TechTarget (NASDAQ:TTGT) Releases Earnings Results, Beats Estimates By $0.17 EPS

Key Points

• TechTarget reported earnings of $0.29 per share for the quarter, significantly surpassing analysts' expectations of $0.12 by $0.17.
• The company's stock price fell to $5.77, with a market cap of $412.71 million and a P/E ratio of -13.75.
• Recent analyst reports have resulted in varied ratings, with TechTarget receiving target price cuts from several brokers and a consensus rating of "Hold".

TechTarget (NASDAQ:TTGT - Get Free Report) released its earnings results on Tuesday. The information services provider reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.12 by $0.17, Zacks reports. The business had revenue of $119.94 million during 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%.

TechTarget Stock Performance

TTGT traded up $0.10 during trading hours on Friday, hitting $6.10. The stock had a trading volume of 514,958 shares, compared to its average volume of 572,902. The company's fifty day simple moving average is $7.13 and its 200 day simple moving average is $9.88. TechTarget has a 1 year low of $5.55 and a 1 year high of $33.08. The stock has a market cap of $436.09 million, a PE ratio of -14.52 and a beta of 0.96. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.18.

Analyst Upgrades and Downgrades

TTGT has been the topic of a number of recent research reports. Lake Street Capital cut their target price on TechTarget from $12.00 to $10.00 and set a "buy" rating on the stock in a report on Tuesday, June 17th. JPMorgan Chase & Co. cut TechTarget from a "neutral" rating to an "underweight" rating and cut their target price for the stock from $18.00 to $8.00 in a report on Tuesday, June 10th. Needham & Company LLC reiterated a "buy" rating and issued a $15.00 target price on shares of TechTarget in a report on Wednesday, July 2nd. Craig Hallum initiated coverage on TechTarget in a research report on Monday, June 9th. They issued a "buy" rating and a $12.00 price target for the company. Finally, Wall Street Zen lowered TechTarget from a "hold" rating to a "sell" rating in a research report on Saturday. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $16.40.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its stake in TechTarget by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 688,593 shares of the information services provider's stock worth $5,351,000 after purchasing an additional 4,953 shares during the period. Jane Street Group LLC bought a new position in TechTarget in the 2nd quarter worth about $984,000. Public Sector Pension Investment Board boosted its stake in TechTarget by 7.4% in the 2nd quarter. Public Sector Pension Investment Board now owns 92,443 shares of the information services provider's stock worth $718,000 after purchasing an additional 6,355 shares during the period. Rhumbline Advisers boosted its stake in TechTarget by 8.0% in the 2nd quarter. Rhumbline Advisers now owns 81,924 shares of the information services provider's stock worth $637,000 after purchasing an additional 6,077 shares during the period. Finally, Invesco Ltd. boosted its stake in TechTarget by 52.9% in the 2nd quarter. Invesco Ltd. now owns 67,055 shares of the information services provider's stock worth $521,000 after purchasing an additional 23,200 shares during the period. Institutional investors own 93.52% of the company's stock.

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.