TTM Technologies, Inc. (NASDAQ:TTMI) Stock Has Average Target Price of $173.25 According to Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus: Four of six analysts rate TTM Technologies a buy, and the average 12-month price target is $173.25.
• Several firms have recently cut their price targets, though they retained buy ratings; the stock opened at $73.38 after a reported 10.1% decline.
• Recent results topped expectations: Quarterly EPS was $1.46 versus a $1.25 consensus, while revenue of $1.20 billion exceeded estimates and grew 59.9% year over year.

TTM Technologies, Inc. (NASDAQ:TTMI - Get Free Report) has earned an average recommendation of "Moderate Buy" from the six research firms that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $173.25.

Several analysts recently commented on TTMI shares. Wall Street Zen cut TTM Technologies from a "strong-buy" rating to a "buy" rating in a research report on Sunday. Stifel Nicolaus cut their price objective on shares of TTM Technologies from $205.00 to $165.00 and set a "buy" rating on the stock in a research note on Friday, October 23rd. Truist Financial cut their price objective on shares of TTM Technologies from $231.00 to $170.00 and set a "buy" rating on the stock in a research note on Friday, October 23rd. Needham & Company LLC reduced their price objective on shares of TTM Technologies from $175.00 to $150.00 and set a "buy" rating for the company in a report on Friday, October 23rd. Finally, Zacks Research lowered shares of TTM Technologies from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 5th.

Insider Transactions at TTM Technologies

In related news, Director Wajid Ali acquired 10,000 shares of the stock in a transaction that occurred on Wednesday, October 28th. The shares were acquired at an average price of $90.25 per share, for a total transaction of $902,500.00. Following the completion of the purchase, the director directly owned 35,835 shares of the company's stock, valued at $3,234,108.75. The trade was a 38.71% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Dale Knecht sold 26,198 shares of the business's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $142.00, for a total value of $3,720,116.00. Following the sale, the senior vice president directly owned 40,138 shares in the company, valued at approximately $5,699,596. The trade was a 39.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders purchased 25,000 shares of company stock valued at $2,460,550. Company insiders own 1.30% of the company's stock.

Institutional Investors Weigh In On TTM Technologies

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of TTM Technologies in the second quarter worth about $2,053,347,000. Atalan Capital Partners LP acquired a new stake in shares of TTM Technologies during the second quarter valued at approximately $189,234,000. Wellington Management Group LLP raised its holdings in shares of TTM Technologies by 61.9% during the second quarter. Wellington Management Group LLP now owns 2,268,404 shares of the technology company's stock valued at $424,237,000 after acquiring an additional 867,255 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of TTM Technologies during the second quarter valued at approximately $114,470,000. Finally, Palestra Capital Management LLC purchased a new stake in shares of TTM Technologies in the 2nd quarter valued at approximately $105,214,000. 95.79% of the stock is currently owned by institutional investors and hedge funds.

TTM Technologies Trading Down 10.1%

TTM Technologies stock opened at $73.38 on Thursday. The company has a quick ratio of 1.49, a current ratio of 1.67 and a debt-to-equity ratio of 0.71. The firm has a 50-day moving average price of $111.32 and a two-hundred day moving average price of $127.26. The firm has a market capitalization of $7.73 billion, a price-to-earnings ratio of 29.24 and a beta of 2.25. TTM Technologies has a 52-week low of $55.44 and a 52-week high of $223.83.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last posted its earnings results on Thursday, October 22nd. The technology company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.25 by $0.21. TTM Technologies had a net margin of 7.01% and a return on equity of 19.19%. The firm had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.13 billion. During the same quarter in the prior year, the firm earned $0.50 EPS. TTM Technologies's quarterly revenue was up 59.9% on a year-over-year basis. Sell-side analysts expect that TTM Technologies will post 4.36 earnings per share for the current year.

About TTM Technologies

TTM Technologies, Inc is a manufacturer of technology solutions and printed circuit boards (PCBs), which are used to connect and support electronic components in a wide range of products. The company produces conventional rigid PCBs as well as high-density interconnect, flexible and rigid-flex circuit boards, and other advanced circuit technologies.

TTM also provides radio-frequency and microwave/microelectronic assembly capabilities, including components and assemblies used in communications, radar and other high-frequency applications.

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