TechTarget drops on convertible debt deal plans

TechTarget

08/12/2021 16:02

** TechTarget Inc  TTGT.O  shares down 1.9% at $97.18, after
falling as low as $90.57 early Weds, as advertising tech firm
looks to raise capital
    ** Co late Thurs said offering privately $360 mln 5-yr
convertible bonds (CBs)  urn:newsml:reuters.com:*:nBwsW88Ra
    ** Plans to use portion of net offering proceeds to
repurchase 0.125% CBs due 2025 from certain holders, rest for
general corp purposes
    ** TTGT has current market cap of ~$2.8 bln, per Refinitiv
data
    ** With move on the session, stock up 64% YTD
    ** Avg Wall Street rating on TTGT is 'buy' and median PT is
$110 - Refinitiv

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))