TechTarget, Inc. (NASDAQ:TTGT) Sees Large Increase in Short Interest

by · The Cerbat Gem

TechTarget, Inc. (NASDAQ:TTGT – Get Free Report) saw a significant increase in short interest in March. As of March 15th, there was short interest totalling 855,900 shares, an increase of 23.6% from the February 28th total of 692,700 shares. Currently, 7.3% of the company’s stock are short sold. Based on an average daily trading volume, of 238,200 shares, the short-interest ratio is presently 3.6 days.

TechTarget Stock Performance

TTGT stock traded down $0.51 during midday trading on Wednesday, hitting $12.26. The stock had a trading volume of 108,226 shares, compared to its average volume of 162,446. The firm has a market capitalization of $358.27 million, a price-to-earnings ratio of -29.18, a P/E/G ratio of 113.92 and a beta of 1.05. The company has a current ratio of 10.49, a quick ratio of 10.49 and a debt-to-equity ratio of 1.65. The stock has a 50-day simple moving average of $15.48 and a 200 day simple moving average of $21.53. TechTarget has a 52 week low of $11.74 and a 52 week high of $35.11.

Hedge Funds Weigh In On TechTarget

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC raised its position in TechTarget by 2.5% in the third quarter. FMR LLC now owns 2,455,705 shares of the information services provider’s stock worth $60,042,000 after purchasing an additional 60,191 shares in the last quarter. Royal Bank of Canada grew its stake in shares of TechTarget by 30.3% in the 4th quarter. Royal Bank of Canada now owns 977,777 shares of the information services provider’s stock valued at $19,380,000 after purchasing an additional 227,459 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of TechTarget by 1.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 806,078 shares of the information services provider’s stock worth $15,977,000 after buying an additional 11,646 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of TechTarget by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 632,704 shares of the information services provider’s stock worth $12,543,000 after buying an additional 21,191 shares during the period. Finally, Rockefeller Capital Management L.P. boosted its stake in TechTarget by 13.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 581,430 shares of the information services provider’s stock valued at $11,524,000 after buying an additional 68,364 shares in the last quarter. 93.52% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on TTGT. StockNews.com assumed coverage on TechTarget in a report on Monday, February 10th. They set a “hold” rating on the stock. Needham & Company LLC lowered their price target on TechTarget from $40.00 to $25.00 and set a “buy” rating on the stock in a report on Monday. Raymond James cut shares of TechTarget from an “outperform” rating to a “market perform” rating in a research note on Tuesday, February 11th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $18.00 price objective on shares of TechTarget in a research report on Tuesday, January 21st. Finally, Lake Street Capital dropped their target price on shares of TechTarget from $36.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, December 30th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, TechTarget has a consensus rating of “Moderate Buy” and a consensus target price of $28.00.

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TechTarget Company Profile

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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.

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