Michael Murphy and Daniel Donoghue‘s Discovery Group I, LLC, in a recent 13D filing with the US SEC, reported acquiring 1.65 million common shares of TechTarget Inc (NASDAQ:TTGT), which amass 5.1% of the company’s outstanding stock and represent a new addition to Discovery Group’s portfolio. Discovery Group said it has no plans regarding the investment in TechTarget at the moment, but still reserves its rights to come up with some proposals and suggestions in the future.
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TechTarget is a media technology company, which offers professional online content that provides assistance to technology buyers and sellers. Year-to-date, the company’s stock is down by 1.99%. For the first quarter of 2016, TechTarget (NASDAQ:TTGT) reported earnings per share of $0.04 and revenue of $25.03 million, beating the estimates of $0.02 and $0.74 million, respectively. The company recently started a tender offer to purchase up to 8.0 million shares of its common stock, at a price of $7.75 per share.
According to our database, at the end of December, 17 hedge funds were bullish on TechTarget (NASDAQ:TTGT), versus 16 fund in the previous quarter. Douglas T. Granat’s Trigran Investments disclosed the most valuable position, valued at $13.3 million, and the second biggest position was reported by Amy Minella’s Cardinal Capital, worth around $11.6 million. Other investors long the stock were Jeffrey Jacobowitz’s Simcoe Capital Management, Arnaud Ajdler’s Engine Capital, George McCabe’s Portolan Capital Management, Josh Goldberg’s G2 Investment Partners Management, and Ken Griffin’s Citadel Investment Group.
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||1,654,526||1,654,526||1,654,526||5.1%|
|Discovery Group I||1,654,526||1,654,526||1,654,526||5.1%|
|Daniel J. Donoghue||1,654,526||1,654,526||1,654,526||5.1%|
|Michael R. Murphy||1,654,526||1,654,526||1,654,526||5.1%|
Page 1 of 10 – SEC Filing
AND EXCHANGE COMMISSION
TO BE INCLUDED IN STATEMENTS FILED PURSUANT
240.13d-1(a) AND AMENDMENTS THERETO FILED
TO § 240.13d-2(a)
UNDER THE SECURITIES
EXCHANGE ACT OF 1934
(Amendment No. )*
|(Name of Issuer)|
|Common Stock, par value $0.001 per share|
|(Title of Class of Securities)|
|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)|
|May 4, 2016|
|(Date of Event which Requires Filing of this Statement)|
If the filing person has previously filed a statement
on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box. ¨
Note: Schedules filed in paper format shall
include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom
copies are to be sent.
*The remainder of this cover page shall
be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any
subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this
cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”)
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).