Needham & Company LLC Forecasts Strong Price Appreciation for TTM Technologies (NASDAQ:TTMI) Stock

TTM Technologies (NASDAQ:TTMI - Get Free Report) had its price target raised by analysts at Needham & Company LLC from $35.00 to $43.00 in a research report issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Needham & Company LLC's price target would suggest a potential upside of 16.37% from the company's current price.

Other research analysts have also issued reports about the company. Stifel Nicolaus reaffirmed a "buy" rating and set a $40.00 target price (up from $33.00) on shares of TTM Technologies in a research report on Monday, June 16th. B. Riley upped their target price on TTM Technologies from $35.00 to $36.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Finally, Truist Financial upped their target price on TTM Technologies from $36.00 to $41.00 and gave the company a "buy" rating in a research report on Monday, June 9th.

TTM Technologies Stock Up 0.7%

Shares of NASDAQ TTMI traded up $0.26 during mid-day trading on Friday, reaching $36.95. 1,572,512 shares of the company were exchanged, compared to its average volume of 834,345. The company has a quick ratio of 1.75, a current ratio of 2.07 and a debt-to-equity ratio of 0.58. The stock has a market cap of $3.76 billion, a price-to-earnings ratio of 49.27 and a beta of 1.37. TTM Technologies has a 1 year low of $15.77 and a 1 year high of $37.92. The firm has a 50-day moving average of $28.21 and a 200 day moving average of $25.31.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The technology company reported $0.50 earnings per share for the quarter, topping analysts' consensus estimates of $0.39 by $0.11. The firm had revenue of $648.67 million during the quarter, compared to analysts' expectations of $621.44 million. TTM Technologies had a return on equity of 10.75% and a net margin of 3.09%. The firm's quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.28 EPS. On average, research analysts expect that TTM Technologies will post 1.76 earnings per share for the current year.

TTM Technologies declared that its Board of Directors has initiated a stock buyback plan on Friday, May 9th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the technology company to purchase up to 3.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Insider Activity

In other news, EVP Douglas L. Soder sold 24,972 shares of the stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $30.00, for a total value of $749,160.00. Following the transaction, the executive vice president now directly owns 173,026 shares of the company's stock, valued at approximately $5,190,780. This represents a 12.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Daniel J. Weber sold 20,170 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $29.51, for a total value of $595,216.70. Following the completion of the transaction, the executive vice president now directly owns 74,983 shares in the company, valued at $2,212,748.33. This represents a 21.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 73,944 shares of company stock valued at $2,235,071. Company insiders own 1.30% of the company's stock.

Institutional Trading of TTM Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of TTMI. Franklin Resources Inc. grew its holdings in TTM Technologies by 532.1% during the fourth quarter. Franklin Resources Inc. now owns 1,957,741 shares of the technology company's stock worth $48,454,000 after acquiring an additional 1,648,017 shares during the period. Nuveen LLC purchased a new position in TTM Technologies during the first quarter worth approximately $31,763,000. Victory Capital Management Inc. boosted its position in TTM Technologies by 391.6% during the fourth quarter. Victory Capital Management Inc. now owns 980,509 shares of the technology company's stock worth $24,268,000 after purchasing an additional 781,058 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in TTM Technologies during the fourth quarter worth approximately $19,040,000. Finally, Massachusetts Financial Services Co. MA boosted its position in TTM Technologies by 50.5% during the fourth 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. 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.