TechTarget (NASDAQ:TTGT) Shares Gap Down - Here's Why

TechTarget, Inc. (NASDAQ:TTGT - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $7.40, but opened at $7.04. TechTarget shares last traded at $7.45, with a volume of 66,484 shares traded.

Analyst Ratings Changes

Several research firms have recently weighed in on TTGT. JPMorgan Chase & Co. downgraded TechTarget from a "neutral" rating to an "underweight" rating and decreased their target price for the stock from $18.00 to $8.00 in a research report on Tuesday, June 10th. Lake Street Capital decreased 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 note on Saturday, April 26th. Finally, Craig Hallum initiated coverage on TechTarget in a research note on Monday, June 9th. They set a "buy" rating and a $12.00 price target on the stock. 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 stock. According to MarketBeat, TechTarget presently has an average rating of "Hold" and a consensus price target of $19.33.

TechTarget Stock Up 4.4%

The stock has a 50-day moving average of $7.47 and a 200 day moving average of $11.70. The stock has a market cap of $554.04 million, a PE ratio of -18.45 and a beta of 1.02.

TechTarget (NASDAQ:TTGT - Get Free Report) last issued its earnings results on Monday, July 14th. The information services provider reported ($2.24) EPS for the quarter. TechTarget had a negative net margin of 193.29% and a negative return on equity of 125.41%. The firm had revenue of $103.89 million during the quarter. On average, equities analysts anticipate that TechTarget, Inc. will post -0.46 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in TTGT. GAMMA Investing LLC raised its stake in shares of TechTarget by 4,513.8% during the 2nd quarter. GAMMA Investing LLC now owns 5,029 shares of the information services provider's stock worth $39,000 after buying an additional 4,920 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in shares of TechTarget during the fourth quarter worth approximately $103,000. PNC Financial Services Group Inc. increased its position in shares of TechTarget by 18.7% during the first quarter. PNC Financial Services Group Inc. now owns 9,768 shares of the information services provider's stock worth $145,000 after purchasing an additional 1,541 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of TechTarget during the fourth quarter worth approximately $173,000. Finally, Louisiana State Employees Retirement System purchased a new stake in shares of TechTarget during the first quarter worth approximately $190,000. 93.52% of the stock is owned by institutional investors and hedge funds.

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.