TechTarget (NASDAQ:TTGT) Shares Gap Down – Here’s Why

TechTarget, Inc. (NASDAQ:TTGT) shares 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 trading hands.

Wall Street Analyst Weigh In

TTGT has been the subject of several research analyst reports. Lake Street Capital lowered their price objective on shares of TechTarget from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Tuesday, June 17th. Wall Street Zen upgraded shares of TechTarget from a “sell” rating to a “hold” rating in a report on Saturday, April 26th. Craig Hallum began coverage on shares of TechTarget in a research note on Monday, June 9th. They issued a “buy” rating and a $12.00 price objective on the stock. JPMorgan Chase & Co. cut shares of TechTarget from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $18.00 to $8.00 in a research note on Tuesday, June 10th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $15.00 price objective on shares of TechTarget in a research note on Wednesday, July 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, TechTarget currently has an average rating of “Hold” and an average target price of $19.33.

TechTarget Stock Up 2.4%

The firm has a market cap of $524.74 million, a P/E ratio of -17.48 and a beta of 1.02. The stock’s 50-day simple moving average is $7.48 and its 200 day simple moving average is $11.73.

TechTarget (NASDAQ:TTGT) last released its quarterly earnings data on Monday, July 14th. The information services provider reported ($2.24) earnings per share (EPS) for the quarter. The company had revenue of $103.89 million for the quarter. TechTarget had a negative return on equity of 125.41% and a negative net margin of 193.29%. On average, research analysts forecast that TechTarget, Inc. will post -0.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC lifted its position in TechTarget by 4,513.8% in the 2nd quarter. GAMMA Investing LLC now owns 5,029 shares of the information services provider’s stock valued at $39,000 after acquiring an additional 4,920 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in TechTarget in the 4th quarter valued at about $103,000. Quantbot Technologies LP bought a new position in TechTarget in the 4th quarter valued at about $173,000. PNC Financial Services Group Inc. lifted its position in TechTarget by 18.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,768 shares of the information services provider’s stock valued at $145,000 after acquiring an additional 1,541 shares in the last quarter. Finally, State of Tennessee Department of Treasury increased its stake in TechTarget by 8.2% in the 4th quarter. State of Tennessee Department of Treasury now owns 12,074 shares of the information services provider’s stock valued at $239,000 after buying an additional 910 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors and hedge funds.

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.