BlackRock Fund Advisors recently announced the acquisition of new stake in TechTarget Inc. (NASDAQ:TTGT). The institutional investor has increased its shareholding in the Communication Services company by 2.65% to 3.89 million shares with purchase of 0.1 million shares. This fresh investment now brings its stake to 13.27% valued currently at $171.4 million. In addition, Neuberger Berman Investment Advis raised its holdings by 0.35 million to 2.06 million shares. And The Vanguard Group, Inc. has lifted its position by 3.05% or 55539.0 shares – to 1.88 million shares.
With over 0.25 million TechTarget Inc. (TTGT) shares trading Tuesday and a closing price of $47.52 on the day, the dollar volume was approximately $11.78 million. The shares have shown a negative half year performance of -19.77% and its price on 01/17/23 gained nearly 0.17%. Currently, there are 29.64M common shares owned by the public and among those 26.55M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for TTGT have a consensus price objective of $56.88. The analysts have set the share’s price value over the next 12 months at a high of $90.00 and a low of $45.00. The average price target is 21.09% above its recent price level and a downside to the estimated low will see the stock lose -5.6% over that period. But an upside of 47.2% will see the stock hit the forecast high price target while median target price for the stock is $53.00.
Insiders at the company have transacted a total of 42 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 20 of these insider trades were purchases, accounting for 384,541 shares. Insider sales of the common stock occurred on 22 occasions, with total insider shares sold totaling 209,667 shares.
The top 3 mutual fund holders in TechTarget Inc. are iShares Core S&P Small Cap ETF, Neuberger Berman Genesis Fund, and Fidelity Small Cap Growth Fund. iShares Core S&P Small Cap ETF owns 2.0 million shares of the company’s stock, all valued at over $87.93 million. The company sold 1504.0 shares recently to bring their total holdings to about 6.81% of the shares outstanding. Neuberger Berman Genesis Fund bought 0.23 million shares to see its total holdings expand to 1.38 million shares valued at over $60.8 million and representing 4.71% of the shares outstanding. Fidelity Small Cap Growth Fund sold 270.0 shares to bring its total holdings to over 1.02 million shares at a value of $44.95 million. Fidelity Small Cap Growth Fund now owns shares totaling to 3.48% of the shares outstanding.
Shares of TechTarget Inc. (NASDAQ: TTGT) opened at $47.26, down -$0.18 from a prior closing price of $47.44. However, the script later moved the day high at 48.25, up 0.17%. The company’s stock has a 5-day price change of 4.28% and -21.05% over the past three months. TTGT shares are trading 7.85% year to date (YTD), with the 12-month market performance down to -44.35% lower. It has a 12-month low price of $41.79 and touched a high of $91.95 over the same period. TTGT has an average intraday trading volume of 276.16K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 7.43%, 3.59%, and -22.82% respectively.
Institutional ownership of TechTarget Inc. (NASDAQ: TTGT) 29.64M shares outstanding. Mutual fund holders own 59.65%, while other institutional holders and individual stakeholders account for 60.22% and 40.97% respectively.
It has a market capitalization of $1.37B and a beta (3y monthly) value of 0.87. The stock’s trailing 12-month PE ratio is 103.98, while the earnings-per-share (ttm) stands at $0.46. The company has a PEG of 11.98 and a Quick Ratio of 7.50 with the debt-to-equity ratio at 1.98. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.70% over the week and 3.06% over the month.
Analysts forecast that TechTarget Inc. (TTGT) will achieve an EPS of $0.65 for the current quarter, $0.67 for the next quarter and $2.82 for 2023. The lowest estimate earnings-per-share for the quarter is $0.6 while analysts give the company a high EPS estimate of $0.7. Comparatively, EPS for the current quarter was $0.6 a year ago. Earnings per share for the fiscal year are expected to decrease by -94.60%, and -3.73% over the next financial year. EPS should grow at an annualized rate of 8.68% over the next five years, compared to -16.30% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate TechTarget Inc. (TTGT) as a “Moderate Buy” at a consensus score of 2.30. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 4 of the 8 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the TTGT, a number of firms have released research notes about the stock. Goldman stated their Neutral rating for the stock in a research note on December 20, 2022, with the firm’s price target at $57. Deutsche Bank coverage for the TechTarget Inc. (TTGT) stock in a research note released on November 10, 2022 offered a Hold rating with a price target of $45. Craig Hallum was of a view on November 10, 2022 that the stock is Hold, while Sidoti gave the stock Buy rating on July 07, 2021, issuing a price target of $97. JP Morgan on their part issued Neutral rating on June 30, 2021.