research note on Wednesday. Raymond James reduced their price objective on shares of TechTarget from $39.00 to $34.00 and set an “outperform” rating on the stock in a research note on Monday, August 12th. Finally, Craig Hallum boosted their price target on TechTarget from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $38.17.

Institutional Trading of TechTarget

Hedge funds have recently bought and sold shares of the stock. Harbor Capital Advisors Inc. grew its position in TechTarget by 152.7% during the third quarter. Harbor Capital Advisors Inc. now owns 160,370 shares of the information services provider’s stock worth $3,921,000 after buying an additional 96,896 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in shares of TechTarget by 19.2% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 513,066 shares of the information services provider’s stock worth $12,545,000 after purchasing an additional 82,626 shares in the last quarter. Impax Asset Management Group plc lifted its position in TechTarget by 24.9% in 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 during the period. FMR LLC raised its stake in shares of TechTarget by 2.5% in 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. Finally, Rice Hall James & Associates LLC lifted its holdings in shares of TechTarget by 21.2% during the 2nd quarter. Rice Hall James & Associates LLC now owns 242,545 shares of the information services provider’s stock worth $7,560,000 after acquiring an additional 42,374 shares during the period. 93.52% of the stock is owned by institutional investors.

TechTarget Stock Performance

The company has a debt-to-equity ratio of 1.74, a quick ratio of 9.35 and a current ratio of 9.35. The firm’s 50-day moving average price is $26.48 and its two-hundred day moving average price is $28.63. The firm has a market capitalization of $881.29 million, a price-to-earnings ratio of -76.93, a price-to-earnings-growth ratio of 31.15 and a beta of 1.03.

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.