Insider Selling: TechTarget (NASDAQ:TTGT) CEO Sells $47,153.92 in Stock

Key Points

• TechTarget CEO Gary Nugent sold 12,608 shares for approximately $47,154, reducing his ownership by 32.86% to 25,758 shares.
• TTGT shares fell 0.5% to $3.75, near the lower end of their 52-week range; the company recently reported a larger-than-expected quarterly loss and revenue below analyst estimates.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an $8.00 target price, while institutional investors collectively own 93.52% of the stock.

TechTarget, Inc. (NASDAQ:TTGT - Get Free Report) CEO Gary Nugent sold 12,608 shares of the business's stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $3.74, for a total transaction of $47,153.92. Following the completion of the transaction, the chief executive officer owned 25,758 shares in the company, valued at $96,334.92. The trade was a 32.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

TechTarget Trading Down 0.5%

Shares of NASDAQ TTGT traded down $0.02 during midday trading on Thursday, reaching $3.75. 289,850 shares of the stock were exchanged, compared to its average volume of 435,748. The stock has a market capitalization of $271.25 million, a P/E ratio of -1.53 and a beta of 1.08. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.15 and a current ratio of 1.15. The company has a 50 day simple moving average of $3.92 and a 200 day simple moving average of $4.17. TechTarget, Inc. has a twelve month low of $3.37 and a twelve month high of $6.70.

TechTarget (NASDAQ:TTGT - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The information services provider reported ($0.30) EPS for the quarter, missing analysts' consensus estimates of ($0.21) by ($0.09). The business had revenue of $116.15 million during the quarter, compared to analyst estimates of $119.55 million. TechTarget had a negative net margin of 36.85% and a negative return on equity of 0.62%.

Institutional Investors Weigh In On TechTarget

Several institutional investors and hedge funds have recently modified their holdings of the company. Corient Private Wealth LP acquired a new position in TechTarget in the 2nd quarter valued at about $48,000. Bank of New York Mellon Corp acquired a new position in shares of TechTarget in the second quarter valued at approximately $420,000. Bank of America Corp DE increased its stake in TechTarget by 10.3% during the 1st quarter. Bank of America Corp DE now owns 927,761 shares of the information services provider's stock worth $3,600,000 after buying an additional 86,836 shares during the period. Rice Hall James & Associates LLC lifted its holdings in TechTarget by 23.6% during the 1st quarter. Rice Hall James & Associates LLC now owns 2,158,390 shares of the information services provider's stock worth $8,375,000 after buying an additional 412,584 shares in the last quarter. Finally, Sei Investments Co. boosted its position in TechTarget by 43.8% in the 1st quarter. Sei Investments Co. now owns 36,108 shares of the information services provider's stock valued at $140,000 after buying an additional 10,994 shares during the period. Hedge funds and other institutional investors own 93.52% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TTGT. Weiss Ratings restated a "sell (e+)" rating on shares of TechTarget in a report on Friday, July 17th. Needham & Company LLC dropped their price target on shares of TechTarget from $15.00 to $8.00 and set a "buy" rating for the company in a research report on Friday, August 7th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, TechTarget has a consensus rating of "Hold" and a consensus target price of $8.00.

About TechTarget

TechTarget, Inc is a business-to-business technology marketing and data company that operates the Informa TechTarget platform. The company helps technology vendors and service providers identify prospective customers, understand their research interests and purchasing activity, and engage with decision-makers throughout the buying process.

Its offerings include high-intent purchase data, account and audience intelligence, digital marketing solutions, demand-generation programs, content creation, lead generation, and research and advisory services.

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