Needham & Company LLC Cuts TechTarget (NASDAQ:TTGT) Price Target to $8.00

Key Points

• Needham & Company cut TechTarget’s price target to $8 from $15 but maintained a “buy” rating, implying 85.61% upside from the prior close.
• Analyst sentiment remains mixed: two analysts rate the stock “buy,” one rates it “sell,” and the overall consensus is “hold” with an average $8 target.
• TechTarget shares opened at $4.31 after falling 2.9%; the company recently reported an adjusted loss of $0.98 per share, missing estimates, despite revenue of $106.05 million exceeding expectations.

TechTarget (NASDAQ:TTGT - Get Free Report) had its target price reduced by analysts at Needham & Company LLC from $15.00 to $8.00 in a report released on Friday,Benzinga reports. The firm presently has a "buy" rating on the information services provider's stock. Needham & Company LLC's price objective indicates a potential upside of 85.61% from the company's previous close.

Separately, Weiss Ratings reissued a "sell (e+)" rating on shares of TechTarget in a report on Friday, July 17th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $8.00.

TechTarget Stock Down 2.9%

Shares of NASDAQ TTGT opened at $4.31 on Friday. TechTarget has a 12 month low of $3.37 and a 12 month high of $7.15. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $311.61 million, a price-to-earnings ratio of -0.56 and a beta of 1.12. The business has a 50-day moving average of $3.93 and a 200-day moving average of $4.40.

TechTarget (NASDAQ:TTGT - Get Free Report) last announced its earnings results on Thursday, May 7th. The information services provider reported ($0.98) earnings per share for the quarter, missing analysts' consensus estimates of ($0.39) by ($0.59). TechTarget had a negative net margin of 113.65% and a positive return on equity of 5.19%. The company had revenue of $106.05 million during the quarter, compared to analysts' expectations of $104.93 million.

Hedge Funds Weigh In On TechTarget

A number of large investors have recently modified their holdings of TTGT. Millennium Management LLC raised its position in TechTarget by 1,881.8% in the 3rd quarter. Millennium Management LLC now owns 1,242,193 shares of the information services provider's stock worth $7,217,000 after purchasing an additional 1,179,513 shares during the period. Rice Hall James & Associates LLC boosted its position in TechTarget by 34.3% during the fourth quarter. Rice Hall James & Associates LLC now owns 1,745,806 shares of the information services provider's stock valued at $9,427,000 after buying an additional 446,280 shares during the period. Impax Asset Management Group plc grew its stake in shares of TechTarget by 39.4% during the fourth quarter. Impax Asset Management Group plc now owns 1,238,887 shares of the information services provider's stock valued at $6,690,000 after buying an additional 350,000 shares during the last quarter. Lynrock Lake LP increased its holdings in shares of TechTarget by 8.4% in the fourth quarter. Lynrock Lake LP now owns 3,385,913 shares of the information services provider's stock worth $18,284,000 after buying an additional 262,092 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of TechTarget by 78.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 435,362 shares of the information services provider's stock valued at $2,351,000 after acquiring an additional 190,920 shares during the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

TechTarget Company Profile

TechTarget, Inc operates as a specialized media and information services company focused on the technology sector. Through a network of over 140 online channels and dedicated sites covering a wide range of IT topics—from cloud computing and cybersecurity to data analytics and storage—the company delivers targeted content, research, and insights to enterprise technology buyers. TechTarget's offerings enable technology vendors and service providers to engage with qualified audiences at every stage of the purchasing cycle.

The company's core products include purchase intent data solutions and lead-generation platforms designed to identify and nurture prospects actively researching technology solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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