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

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

TechTarget Trading Up 3.1 %

TTGT traded up $0.59 on Friday, reaching $19.48. 211,206 shares of the company traded hands, compared to its average volume of 338,342. The company has a market cap of $569.50 million, a P/E ratio of -46.38, a price-to-earnings-growth ratio of 12.04 and a beta of 1.04. The company has a quick ratio of 10.49, a current ratio of 10.49 and a debt-to-equity ratio of 1.65. TechTarget has a one year low of $18.26 and a one year high of $33.08. The firm has a fifty day simple moving average of $26.97 and a two-hundred day simple moving average of $27.68.

TechTarget (NASDAQ:TTGT) last posted its quarterly earnings results on Tuesday, November 12th. The information services provider reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.05. TechTarget had a negative net margin of 5.34% and a positive return on equity of 5.44%. The firm had revenue of $58.47 million during the quarter, compared to the consensus estimate of $58.14 million. During the same quarter in the previous year, the firm posted $0.13 earnings per share. The company’s revenue was up 2.4% on a year-over-year basis. As a group, equities research analysts expect that TechTarget will post 0.55 earnings per share for the current year.

Hedge Funds Weigh In On TechTarget

Large investors have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. boosted its holdings in shares of TechTarget by 152.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 160,370 shares of the information services provider’s stock valued at $3,921,000 after buying an additional 96,896 shares in the last quarter. Rockefeller Capital Management L.P. boosted its stake in TechTarget by 19.2% in the third quarter. Rockefeller Capital Management L.P. now owns 513,066 shares of the information services provider’s stock valued at $12,545,000 after acquiring an additional 82,626 shares in the last quarter. Impax Asset Management Group plc grew its holdings in TechTarget by 24.9% in the third quarter. Impax Asset Management Group plc now owns 351,387 shares of the information services provider’s stock worth $8,591,000 after purchasing an additional 70,000 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its position in shares of TechTarget by 31.7% during the third quarter. ArrowMark Colorado Holdings LLC now owns 277,282 shares of the information services provider’s stock worth $6,780,000 after purchasing an additional 66,766 shares in the last quarter. Finally, FMR LLC lifted its holdings in shares of TechTarget by 2.5% during the 3rd quarter. FMR LLC now owns 2,455,705 shares of the information services provider’s stock valued at $60,042,000 after purchasing an additional 60,191 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently commented on TTGT. Craig Hallum lifted their price target on TechTarget from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Needham & Company LLC reiterated a “buy” rating and set a $40.00 price objective on shares of TechTarget in a research report on Wednesday, November 13th. KeyCorp reduced their target price 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. Finally, StockNews.com assumed coverage on shares of TechTarget in a report on Tuesday, December 24th. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.17.

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.