Needham & Company LLC Cuts TTM Technologies (NASDAQ:TTMI) Price Target to $175.00

TTM Technologies (NASDAQ:TTMI) had its price target cut by Needham & Company LLC from $220.00 to $175.00 in a research report sent to investors on Monday, Marketbeat Ratings reports. They currently have a buy rating on the technology company’s stock.

TTMI has been the subject of a number of other reports. B. Riley Financial raised their target price on shares of TTM Technologies from $182.00 to $208.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Zacks Research raised shares of TTM Technologies from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 12th. Weiss Ratings lowered shares of TTM Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, August 25th. Stifel Nicolaus lifted their price objective on shares of TTM Technologies from $175.00 to $205.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Finally, Truist Financial upped their target price on shares of TTM Technologies from $215.00 to $224.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $203.00.

TTM Technologies Price Performance

Shares of TTM Technologies stock opened at $125.82 on Monday. The firm has a market cap of $13.26 billion, a PE ratio of 56.68 and a beta of 2.15. The stock has a 50 day moving average of $124.52 and a 200 day moving average of $139.38. The company has a current ratio of 1.78, a quick ratio of 1.54 and a debt-to-equity ratio of 0.50. TTM Technologies has a 12 month low of $51.09 and a 12 month high of $223.83.

TTM Technologies (NASDAQ:TTMI) last released its quarterly earnings data on Thursday, August 6th. The technology company reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 15.67% and a net margin of 7.01%.The company’s revenue was up 37.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.58 EPS. On average, research analysts expect that TTM Technologies will post 4.26 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Edwin Roks purchased 10,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was bought at an average cost of $111.77 per share, for a total transaction of $1,117,700.00. Following the completion of the transaction, the chief executive officer directly owned 64,814 shares in the company, valued at $7,244,260.78. This represents a 18.24% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Dale Knecht sold 26,198 shares of TTM Technologies stock in a transaction on Monday, August 10th. The stock was sold at an average price of $142.00, for a total transaction of $3,720,116.00. Following the transaction, the senior vice president directly owned 40,138 shares of the company’s stock, valued at $5,699,596. The trade was a 39.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.30% of the stock is owned by company insiders.

Institutional Trading of TTM Technologies

Institutional investors have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its position in shares of TTM Technologies by 39.0% during the second quarter. Envestnet Asset Management Inc. now owns 50,452 shares of the technology company’s stock valued at $9,436,000 after buying an additional 14,155 shares during the period. Integrated Wealth Concepts LLC bought a new position in shares of TTM Technologies during the second quarter valued at approximately $197,000. Nykredit A S purchased a new stake in shares of TTM Technologies in the second quarter worth approximately $621,000. Allianz Asset Management GmbH lifted its stake in shares of TTM Technologies by 10.4% during the 2nd quarter. Allianz Asset Management GmbH now owns 3,269 shares of the technology company’s stock worth $611,000 after acquiring an additional 308 shares during the last quarter. Finally, HighTower Advisors LLC lifted its stake in shares of TTM Technologies by 12.6% during the 2nd quarter. HighTower Advisors LLC now owns 10,388 shares of the technology company’s stock worth $1,943,000 after acquiring an additional 1,160 shares during the last quarter. Institutional investors own 95.79% of the company’s stock.

About TTM Technologies

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.