Additional insight into the Targeted Content Widget:

Question: How does a targeted content widget that is dropped on a page builder page realize what targeted content widget found in the work area is associated with which segment for that dropzone. 

Answer: The page builder targeted content widget has hidden columns and a guid that appear inside the drop zone. The targeted content data object contains a full page data object, the columns in the page data object are associated and ordered according to the rule sets. When the rules are evaluated the column and guid are determined. It then takes the column data out of the targeted content data object and displays it on the page in the drop zone you are viewing.