TTM Technologies (NASDAQ:TTMI) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

TTM Technologies (NASDAQ:TTMI) had its price target boosted by Needham & Company LLC from $43.00 to $56.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 29.21% from the stock’s previous close.

Several other research analysts also recently commented on the company. B. Riley lifted their price target on TTM Technologies from $36.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, July 17th. Truist Financial boosted their target price on shares of TTM Technologies from $41.00 to $48.00 and gave the stock a “buy” rating in a research report on Monday, July 7th. Stifel Nicolaus reissued a “buy” rating and issued a $40.00 price target (up from $33.00) on shares of TTM Technologies in a report on Monday, June 16th. Finally, Wall Street Zen lowered shares of TTM Technologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 5th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $52.25.

TTM Technologies Stock Down 8.3%

Shares of TTMI stock opened at $43.34 on Thursday. The stock’s 50 day simple moving average is $39.70 and its 200 day simple moving average is $29.08. TTM Technologies has a twelve month low of $15.77 and a twelve month high of $51.15. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.75 and a current ratio of 2.03. The company has a market capitalization of $4.40 billion, a price-to-earnings ratio of 48.16 and a beta of 1.48.

TTM Technologies (NASDAQ:TTMI) last released its quarterly earnings results on Wednesday, July 30th. The technology company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.06. The company had revenue of $730.62 million during the quarter, compared to analysts’ expectations of $668.42 million. TTM Technologies had a net margin of 3.52% and a return on equity of 11.80%. The business’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.39 earnings per share. As a group, research analysts predict that TTM Technologies will post 1.76 EPS for the current year.

TTM Technologies announced that its board has authorized a share buyback program on Friday, May 9th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire up to 3.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at TTM Technologies

In related news, EVP Douglas L. Soder sold 24,972 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $30.00, for a total value of $749,160.00. Following the completion of the transaction, the executive vice president owned 173,026 shares of the company’s stock, valued at $5,190,780. This represents a 12.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Philip Titterton sold 23,486 shares of the firm’s stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $36.39, for a total transaction of $854,655.54. Following the transaction, the chief operating officer owned 123,338 shares of the company’s stock, valued at approximately $4,488,269.82. This represents a 16.00% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,226 shares of company stock worth $3,504,492. 1.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TTM Technologies

Hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. boosted its stake in TTM Technologies by 532.1% in the 4th quarter. Franklin Resources Inc. now owns 1,957,741 shares of the technology company’s stock valued at $48,454,000 after buying an additional 1,648,017 shares in the last quarter. Nuveen LLC acquired a new stake in shares of TTM Technologies in the 1st quarter valued at $31,763,000. T. Rowe Price Investment Management Inc. bought a new stake in shares of TTM Technologies in the 4th quarter worth about $19,040,000. Massachusetts Financial Services Co. MA increased its position in shares of TTM Technologies by 50.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,534,166 shares of the technology company’s stock worth $37,971,000 after purchasing an additional 515,015 shares in the last quarter. Finally, Cubist Systematic Strategies LLC lifted its holdings in TTM Technologies by 1,070.1% during the 1st quarter. Cubist Systematic Strategies LLC now owns 470,679 shares of the technology company’s stock valued at $9,654,000 after purchasing an additional 430,453 shares during the last quarter. 95.79% of the stock is owned by institutional investors and hedge funds.

TTM Technologies Company Profile

TTM Technologies, Inc, together with its subsidiaries, manufactures and sells mission systems, radio frequency (RF) components and RF microwave/microelectronic assemblies, and printed circuit boards (PCB) worldwide. The company operates in two segments, PCB and RF&S Components. It offers range of engineered systems, RF and microwave assemblies, HDI PCBs, flexible PCBs, rigid-flex PCBs, custom assemblies and system integration, IC substrates, passive RF components, advanced ceramic RF components, hi-reliability multi-chip modules, beamforming and switching networks, PCB products, RF components, and backplane/custom assembly solutions, including conventional PCBs.