TTM Technologies (NASDAQ:TTMI) Shares Gap Up – Here’s What Happened

TTM Technologies, Inc. (NASDAQ:TTMI)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $107.12, but opened at $113.00. TTM Technologies shares last traded at $111.8340, with a volume of 439,935 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. B. Riley Financial raised their price objective on TTM Technologies from $182.00 to $208.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Truist Financial boosted their price objective 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. Needham & Company LLC reissued a “buy” rating and issued a $220.00 price objective on shares of TTM Technologies in a research report on Tuesday, August 18th. Weiss Ratings upgraded shares of TTM Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Finally, Wall Street Zen raised shares of TTM Technologies from a “buy” rating to a “strong-buy” rating in a research report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $214.25.

TTM Technologies Price Performance

The company has a market cap of $11.82 billion, a price-to-earnings ratio of 50.66 and a beta of 2.15. The company’s 50-day simple moving average is $149.68 and its 200-day simple moving average is $136.21. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.78 and a quick ratio of 1.54.

TTM Technologies (NASDAQ:TTMI) last issued its quarterly earnings results on Thursday, August 6th. The technology company reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.10. The firm had revenue of $1 billion during 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%.TTM Technologies’s revenue for the quarter was up 37.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.58 earnings per share. On average, equities research analysts anticipate that TTM Technologies, Inc. will post 4.26 EPS for the current year.

Insider Activity

In other TTM Technologies news, EVP Catherine A. Gridley sold 8,966 shares of the stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $209.80, for a total transaction of $1,881,066.80. Following the sale, the executive vice president directly owned 69,679 shares of the company’s stock, valued at approximately $14,618,654.20. This represents a 11.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Daniel J. Weber sold 8,533 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $209.80, for a total transaction of $1,790,223.40. Following the completion of the transaction, the executive vice president owned 86,088 shares in the company, valued at approximately $18,061,262.40. The trade was a 9.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 108,241 shares of company stock valued at $20,911,975 over the last three months. 1.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On TTM Technologies

A number of institutional investors have recently modified their holdings of the business. California State Teachers Retirement System lifted its holdings in TTM Technologies by 18,244.6% in the second quarter. California State Teachers Retirement System now owns 21,964,564 shares of the technology company’s stock worth $4,107,813,000 after acquiring an additional 21,844,831 shares during the last quarter. BlackRock Inc. acquired a new position in TTM Technologies in the second quarter valued at approximately $2,053,347,000. Invesco Ltd. grew its holdings in shares of TTM Technologies by 3.5% during the fourth quarter. Invesco Ltd. now owns 4,980,091 shares of the technology company’s stock valued at $343,626,000 after purchasing an additional 166,188 shares during the last quarter. Whale Rock Capital Management LLC grew its holdings in shares of TTM Technologies by 112.1% during the fourth quarter. Whale Rock Capital Management LLC now owns 4,276,320 shares of the technology company’s stock valued at $295,066,000 after purchasing an additional 2,260,035 shares during the last quarter. Finally, Polar Capital Holdings Plc acquired a new stake in shares of TTM Technologies during the 3rd quarter worth approximately $176,376,000. Institutional investors own 95.79% of the company’s stock.

About TTM Technologies

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.