Short Interest in TechTarget, Inc. (NASDAQ:TTGT) Drops By 52.9%

TechTarget, Inc. (NASDAQ:TTGT) was the recipient of a large decrease in short interest during the month of December. As of December 15th, there was short interest totalling 499,100 shares, a decrease of 52.9% from the November 30th total of 1,060,000 shares. Based on an average trading volume of 353,200 shares, the days-to-cover ratio is presently 1.4 days.

Institutional Investors Weigh In On TechTarget

Several hedge funds have recently made changes to their positions in TTGT. Texas Permanent School Fund Corp lifted its stake in TechTarget by 10.0% in the second quarter. Texas Permanent School Fund Corp now owns 24,884 shares of the information services provider’s stock worth $776,000 after acquiring an additional 2,254 shares during the period. Rice Hall James & Associates LLC boosted its position in TechTarget by 21.2% during the second quarter. Rice Hall James & Associates LLC now owns 242,545 shares of the information services provider’s stock valued at $7,560,000 after purchasing an additional 42,374 shares in the last quarter. American Century Companies Inc. raised its holdings in TechTarget by 14.4% in the second quarter. American Century Companies Inc. now owns 34,576 shares of the information services provider’s stock worth $1,078,000 after purchasing an additional 4,352 shares in the last quarter. BOKF NA purchased a new stake in shares of TechTarget during the second quarter valued at about $239,000. Finally, Envestnet Asset Management Inc. raised its stake in shares of TechTarget by 2.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 319,976 shares of the information services provider’s stock worth $9,974,000 after acquiring an additional 8,212 shares in the last quarter. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. KeyCorp decreased their price target on shares of TechTarget from $38.00 to $37.00 and set an “overweight” rating on the stock in a research note on Thursday, November 14th. StockNews.com initiated coverage on TechTarget in a research report on Tuesday. They set a “hold” rating on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $40.00 price objective on shares of TechTarget in a research note on Wednesday, November 13th. Finally, Craig Hallum increased their target price on shares of TechTarget from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $38.17.

TechTarget Trading Up 3.1 %

Shares of NASDAQ:TTGT traded up $0.59 on Friday, hitting $19.48. 211,206 shares of the company’s stock were exchanged, compared to its average volume of 338,342. TechTarget has a 12 month low of $18.26 and a 12 month high of $33.08. The business’s 50 day simple moving average is $26.97 and its two-hundred day simple moving average is $27.71. The stock has a market capitalization of $569.50 million, a price-to-earnings ratio of -46.38, a price-to-earnings-growth ratio of 12.04 and a beta of 1.04. The company has a debt-to-equity ratio of 1.65, a current ratio of 10.49 and a quick ratio of 10.49.

TechTarget (NASDAQ:TTGT) last issued its earnings results on Tuesday, November 12th. The information services provider reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.05. The business had revenue of $58.47 million for the quarter, compared to analyst estimates of $58.14 million. TechTarget had a negative net margin of 5.34% and a positive return on equity of 5.44%. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period last year, the company posted $0.13 earnings per share. Analysts anticipate that TechTarget will post 0.55 EPS for the current fiscal year.

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.