TechTarget Inc (TTGT) Sees Significant Drop in Short Interest

TechTarget Inc (NASDAQ:TTGT) saw a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 1,775,001 shares, a decline of 31.5% from the October 31st total of 2,589,394 shares. Approximately 8.1% of the company’s stock are sold short. Based on an average trading volume of 572,190 shares, the days-to-cover ratio is currently 3.1 days.

TTGT stock opened at $14.22 on Tuesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.03. TechTarget has a twelve month low of $12.30 and a twelve month high of $34.47. The company has a market cap of $402.94 million, a price-to-earnings ratio of 59.25 and a beta of 0.81.

TechTarget (NASDAQ:TTGT) last released its quarterly earnings data on Wednesday, November 7th. The information services provider reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). TechTarget had a return on equity of 10.88% and a net margin of 11.42%. The company had revenue of $30.74 million for the quarter, compared to analyst estimates of $31.08 million. During the same period in the previous year, the business posted $0.11 EPS. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. As a group, analysts predict that TechTarget will post 0.47 earnings per share for the current year.

TTGT has been the subject of a number of recent research reports. Zacks Investment Research downgraded shares of TechTarget from a “hold” rating to a “sell” rating in a research note on Friday, November 23rd. BidaskClub downgraded shares of TechTarget from a “buy” rating to a “hold” rating in a research note on Saturday, September 8th. Lake Street Capital decreased their price target on shares of TechTarget from $32.00 to $26.00 and set a “buy” rating for the company in a research note on Thursday, November 8th. Craig Hallum downgraded shares of TechTarget from a “buy” rating to a “hold” rating and set a $32.00 price target for the company. in a research note on Thursday, August 9th. They noted that the move was a valuation call. Finally, Raymond James initiated coverage on shares of TechTarget in a research note on Thursday, September 27th. They issued an “outperform” rating and a $26.00 price target for the company. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. TechTarget presently has a consensus rating of “Hold” and a consensus price target of $27.00.

In related news, insider Greg Strakosch sold 25,000 shares of TechTarget stock in a transaction that occurred on Friday, September 7th. The shares were sold at an average price of $22.06, for a total value of $551,500.00. Following the completion of the transaction, the insider now owns 662,242 shares in the company, valued at $14,609,058.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Cotoia sold 14,500 shares of TechTarget stock in a transaction that occurred on Monday, November 5th. The stock was sold at an average price of $20.43, for a total transaction of $296,235.00. Following the completion of the transaction, the chief executive officer now owns 69,310 shares of the company’s stock, valued at approximately $1,416,003.30. The disclosure for this sale can be found here. Insiders sold 291,000 shares of company stock valued at $5,858,135 in the last quarter. 27.14% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in TTGT. Federated Investors Inc. PA raised its holdings in TechTarget by 307.0% during the second quarter. Federated Investors Inc. PA now owns 4,550 shares of the information services provider’s stock worth $130,000 after purchasing an additional 3,432 shares in the last quarter. First Quadrant L P CA raised its holdings in TechTarget by 101.5% during the third quarter. First Quadrant L P CA now owns 8,373 shares of the information services provider’s stock worth $163,000 after purchasing an additional 4,217 shares in the last quarter. Jefferies Group LLC acquired a new stake in TechTarget during the third quarter worth approximately $200,000. Voya Investment Management LLC acquired a new stake in TechTarget during the second quarter worth approximately $231,000. Finally, Victory Capital Management Inc. acquired a new stake in TechTarget during the third quarter worth approximately $246,000. 71.90% of the stock is currently owned by institutional investors.

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About TechTarget

TechTarget, Inc provides specialized online content for buyers of enterprise information technology (IT) products and services in the United States, the United Kingdom, and internationally. It also provides purchase-intent marketing and sales services for enterprise technology vendors; and customized marketing programs that integrate demand generation and brand marketing, as well as advertising techniques, which enable IT vendors to identify, reach, and influence corporate IT decision makers who are researching specific IT purchases.

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