Needham & Company LLC Affirms Buy Rating for TechTarget (NASDAQ:TTGT)

Needham & Company LLC has reaffirmed its "buy" rating for TechTarget (NASDAQ:TTGT) in a report released on Wednesday. The investment firm has set a price target of $40.00 for the shares of this information services provider, indicating a significant potential upside of 122.22% from its previous closing price.

This positive outlook from Needham follows similar sentiments from other analysts. In a report issued on Tuesday, Craig Hallum lowered its target price for TechTarget from $40.00 to $25.00, while maintaining a "buy" rating on the stock. In addition, Lake Street Capital also revised their price target downwards from $36.00 to $24.00, but kept a "buy" rating as of December 30th. KeyCorp adjusted its price target from $38.00 to $37.00, categorizing the stock as "overweight" in a report on November 14th.

On January 9th, StockNews.com initiated coverage on TechTarget, assigning a "hold" rating. In total, two research analysts have issued a hold rating, while six have provided a buy rating for the stock. According to data from MarketBeat, the overall consensus rating for TechTarget is a "Moderate Buy", with an average price target of $34.00.

Recent Stock Performance

On Wednesday, shares of TechTarget rose by $0.16, reaching a price of $18.00. A total of 66,592 shares changed hands, compared to an average volume of 184,584 shares. TechTarget's 50-day moving average is currently $24.53, while its 200-day moving average is $26.66. The stock has seen a 52-week low of $17.21 and a high of $33.08. Presently, the company holds a market capitalization of approximately $526.23 million, with a P/E ratio of -42.86 and a P/E/G ratio of 12.04.

TechTarget reported its earnings results on November 12th, where it announced earnings per share (EPS) of $0.42 for the quarter, surpassing the consensus estimate of $0.37 by $0.05. The company recorded revenue of $58.47 million for the quarter, slightly ahead of the predicted $58.14 million. Year-over-year, TechTarget's revenue increased by 2.4%. Analysts estimate that TechTarget will achieve an EPS of 0.55 for the current fiscal year.

Investments and Hedge Fund Activity

Recently, hedge funds have made some significant changes to their stakes in TechTarget. Barclays PLC, for instance, increased its holdings by 399.1% in the third quarter, now owning 45,914 shares valued at around $1,123,000 after acquiring an additional 36,714 shares. Geode Capital Management LLC also saw a slight rise in its stake, gaining 0.3% during the same period, resulting in ownership of 611,513 shares, worth $14,955,000.

Other notable movements include M&T Bank Corp raising its stake by 54.0%, Jane Street Group LLC increasing its holdings by 15.4%, and ArrowMark Colorado Holdings LLC raising its position by 31.7% in the third quarter. Approximately 93.52% of TechTarget’s stock is held by institutional investors.

About TechTarget

TechTarget, Inc., along with its subsidiaries, specializes in providing marketing and sales services aimed at generating business impact for B2B technology companies both in North America and globally. The company helps technology vendors identify and connect with corporate IT decision-makers who are researching specific purchases, offering customized marketing programs that incorporate demand generation, branding, and content creation strategies.

TechTarget, Investment, Stocks