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Philip Titterton, Executive Vice President and Chief Operating Officer of TTM Technologies Inc. (NASDAQ:TTMI), recently sold shares of the company as reported in a recent SEC filing. On February 12, Titterton sold 24,792 shares at a weighted average price of $25.5564, amounting to a total transaction value of approximately $633,594. The shares were sold as part of a pre-arranged 10b5-1 Sales Plan, following the vesting of performance-based restricted stock units. The transaction occurs as TTM trades near its 52-week high of $30.41, with the stock showing remarkable strength, gaining over 72% in the past year.
In addition to this sale, Titterton also engaged in a transaction on February 11, acquiring 36,981 shares of common stock at no cost, due to the vesting of performance-based restricted stock units granted in June 2022. After these transactions, Titterton holds 157,528 shares of TTM Technologies, representing a significant stake in the company, which currently has a market capitalization of $2.64 billion and trades at a P/E ratio of 46.8x.
The sales were conducted to cover tax liabilities related to the vesting of performance-based restricted stock units, as outlined in the filing. According to InvestingPro, analysts maintain a bullish outlook on TTMI, with price targets ranging from $33 to $38, suggesting potential upside from current levels. Get access to 10+ additional ProTips and comprehensive analysis with InvestingPro.
In other recent news, TTM Technologies has been the subject of multiple analyst upgrades. Stifel initiated coverage on the company with a Buy rating and set a price target of $33.00, citing the company’s successful revenue diversification and strategic focus on key customers. Similarly, Truist Securities increased its price target to $38.00 from the previous $32.00 while maintaining a Buy rating. Needham also raised its price target from $30.00 to $33.00, reiterating a Buy rating.
These recent developments follow TTM Technologies’ impressive earnings and revenue results. The company reported a robust 14% year-over-year revenue increase for Q4, surpassing both the consensus estimate of 11% and the high end of the company’s own guidance. This revenue surge contributed to a strong earnings per share (EPS) performance, which was further boosted by foreign exchange gains.
TTM Technologies’ strong performance was driven by robust demand in its Aerospace and Defense, Data Center Computing, and Networking end markets. The company’s Data Center Computing revenues reached a record 22% of total company revenues in the quarter. Looking ahead, TTM Technologies provided guidance for the first quarter of 2025, projecting revenue between $600 million and $640 million. The company expects adjusted earnings per share in the range of $0.37 to $0.43.
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