Trigran Investments Inc. Grows Stock Holdings in TechTarget, Inc. $TTGT

Key Points

• Trigran Investments Inc. has increased its stake in TechTarget, Inc. by 20.4%, making it the firm's second-largest holding at 9.9% of the company's total investments.
• Several analysts have downgraded TechTarget's stock, with JPMorgan Chase reducing its rating to "underweight" and lowering the price target significantly from $18.00 to $8.00.
• TechTarget reported a quarterly earnings per share (EPS) of $0.29, beating the consensus estimate and achieving revenues of $119.94 million, exceeding analyst expectations.

Trigran Investments Inc. grew its position in shares of TechTarget, Inc. (NASDAQ:TTGT - Free Report) by 20.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,526,836 shares of the information services provider's stock after purchasing an additional 767,327 shares during the quarter. TechTarget makes up about 9.9% of Trigran Investments Inc.'s investment portfolio, making the stock its 2nd largest position. Trigran Investments Inc. owned 15.48% of TechTarget worth $67,042,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its holdings in TechTarget by 18.7% in the first quarter. PNC Financial Services Group Inc. now owns 9,768 shares of the information services provider's stock valued at $145,000 after acquiring an additional 1,541 shares in the last quarter. State of Tennessee Department of Treasury boosted its holdings in TechTarget by 8.2% in the fourth quarter. State of Tennessee Department of Treasury now owns 12,074 shares of the information services provider's stock valued at $239,000 after acquiring an additional 910 shares in the last quarter. Louisiana State Employees Retirement System bought a new stake in shares of TechTarget during the 1st quarter valued at about $190,000. Boston Partners bought a new stake in shares of TechTarget during the 1st quarter valued at about $202,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of TechTarget by 4.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,860 shares of the information services provider's stock valued at $295,000 after purchasing an additional 698 shares in the last quarter. Institutional investors own 93.52% of the company's stock.

TechTarget Stock Performance

TechTarget stock traded down $0.04 during midday trading on Thursday, reaching $6.02. 386,785 shares of the company traded hands, compared to its average volume of 380,594. The firm has a market capitalization of $430.36 million, a price-to-earnings ratio of -14.33 and a beta of 0.96. The business has a 50 day moving average of $7.05 and a two-hundred day moving average of $9.76. TechTarget, Inc. has a 12 month low of $5.55 and a 12 month high of $33.08. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.96 and a quick ratio of 0.96.

TechTarget (NASDAQ:TTGT - Get Free Report) last issued 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 company had revenue of $119.94 million for the quarter, compared to the consensus estimate of $106.19 million. TechTarget had a negative net margin of 252.96% and a negative return on equity of 21.56%. As a group, research analysts predict that TechTarget, Inc. will post -0.46 earnings per share for the current year.

Analyst Ratings Changes

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

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.