TechTarget (NASDAQ:TTGT) Shares Gap Down Following Analyst Downgrade

TechTarget, Inc. (NASDAQ:TTGTGet Rating) gapped down before the market opened on Thursday after Raymond James lowered their price target on the stock from $82.00 to $55.00. The stock had previously closed at $50.69, but opened at $39.60. Raymond James currently has an outperform rating on the stock. TechTarget shares last traded at $44.09, with a volume of 6,222 shares trading hands.

A number of other research analysts have also commented on the stock. Deutsche Bank Aktiengesellschaft lowered shares of TechTarget from a “buy” rating to a “hold” rating and lowered their price objective for the company from $85.00 to $45.00 in a research note on Thursday. KeyCorp decreased their price target on shares of TechTarget from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Thursday. StockNews.com started coverage on shares of TechTarget in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. Finally, Craig Hallum lowered shares of TechTarget from a “buy” rating to a “hold” rating and decreased their price target for the stock from $85.00 to $45.00 in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $51.25.

Hedge Funds Weigh In On TechTarget

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TTGT. Geneva Capital Management LLC acquired a new position in TechTarget in the 1st quarter worth approximately $39,756,000. Royal Bank of Canada boosted its stake in TechTarget by 3,282.9% in the 1st quarter. Royal Bank of Canada now owns 223,917 shares of the information services provider’s stock worth $18,200,000 after purchasing an additional 217,298 shares during the period. Rice Hall James & Associates LLC acquired a new position in TechTarget in the 3rd quarter worth approximately $8,442,000. Royce & Associates LP acquired a new position in TechTarget in the 1st quarter worth approximately $11,451,000. Finally, BlackRock Inc. boosted its stake in TechTarget by 2.5% in the 1st quarter. BlackRock Inc. now owns 4,000,348 shares of the information services provider’s stock worth $325,147,000 after purchasing an additional 96,343 shares during the period. Institutional investors and hedge funds own 98.73% of the company’s stock.

TechTarget Stock Down 10.0 %

The business’s 50 day moving average is $61.47 and its 200 day moving average is $64.97. The company has a debt-to-equity ratio of 1.91, a quick ratio of 6.54 and a current ratio of 6.54. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of 120.00 and a beta of 0.99.

About TechTarget

(Get Rating)

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. It also provides purchase-intent marketing and sales services for enterprise technology vendors; and customized marketing programs that integrate demand generation, brand advertising techniques, and content curation and creation.

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