TTM Technologies' (TTMI) "Buy" Rating Reiterated at Needham & Company LLC

Key Points

• Needham & Company reiterated its “Buy” rating on TTM Technologies and set a $220 price target, implying 56.05% upside from the prior close. The stock has a consensus “Buy” rating and an average target of $214.25.
• TTM Technologies reported strong quarterly results, with earnings per share of $0.99 versus estimates of $0.89 and revenue of $1.0 billion versus expectations of $962.04 million. Revenue increased 37.4% year over year.
• Institutional investors own 95.79% of TTM’s shares, while company insiders sold 108,241 shares worth about $20.9 million during the latest quarter.

TTM Technologies (NASDAQ:TTMI - Get Free Report)'s stock had its "buy" rating reiterated by analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $220.00 target price on the technology company's stock. Needham & Company LLC's target price indicates a potential upside of 56.05% from the company's previous close.

TTMI has been the subject of a number of other reports. Weiss Ratings raised shares of TTM Technologies from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, August 6th. Truist Financial boosted their price target on shares of TTM Technologies from $215.00 to $224.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Zacks Research upgraded shares of TTM Technologies from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 12th. B. Riley Financial boosted their price objective on shares of TTM Technologies from $182.00 to $208.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Finally, Wall Street Zen upgraded TTM Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to MarketBeat, TTM Technologies presently has a consensus rating of "Buy" and a consensus price target of $214.25.

TTM Technologies Stock Up 0.7%

Shares of NASDAQ TTMI opened at $140.98 on Tuesday. TTM Technologies has a 52-week low of $39.20 and a 52-week high of $223.83. The firm has a market capitalization of $14.85 billion, a price-to-earnings ratio of 63.50 and a beta of 2.15. The stock has a 50 day moving average price of $156.88 and a 200 day moving average price of $135.71. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.54 and a current ratio of 1.78.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last issued its earnings results on Thursday, August 6th. The technology company reported $0.99 earnings per share for the quarter, beating analysts' consensus estimates of $0.89 by $0.10. TTM Technologies had a return on equity of 15.67% and a net margin of 7.01%.The business had revenue of $1 billion during the quarter, compared to analyst estimates of $962.04 million. During the same period in the previous year, the company posted $0.58 EPS. TTM Technologies's revenue was up 37.4% on a year-over-year basis. Sell-side analysts expect that TTM Technologies will post 4.26 earnings per share for the current year.

Insider Buying and Selling at TTM Technologies

In other news, EVP Shawn A. Powers sold 3,367 shares of the firm's stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $208.94, for a total value of $703,500.98. Following the sale, the executive vice president directly owned 120,801 shares in the company, valued at approximately $25,240,160.94. This trade represents a 2.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Catherine A. Gridley sold 3,056 shares of TTM Technologies stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $208.94, for a total transaction of $638,520.64. Following the completion of the transaction, the executive vice president directly owned 71,866 shares in the company, valued at approximately $15,015,682.04. The trade was a 4.08% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 108,241 shares of company stock valued at $20,911,975. 1.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On TTM Technologies

Institutional investors and hedge funds have recently bought and sold shares of the company. Harbor Investment Advisory LLC purchased a new stake in shares of TTM Technologies during the 2nd quarter valued at $29,000. Kestra Advisory Services LLC purchased a new stake in TTM Technologies in the fourth quarter valued at about $30,000. Truvestments Capital LLC purchased a new stake in TTM Technologies in the fourth quarter valued at about $30,000. 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. Finally, Rakuten Securities Inc. purchased a new stake in shares of TTM Technologies during the fourth quarter worth about $32,000. 95.79% of the stock is owned by hedge funds and other institutional investors.

TTM Technologies Company Profile

TTM Technologies, Inc is a leading global manufacturer of printed circuit boards (PCBs) and related electronic components. The company's product portfolio spans rigid, flexible and rigid-flex circuit boards, as well as advanced substrates, backplanes, hybrid circuits and integrated antenna modules. In addition to PCB fabrication, TTM offers comprehensive system‐level services, including design support, surface mount technology (SMT) assembly, cable and wire harness assembly, and complete box-build solutions to address end-to-end customer requirements.

Serving a broad array of end markets, TTM Technologies supports customers in the communications, computing, automotive, aerospace and defense, industrial, and medical sectors.

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