TTM Technologies (NASDAQ:TTMI) Given Buy Rating at Needham & Company LLC

Key Points

• Analysts at Needham & Company LLC have reiterated a "buy" rating for TTM Technologies (NASDAQ:TTMI), with a price target of $56.00, indicating a potential upside of 31.39% from its previous close.
• TTM Technologies recently reported earnings of $0.58 per share for the last quarter, exceeding analyst estimates and showing a revenue increase of 20.7% year-over-year.
• The company's board has authorized a $100 million share repurchase plan, reflecting confidence in the stock's valuation amidst recent insider selling.

TTM Technologies (NASDAQ:TTMI - Get Free Report)'s stock had its "buy" rating reiterated by analysts at Needham & Company LLC in a report released on Friday,Benzinga reports. They presently have a $56.00 price objective on the technology company's stock. Needham & Company LLC's price objective indicates a potential upside of 31.39% from the company's previous close.

Several other research analysts have also weighed in on TTMI. Wall Street Zen upgraded TTM Technologies from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. B. Riley lifted their target price on TTM Technologies from $36.00 to $50.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Stifel Nicolaus lifted their price target on TTM Technologies from $40.00 to $55.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Finally, Truist Financial lifted their price target on TTM Technologies from $41.00 to $48.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $52.25.

TTM Technologies Stock Down 5.2%

NASDAQ:TTMI opened at $42.62 on Friday. TTM Technologies has a 12-month low of $15.77 and a 12-month high of $51.15. The company has a quick ratio of 1.72, a current ratio of 2.03 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $4.40 billion, a P/E ratio of 47.36 and a beta of 1.48. The stock's fifty day simple moving average is $42.19 and its 200-day simple moving average is $30.25.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last posted its earnings results on Wednesday, July 30th. The technology company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.06. The firm had revenue of $730.62 million for the quarter, compared to analyst estimates of $668.42 million. TTM Technologies had a return on equity of 11.80% and a net margin of 3.52%. The company's revenue for the quarter was up 20.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 earnings per share. Equities research analysts expect that TTM Technologies will post 1.76 earnings per share for the current year.

TTM Technologies announced that its board has initiated a share repurchase plan on Friday, May 9th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 3.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Tom Clapprood sold 15,000 shares of TTM Technologies stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $44.68, for a total value of $670,200.00. Following the sale, the insider owned 23,531 shares of the company's stock, valued at approximately $1,051,365.08. The trade was a 38.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Philip Titterton sold 23,486 shares of TTM Technologies stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $36.39, for a total value of $854,655.54. Following the completion of the sale, the chief operating officer directly owned 123,338 shares in the company, 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. Insiders sold a total of 71,568 shares of company stock worth $2,697,400 in the last three months. Insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On TTM Technologies

Institutional investors have recently bought and sold shares of the business. Quarry LP increased its position in TTM Technologies by 249.9% during the first quarter. Quarry LP now owns 2,110 shares of the technology company's stock worth $43,000 after buying an additional 1,507 shares during the last quarter. USA Financial Formulas increased its position in TTM Technologies by 119.1% during the first quarter. USA Financial Formulas now owns 2,237 shares of the technology company's stock worth $46,000 after buying an additional 1,216 shares during the last quarter. Concord Wealth Partners acquired a new position in TTM Technologies during the second quarter worth approximately $47,000. EverSource Wealth Advisors LLC boosted its holdings in shares of TTM Technologies by 52.8% during the second quarter. EverSource Wealth Advisors LLC now owns 1,244 shares of the technology company's stock worth $51,000 after acquiring an additional 430 shares during the period. Finally, Sterling Capital Management LLC boosted its holdings in shares of TTM Technologies by 808.9% during the fourth quarter. Sterling Capital Management LLC now owns 3,181 shares of the technology company's stock worth $79,000 after acquiring an additional 2,831 shares during the period. Institutional investors and hedge funds own 95.79% of the company's stock.

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.

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