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

TechTarget, Inc. (NASDAQ:TTGT) was the target of a significant growth in short interest in the month of February. As of February 28th, there was short interest totalling 692,700 shares, a growth of 17.8% from the February 13th total of 587,800 shares. Based on an average daily volume of 253,600 shares, the short-interest ratio is currently 2.7 days. Approximately 5.9% of the shares of the company are sold short.

Analysts Set New Price Targets

Several research firms have issued reports on TTGT. Needham & Company LLC reissued a “buy” rating and set a $40.00 price target on shares of TechTarget in a report on Wednesday, January 15th. Raymond James lowered TechTarget from an “outperform” rating to a “market perform” rating in a report on Tuesday, February 11th. Craig Hallum cut their price target on TechTarget from $40.00 to $25.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Lake Street Capital cut their price target on TechTarget from $36.00 to $24.00 and set a “buy” rating for the company in a report on Monday, December 30th. Finally, StockNews.com began coverage on TechTarget in a report on Monday, February 10th. They set a “hold” rating for the company. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.14.

Institutional Investors Weigh In On TechTarget

A number of hedge funds have recently made changes to their positions in the company. KBC Group NV grew its stake in shares of TechTarget by 79.1% during the fourth quarter. KBC Group NV now owns 2,178 shares of the information services provider’s stock valued at $43,000 after buying an additional 962 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in TechTarget during the 4th quarter valued at $103,000. MeadowBrook Investment Advisors LLC increased its holdings in shares of TechTarget by 26.4% in the 4th quarter. MeadowBrook Investment Advisors LLC now owns 8,510 shares of the information services provider’s stock valued at $169,000 after acquiring an additional 1,780 shares during the period. Quantbot Technologies LP purchased a new position in shares of TechTarget in the 4th quarter valued at $173,000. Finally, Cornercap Investment Counsel Inc. purchased a new position in shares of TechTarget in the 3rd quarter valued at $245,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

TechTarget Price Performance

NASDAQ:TTGT opened at $14.15 on Wednesday. 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 company has a market capitalization of $413.68 million, a P/E ratio of -33.69, a P/E/G ratio of 113.92 and a beta of 1.05. TechTarget has a 12 month low of $13.04 and a 12 month high of $35.11. The business’s 50-day moving average is $16.16 and its 200 day moving average is $22.26.

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.