Needham & Company LLC Has Lowered Expectations for TTM Technologies (NASDAQ:TTMI) Stock Price

Key Points

• Needham & Company lowered TTM Technologies’ price target from $220 to $175 while maintaining a “Buy” rating, implying roughly 48% upside from the $117.97 share price. MarketBeat’s analyst consensus remains “Buy,” with a $203 average target.
• TTM Technologies reported strong quarterly results, earning $0.99 per share versus the $0.89 estimate and generating $1.0 billion in revenue, up 37.4% year over year.
• Insider activity was mixed: CEO Edwin Roks bought $1.12 million of shares, while insiders collectively sold 108,241 shares worth about $20.9 million over the past three months. Institutional investors own 95.79% of the company.

TTM Technologies (NASDAQ:TTMI - Get Free Report) had its price target dropped by analysts at Needham & Company LLC from $220.00 to $175.00 in a research report issued to clients and investors on Monday, MarketBeat.com reports. The brokerage presently has a "buy" rating on the technology company's stock. Needham & Company LLC's price objective points to a potential upside of 48.34% from the company's current price.

Other research analysts have also issued reports about the stock. Zacks Research upgraded shares of TTM Technologies from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 12th. Wall Street Zen lowered TTM Technologies from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 30th. Weiss Ratings cut TTM Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, August 25th. Truist Financial boosted their price objective on TTM Technologies from $215.00 to $224.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Finally, Stifel Nicolaus increased their price objective on TTM Technologies from $175.00 to $205.00 and gave the stock a "buy" rating in a report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, TTM Technologies has a consensus rating of "Buy" and a consensus price target of $203.00.

TTM Technologies Price Performance

Shares of NASDAQ TTMI opened at $117.97 on Monday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.78 and a quick ratio of 1.54. The stock has a market capitalization of $12.43 billion, a PE ratio of 53.14 and a beta of 2.15. TTM Technologies has a one year low of $51.09 and a one year high of $223.83. The business's fifty day moving average price is $125.41 and its 200-day moving average price is $138.89.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The technology company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.89 by $0.10. The business had revenue of $1 billion for the quarter, compared to the consensus estimate of $962.04 million. TTM Technologies had a net margin of 7.01% and a return on equity of 15.67%. The company's revenue was up 37.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.58 earnings per share. On average, equities research analysts anticipate that TTM Technologies will post 4.26 EPS for the current year.

Insiders Place Their Bets

In other TTM Technologies news, CEO Edwin Roks purchased 10,000 shares of the stock in a transaction on Tuesday, August 25th. The shares were purchased at an average price of $111.77 per share, with a total value of $1,117,700.00. Following the acquisition, the chief executive officer directly owned 64,814 shares in the company, valued at approximately $7,244,260.78. The trade was a 18.24% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Shawn Powers sold 9,856 shares of the business's stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $209.80, for a total value of $2,067,788.80. Following the transaction, the executive vice president directly owned 119,268 shares of the company's stock, valued at $25,022,426.40. The trade was a 7.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 108,241 shares of company stock worth $20,911,975. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On TTM Technologies

Large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its stake in shares of TTM Technologies by 1.8% in the 2nd quarter. GAMMA Investing LLC now owns 4,340 shares of the technology company's stock worth $812,000 after buying an additional 75 shares during the last quarter. Parallel Advisors LLC raised its stake in TTM Technologies by 36.2% during the first quarter. Parallel Advisors LLC now owns 327 shares of the technology company's stock valued at $32,000 after buying an additional 87 shares during the last quarter. GoalVest Advisory LLC boosted its holdings in TTM Technologies by 456.7% in the second quarter. GoalVest Advisory LLC now owns 167 shares of the technology company's stock worth $31,000 after acquiring an additional 137 shares in the last quarter. Fifth Third Wealth Advisors LLC boosted its holdings in TTM Technologies by 4.5% in the first quarter. Fifth Third Wealth Advisors LLC now owns 3,289 shares of the technology company's stock worth $320,000 after acquiring an additional 142 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of TTM Technologies by 12.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,347 shares of the technology company's stock worth $131,000 after acquiring an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 95.79% of the company's stock.

TTM Technologies Company Profile

TTM Technologies, Inc NASDAQ: TTMI is a global manufacturer of technology solutions for electronic devices and systems. The company primarily produces printed circuit boards (PCBs), including high-density interconnect, flexible and rigid-flex boards, radio-frequency and microwave circuits, and other advanced PCB technologies.

TTM also provides engineering, prototype development, testing and assembly services that support the design and production of electronic products. Its solutions are used in aerospace and defense, data center computing, automotive, medical, industrial, instrumentation and other communications-related applications.

The company serves customers through manufacturing and engineering operations in North America and Asia.

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