In a recent transaction, Douglas L. Soder, an officer of TTM Technologies Inc (NASDAQ:TTMI), sold 2,600 shares of the company's common stock. The sale, which took place on June 18, 2024, was executed at a price of $19.00 per share, resulting in a total value of $49,400.
This transaction was carried out under a prearranged 10b5-1 Sales Plan, which allows company insiders to sell shares at predetermined times to avoid accusations of insider trading. The sale price of $19.00 represents a single print, indicating that the shares were sold in one batch at this price.
Following the sale, Soder continues to hold 236,974 shares of TTM Technologies, maintaining a significant stake in the company. The transaction was officially signed off by Daniel J. Weber, Attorney-in-Fact, on June 19, 2024.
TTM Technologies, based in Santa Ana, California, specializes in the manufacturing of printed circuit boards, a crucial component in various electronic devices. The company's stock is publicly traded on the NASDAQ exchange, where investors can follow the latest developments and transactions.
Investors often monitor insider sales as they can provide insights into an executive's perspective on the company's current valuation and future prospects. However, it is essential to consider that sales like this one can be motivated by various personal financial needs or portfolio diversification strategies and not necessarily reflect a negative outlook on the company's future.
In other recent news, TTM Technologies has been capturing investor attention with significant developments. The company's Q1 earnings showcased a robust financial performance, with revenues reaching $570.1 million, driven by strong demand in aerospace, defense, and data center computing markets. Needham, an analyst firm, maintained a Buy rating on TTM Technologies, appreciating its performance in these sectors, which contributed to over two-thirds of the company's Q1 revenue.
The firm also increased the shares target to $21 from $19, reflecting confidence in the potential for TTM Technologies' shares to continue their upward trajectory. In addition to its financial growth, TTM Technologies has also announced expansion plans. These include the launch of a new facility in Penang, Malaysia, and a proposed facility in Syracuse, New York, aimed at enhancing its aerospace and defense capabilities.
Furthermore, TTM Technologies has made a notable change to its board of directors. Following the retirement of Dr. Dov S. Zakheim, the company has appointed Mr. Wajid Ali, current CFO of Lumentum Holdings (NASDAQ:LITE) Inc., to its Board of Directors. Mr. Ali's extensive financial background and experience in the technology sector are expected to be beneficial for the company's future endeavors. These are among the recent developments that have been shaping TTM Technologies' strategic focus.
InvestingPro Insights
As TTM Technologies (NASDAQ:TTMI) experiences insider trading activity, potential investors and current shareholders might look for deeper financial insights to better understand the company's position and future outlook. Access to real-time data and expert analysis, such as those provided by InvestingPro, becomes invaluable in these situations.
InvestingPro data shows that TTM Technologies has a market capitalization of approximately $1.93 billion, with a forward Price-to-Earnings (P/E) ratio for the last twelve months as of Q1 2024 at 39.07, reflecting expectations of future earnings growth. The company's stock is trading near its 52-week high, with a price that is 99.63% of this peak, indicating strong recent performance. This is supported by a significant 33.9% total return over the last three months, showcasing a robust short-term gain for investors.
Among the InvestingPro Tips for TTM Technologies, two particularly stand out in the context of the recent insider sale. Firstly, analysts predict that the company will be profitable this year, which might explain the officer's decision to sell at this time, potentially capitalizing on the stock's current performance. Secondly, the company is noted to suffer from weak gross profit margins, with the last twelve months as of Q1 2024 showing a gross profit margin of 19.08%. This could be a concern for investors, as it may impact the company's ability to generate income efficiently.
While insider sales can prompt a closer examination of a company's financial health, TTM Technologies' strong return over the last three months and the prediction of net income growth this year could signal confidence to investors. For those seeking more detailed analyses and additional insights, InvestingPro offers a broader range of tips; for TTM Technologies, there are seven more InvestingPro Tips available. These can be accessed at https://www.investing.com/pro/TTMI, and interested readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.