TechTarget (NASDAQ:TTGT) Issues Quarterly Earnings Results, Beats Expectations 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 quarterly earnings results on Tuesday. The information services provider reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.17, Zacks reports. TechTarget had a negative return on equity of 31.98% and a negative net margin of 188.03%.

TechTarget Price Performance

Shares of TechTarget stock traded down $0.61 during trading on Tuesday, reaching $5.77. 1,525,637 shares of the company's stock were exchanged, compared to its average volume of 370,544. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.95 and a current ratio of 0.95. TechTarget has a 1-year low of $5.55 and a 1-year high of $33.08. The company has a market cap of $412.71 million, a P/E ratio of -13.75 and a beta of 0.96. The firm's 50-day moving average price is $7.26 and its 200 day moving average price is $10.20.

Hedge Funds Weigh In On TechTarget

A hedge fund recently raised its stake in TechTarget stock. Geode Capital Management LLC lifted its holdings in shares of TechTarget, Inc. (NASDAQ:TTGT - Free Report) by 0.7% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 688,593 shares of the information services provider's stock after buying an additional 4,953 shares during the period. Geode Capital Management LLC owned about 0.96% of TechTarget worth $5,351,000 as of its most recent filing with the SEC. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TTGT has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. downgraded TechTarget from a "neutral" rating to an "underweight" rating and cut their target price for the company from $18.00 to $8.00 in a research report on Tuesday, June 10th. Lake Street Capital cut their target price on TechTarget from $12.00 to $10.00 and set a "buy" rating for the company in a research report on Tuesday, June 17th. Needham & Company LLC reiterated a "buy" rating and set a $15.00 target price on shares of TechTarget in a research report on Wednesday, July 2nd. Wall Street Zen upgraded TechTarget from a "sell" rating to a "hold" rating in a research report on Saturday, April 26th. Finally, Craig Hallum initiated coverage on TechTarget in a research report on Monday, June 9th. They set a "buy" rating and a $12.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, TechTarget currently has a consensus rating of "Hold" and an average target price of $19.33.

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.

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