Insider Activity at TechTarget Inc (TTGT) Might be Tricky. Take a Look at the Latest Moves
TechTarget Inc (NASDAQ:TTGT) registered considerable insider activity over the past week; at least seven Form 4’s were filed at the U.S. Securities and Exchange Commission. However, most of these were insiders declaring stock options that they had been granted. But Don Hawk’s case is different: on Dec. 23rd, TechTarget Inc (NASDAQ:TTGT)’s Executive Director disposed of 17,887 shares at an average selling price of $6.80 per share, and on following day, he sold an extra 4,613 shares, for a mean price of $6.76 each. Following these two transactions, he added 10,000 shares to his portfolio -on Dec. 26th. He paid $5.04 per share, exercising previously granted options, having achieved a substantial upside in relation to his stock sales.
Hawk’s holdings now amount to 258,723 shares (valued at approximately $1.77 million), compared to 271,223, before the aforementioned transactions.
Nonetheless, one must not confuse the most recent of Hawk’s stock purchases with a bullish sentiment. The move was actually conceived as a way to profit from his pre-existing holdings. In fact, I should highlight that TechTarget Inc (NASDAQ:TTGT)’s Executive Director has been showing a quite bearish sentiment about the company over 2013. Actually, in the past 40 days, he dumped more than 76,600 shares.
Another insider at TechTarget Inc (NASDAQ:TTGT) who has been selling out his stock lately is Greg Strakosch, Chief Executive Officer. Over 2013, he discarded more than 111,550 shares and now holds about 1.23 million shares.
Hedge funds have also shown themselves quite bearish about TechTarget Inc (NASDAQ:TTGT). Three out of the company’s top four institutional investors, Jim Simons’ Renaissance Technologies, Grt Capital Partners, and Alexander Medina Seaver’s Stadium Capital Management, all cut down their stakes. Over the third quarter of 2013, they reduced their holdings by 21%, 30% and 81%, respectively, and now hold less than 80,000 shares each.
Opposite is the case of M Roger Marino, Board Director, who acquired about 20,000 shares in November, and now owns more than 3.6 million shares. And Marino is not alone in this venture: Mark N. Diker’s Diker Management, TechTarget Inc (NASDAQ:TTGT) largest hedge fund bull, increased its participation in the company by 11% over the past quarter, to 1.12 million shares (worth about $7.7 million).
Contradictory trends meet at TechTarget Inc (NASDAQ:TTGT). While some insiders and hedge funds seem to be betting on its growth, others seem worried about its weak results over the year. It’s a matter of deciding whether you like this stock or you don't. Check out some fundamental analysis on the firm for more information on its prospects.
Disclosure: Javier Hasse holds no position in any stocks mentioned