Earnest Partners LLC Has $10.17 Million Position in TechTarget, Inc. $TTGT

Key Points

• Earnest Partners LLC has increased its stake in TechTarget, Inc. by 41.3%, owning approximately 686,440 shares valued at about $10.17 million.
• Several analysts have downgraded TechTarget's stock rating recently, with JPMorgan Chase & Co. cutting its price target from $18.00 to $8.00, now rated as "underweight."
• TechTarget reported a significant earnings surprise with a quarterly EPS of $0.29, exceeding analyst expectations by $0.17, and had a revenue of $119.94 million for the quarter.

Earnest Partners LLC increased its stake in TechTarget, Inc. (NASDAQ:TTGT - Free Report) by 41.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 686,440 shares of the information services provider's stock after acquiring an additional 200,495 shares during the quarter. Earnest Partners LLC owned about 2.35% of TechTarget worth $10,166,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in TechTarget by 4.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,860 shares of the information services provider's stock worth $295,000 after buying an additional 698 shares during the last quarter. Balyasny Asset Management L.P. grew its holdings in TechTarget by 3.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 22,199 shares of the information services provider's stock worth $440,000 after acquiring an additional 747 shares during the period. State of Tennessee Department of Treasury raised its position in shares of TechTarget by 8.2% in the 4th quarter. State of Tennessee Department of Treasury now owns 12,074 shares of the information services provider's stock worth $239,000 after acquiring an additional 910 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of TechTarget by 18.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,768 shares of the information services provider's stock valued at $145,000 after purchasing an additional 1,541 shares during the period. Finally, Deutsche Bank AG lifted its stake in shares of TechTarget by 10.2% in the 1st quarter. Deutsche Bank AG now owns 26,508 shares of the information services provider's stock valued at $393,000 after purchasing an additional 2,445 shares during the period. Institutional investors own 93.52% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Wall Street Zen cut TechTarget from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Needham & Company LLC reiterated a "buy" rating and issued a $15.00 price objective on shares of TechTarget in a research note on Wednesday, July 2nd. Lake Street Capital dropped their target price on shares of TechTarget from $12.00 to $10.00 and set a "buy" rating on the stock in a research report on Tuesday, June 17th. Craig Hallum initiated coverage on shares of TechTarget in a report on Monday, June 9th. They issued a "buy" rating and a $12.00 price target for the company. Finally, JPMorgan Chase & Co. downgraded shares of TechTarget from a "neutral" rating to an "underweight" rating and decreased their price target for the company from $18.00 to $8.00 in a research note on Tuesday, June 10th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, TechTarget presently has an average rating of "Moderate Buy" and a consensus price target of $16.40.

Insiders Place Their Bets

In other TechTarget news, CFO Daniel T. Noreck sold 8,459 shares of TechTarget stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $5.99, for a total transaction of $50,669.41. Following the completion of the transaction, the chief financial officer owned 71,519 shares in the company, valued at approximately $428,398.81. The trade was a 10.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.92% of the company's stock.

TechTarget Stock Performance

NASDAQ TTGT opened at $6.08 on Thursday. The company has a market cap of $434.66 million, a P/E ratio of -14.48 and a beta of 0.96. The company has a fifty day simple moving average of $6.97 and a 200 day simple moving average of $9.36. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.18. TechTarget, Inc. has a 12-month low of $5.55 and a 12-month high of $33.08.

TechTarget (NASDAQ:TTGT - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The information services provider reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.12 by $0.17. The firm had revenue of $119.94 million for the quarter, compared to analyst estimates of $106.19 million. TechTarget had a negative net margin of 252.96% and a negative return on equity of 21.56%. Sell-side analysts predict that TechTarget, Inc. will post -0.46 earnings per share for the current fiscal year.

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.

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