Lynrock Lake LP Sells 157,526,275 Shares of TechTarget, Inc. $TTGT

Key Points

• Lynrock Lake LP significantly reduced its stake in TechTarget, Inc. by 99.3%, now holding 1,066,666 shares after selling off 157,526,275 shares during the first quarter.
• Institutional investors own 93.52% of TechTarget's stock, indicating strong institutional interest, while several other investors have recently increased their holdings.
• TechTarget reported earnings of $0.29 per share, surpassing analysts' expectations of $0.12, with revenues reaching $119.94 million for the quarter.

Lynrock Lake LP reduced its stake in TechTarget, Inc. (NASDAQ:TTGT - Free Report) by 99.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,066,666 shares of the information services provider's stock after selling 157,526,275 shares during the quarter. TechTarget comprises approximately 1.5% of Lynrock Lake LP's portfolio, making the stock its 14th biggest holding. Lynrock Lake LP owned approximately 3.65% of TechTarget worth $15,797,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Earnest Partners LLC raised its stake in TechTarget by 41.3% in the first quarter. Earnest Partners LLC now owns 686,440 shares of the information services provider's stock valued at $10,166,000 after purchasing an additional 200,495 shares in the last quarter. Worth Venture Partners LLC raised its stake in TechTarget by 71.6% in the first quarter. Worth Venture Partners LLC now owns 47,376 shares of the information services provider's stock valued at $702,000 after purchasing an additional 19,775 shares in the last quarter. Trigran Investments Inc. raised its stake in TechTarget by 20.4% in the first quarter. Trigran Investments Inc. now owns 4,526,836 shares of the information services provider's stock valued at $67,042,000 after purchasing an additional 767,327 shares in the last quarter. Raymond James Financial Inc. raised its stake in TechTarget by 1,840.5% in the first quarter. Raymond James Financial Inc. now owns 461,691 shares of the information services provider's stock valued at $6,838,000 after purchasing an additional 437,899 shares in the last quarter. Finally, Boston Partners purchased a new stake in TechTarget in the first quarter valued at approximately $202,000. 93.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Insider Activity

In related news, CFO Daniel T. Noreck sold 8,459 shares of TechTarget stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $5.99, for a total value of $50,669.41. Following the sale, the chief financial officer owned 71,519 shares in the company, valued at $428,398.81. The trade was a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.92% of the company's stock.

TechTarget Trading Up 2.2%

Shares of TechTarget stock traded up $0.12 on Thursday, hitting $5.65. The stock had a trading volume of 472,521 shares, compared to its average volume of 626,354. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.18. TechTarget, Inc. has a one year low of $5.39 and a one year high of $33.08. The stock has a market cap of $403.92 million, a price-to-earnings ratio of -13.45 and a beta of 0.93. The stock's 50-day simple moving average is $6.81 and its two-hundred day simple moving average is $8.91.

TechTarget (NASDAQ:TTGT - Get Free Report) last issued its earnings results on Tuesday, August 12th. The information services provider reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.17. TechTarget had a negative net margin of 252.96% and a negative return on equity of 21.56%. The firm had revenue of $119.94 million for the quarter, compared to analysts' expectations of $106.19 million. As a group, sell-side analysts predict that TechTarget, Inc. will post -0.46 EPS for the current year.

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.