TechTarget, Inc. (NASDAQ:TTGT) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its stake in shares of TechTarget, Inc. (NASDAQ:TTGT) by 4.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 270,921 shares of the information services provider’s stock after selling 13,421 shares during the quarter. Bank of New York Mellon Corp owned 0.95% of TechTarget worth $9,786,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Guggenheim Capital LLC increased its position in shares of TechTarget by 5.3% during the first quarter. Guggenheim Capital LLC now owns 3,054 shares of the information services provider’s stock worth $248,000 after acquiring an additional 153 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of TechTarget by 2.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,786 shares of the information services provider’s stock worth $519,000 after acquiring an additional 260 shares during the last quarter. Baird Financial Group Inc. increased its position in shares of TechTarget by 1.1% during the fourth quarter. Baird Financial Group Inc. now owns 25,242 shares of the information services provider’s stock worth $1,112,000 after acquiring an additional 276 shares during the last quarter. Arizona State Retirement System increased its position in shares of TechTarget by 3.7% during the fourth quarter. Arizona State Retirement System now owns 7,910 shares of the information services provider’s stock worth $349,000 after acquiring an additional 281 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its position in shares of TechTarget by 51.6% during the first quarter. Advisors Asset Management Inc. now owns 828 shares of the information services provider’s stock worth $67,000 after acquiring an additional 282 shares during the last quarter. 92.64% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on TTGT shares. JPMorgan Chase & Co. dropped their target price on TechTarget from $36.00 to $32.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 9th. Needham & Company LLC lowered their price objective on TechTarget from $55.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, August 9th. StockNews.com started coverage on TechTarget in a report on Thursday, August 17th. They issued a “hold” rating for the company. Finally, The Goldman Sachs Group boosted their price objective on TechTarget from $27.00 to $30.00 and gave the company a “sell” rating in a report on Wednesday, August 9th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, TechTarget presently has an average rating of “Hold” and an average target price of $42.25.

TechTarget Stock Performance

Shares of NASDAQ TTGT opened at $29.51 on Friday. The company has a current ratio of 9.84, a quick ratio of 9.84 and a debt-to-equity ratio of 2.26. The stock has a 50 day simple moving average of $31.12 and a 200-day simple moving average of $33.77. The company has a market cap of $821.00 million, a PE ratio of 34.72 and a beta of 0.91. TechTarget, Inc. has a 12-month low of $28.01 and a 12-month high of $68.15.

TechTarget (NASDAQ:TTGT) last released its earnings results on Tuesday, August 8th. The information services provider reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.07. The firm had revenue of $58.43 million during the quarter, compared to the consensus estimate of $57.40 million. TechTarget had a return on equity of 17.70% and a net margin of 9.91%. On average, equities research analysts forecast that TechTarget, Inc. will post 0.42 EPS for the current year.

TechTarget 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 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.