ExactTarget Inc. stock finished 2012 up 5 percent from its $19 initial public offering price on March 23.
It hit a high near $30 last March.
Barrington Research analyst Jeff Houston, who follows the Indianapolis-based maker of marketing software, said in a recent report that pressure on the stock is likely related to underperformance of competitor Responsys, which saw a 33-percent stock price decline. He also cited concerns around acquisition-related investments in 2013.
The research firm has an outperform rating on the stock.
On the other hand, Houston said ExactTarget’s “significantly higher investments in R&D and sales over the past several years have meaningfully differentiated it from others in the market.”
Last year, ExactTarget acquired for $95.5 million the marketing automation firm Pardot, which expands its reach in business-to-business marketing.
ExactTarget also paid $21 million in cash and stock for Carmel-based iGoDigital, which provides personalized e-commerce data.