Discovery Group, managed by Michael Murphy and Daniel Donoghue, has liquidated its position in Techtarget Inc (NASDAQ:TTGT) according to an amended filing with the Securities and Exchange Commission. On May 12, the fund had reported ownership of 1.65 million shares or 5.11% of the company’s common stock.
Techtarget Inc (NASDAQ:TTGT) has recently announced a share buyback program of up to $20 million, after it managed to buy back roughly 5.24 million shares at $7.75 apiece as part of a tender offer that expired on June 8. The company reported first quarter financial results on May 9, managing to surpass analysts’ expectations. Techtarget posted $25 million in revenues, up by 5.8% year-over-year, and a profit of $0.04 per share. Since the start of the year, the stock fell as much as 25% before slowly recovering and is currently up by 2.5% for the year.
Among the funds followed by Insider Monkey, Techtarget is not a very popular stock and hedge fund interest towards the company decreased even further during the first quarter. Whereas Techtarget Inc (NASDAQ:TTGT) was held by 17 funds at the end of December, by the end of the first quarter only 11 funds were invested, holding approximately 23% of the company’s common stock. Douglas T. Granat‘s Trigran Investments is betting big on Techtarget and, according to its latest 13F filing, it holds 2.54 million shares, up by 53% during the first quarter, valued at $18.8 million.
You can access the original SEC filing by clicking here.
Ownership Summary Table
|Name||Sole Voting Power||Shared Voting Power||Sole Dispositive Power||Shared Dispositive Power||Aggregate Amount Owned Power||Percent of Class|
|Discovery Equity Partners||0||0||0||0.0%|
|Discovery Group I||0||0||0||0.0%|
|Daniel J. Donoghue||0||0||0||0.0%|
|Michael R. Murphy||0||0||0||0.0%|
Page 1 of 9 – SEC Filing
AND EXCHANGE COMMISSION
Washington, D.C. 20549
INFORMATION TO BE INCLUDED IN STATEMENTS
TO § 240.13d-1(a) AND AMENDMENTS
PURSUANT TO § 240.13d-2(a)
UNDER THE SECURITIES
EXCHANGE ACT OF 1934
(Amendment No. 1)*
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of
Michael R. Murphy
Discovery Group I, LLC
300 South Wacker Drive
Chicago, Illinois 60606
Telephone Number: (312) 265-9600
(Name, Address and
Telephone Number of Person
Authorized to Receive Notices and Communications)
June 10, 2016
(Date of Event which
Requires Filing of this Statement)
If the filing person has previously filed a statement
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240.13d-1(f) or 240.13d-1(g), check the following box. ¨
Note: Schedules filed in paper format shall
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or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).