TTGT Tech Target Inc

TechTarget, Inc (TTGT) recently announced substantial growth and is currently a Zacks #1 Rank (Strong Buy). Share have been battered, but now could be the right time to jump into TTGT.

Company Description

TechTarget, Inc is a technology media company with over 100 websites and 10 million members, bringing buyers and sellers of corporate IT products together.

Substantial Growth On Aug 8 TechTarget said it has been able to "grow substantially faster than the market" when it announced second quarter results. Revenues rose 12% $28.1 million.

Earnings worked out to $0.07 per share, which is what analysts were expecting. With over $54 million in cash and no long-term debt TechTarget is in great shape.

Reaffirmed Guidance

TechTarget left its annual guidance unchanged and analysts made some slight upward estimate revisions. While the forecasts for the next 2 quarters are up a penny each, the full-year Zacks Consensus Estimate for 2011 is unchanged at $0.23. Next year's average projection is up a cent to $0.28.

Compare these levels to the $0.04 that was earned last year and you get growth rates of 485% and 20%, respectively. Shares of TTGT are going for about 26 times estimates, but with a 21% long-term growth rate the PEG is 1.3.

The Chart

Shares of TTGT were all over the place right after the earnings release, but have stabilized since then. So, now is not a bad time to get into this Zacks #1 Rank (Strong Buy).