Needham & Company LLC Has Lowered Expectations for TTM Technologies (NASDAQ:TTMI) Stock Price

TTM Technologies (NASDAQ:TTMI) had its target price lowered by equities researchers at Needham & Company LLC from $220.00 to $175.00 in a research report issued on Monday, Marketbeat Ratings reports. The brokerage presently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 37.29% from the stock’s previous close.

Several other brokerages also recently weighed in on TTMI. B. Riley Financial increased their price target on TTM Technologies from $182.00 to $208.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Stifel Nicolaus boosted their price objective on shares of TTM Technologies from $175.00 to $205.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Weiss Ratings downgraded shares of TTM Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, August 25th. Zacks Research upgraded shares of TTM Technologies from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 12th. Finally, Truist Financial raised their target price on shares of TTM Technologies from $215.00 to $224.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $203.00.

TTM Technologies Price Performance

Shares of TTMI opened at $127.47 on Monday. 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 has a fifty-two week low of $51.09 and a fifty-two week high of $223.83. The firm has a 50-day simple moving average of $124.87 and a 200-day simple moving average of $139.19. The company has a market capitalization of $13.43 billion, a price-to-earnings ratio of 57.42 and a beta of 2.15.

TTM Technologies (NASDAQ:TTMI) last issued its quarterly earnings results on Thursday, August 6th. The technology company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.10. TTM Technologies had a return on equity of 15.67% and a net margin of 7.01%.The firm had revenue of $1 billion for the quarter, compared to analysts’ expectations of $962.04 million. During the same quarter in the previous year, the firm posted $0.58 EPS. The firm’s revenue for the quarter was up 37.4% on a year-over-year basis. On average, equities research analysts anticipate that TTM Technologies will post 4.26 earnings per share for the current year.

Insider Activity at TTM Technologies

In other news, EVP Catherine A. Gridley sold 3,056 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The shares were 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 of the company’s stock, valued at $15,015,682.04. This trade represents a 4.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Edwin Roks acquired 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The shares were bought at an average price of $111.77 per share, with a total value 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 approximately $7,244,260.78. The trade was a 18.24% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold a total of 50,018 shares of company stock valued at $8,697,039 in the last quarter. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On TTM Technologies

A number of institutional investors have recently made changes to their positions in TTMI. Harbor Investment Advisory LLC purchased a new position in shares of TTM Technologies in the second quarter valued at $29,000. GoalVest Advisory LLC increased its stake in TTM Technologies by 456.7% during the 2nd quarter. GoalVest Advisory LLC now owns 167 shares of the technology company’s stock worth $31,000 after buying an additional 137 shares during the period. Parallel Advisors LLC increased its stake in TTM Technologies by 36.2% during the 1st quarter. Parallel Advisors LLC now owns 327 shares of the technology company’s stock worth $32,000 after buying an additional 87 shares during the period. Signature Equity Partners LLC acquired a new position in TTM Technologies in the 1st quarter worth $40,000. Finally, Manning & Napier Advisors LLC acquired a new position in TTM Technologies in the 2nd quarter worth $47,000. 95.79% of the stock is owned by institutional investors and hedge funds.

TTM Technologies Company Profile

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.