In a recent transaction on July 3, Douglas L. Soder, the Executive Vice President and President of TTM Technologies Inc. (NASDAQ:TTMI), sold 9,714 shares of the company's common stock. The shares were sold at a price of $20.00 each, resulting in a total transaction value of $194,280.
This sale was conducted under a prearranged 10b5-1 trading plan, which allows company insiders to set up a trading schedule in advance to buy or sell shares at predetermined times. Such plans are used by insiders to avoid accusations of trading on nonpublic information, as they demonstrate that the trades were planned ahead of any specific events that could affect the stock price.
Following the transaction, Soder's direct ownership in TTM Technologies stands at 204,493 shares. The sale and the remaining ownership stake are disclosed in accordance with securities regulations, which require company insiders to report their trading activities.
Investors often monitor insider transactions as they can provide insights into how the company's executives view the stock's value and future prospects. However, it's important to note that these transactions do not necessarily indicate a change in company fundamentals and can be motivated by various personal financial considerations.
TTM Technologies, headquartered in Santa Ana, California, specializes in the manufacturing of printed circuit boards, a key component in electronic devices. The company's stock is publicly traded and is followed by investors interested in the technology and manufacturing sectors.
In other recent news, TTM Technologies has reported strong financial results for the first quarter of 2024, with non-GAAP earnings per share showing significant year-on-year growth. Revenue reached $570.1 million, primarily driven by steady demand in aerospace and defense, and data center computing. Additionally, Needham has maintained a Buy rating on TTM Technologies and raised the share target to $21 from $19, highlighting the company's robust performance in these key sectors.
In line with its expansion strategy, TTM Technologies has launched a new facility in Penang, Malaysia, and announced plans for a proposed facility in Syracuse, New York. These developments aim to enhance the company's aerospace and defense capabilities. In governance news, Mr. Wajid Ali, current CFO of Lumentum Holdings (NASDAQ:LITE) Inc., has been appointed to TTM Technologies' Board of Directors, following the retirement of Dr. Dov S. Zakheim.
These recent developments underscore TTM Technologies' strategic focus on diversifying its business model and establishing a foundation for sustained success in the technology industry. The company's continued performance in aerospace and defense, and data center computing, despite facing macroeconomic challenges, supports the revenue expectations for 2024. The appointment of Mr. Ali and the planned expansions reflect TTM Technologies' commitment to growth and innovation.
InvestingPro Insights
TTM Technologies (NASDAQ:TTMI) has recently been in the spotlight following insider trading activity. As investors consider the implications of such transactions, it's essential to look at the broader financial picture presented by the company's real-time metrics and expert analysis.
InvestingPro data indicates a complex financial landscape for TTM Technologies. Despite a challenging revenue growth rate in the last twelve months as of Q1 2024, which saw a decrease of 8.14%, the company has demonstrated a significant price performance with a 31.31% return over the last three months and a nearly 30% uptick over the past six months. The company's stock is trading close to its 52-week high, currently at 99.4% of that peak, reflecting investor confidence or market momentum.
Two noteworthy InvestingPro Tips for TTM Technologies include an expected growth in net income this year, which could signal a turnaround from the previous twelve months where the company was not profitable. Additionally, the company's liquid assets exceed its short-term obligations, suggesting a solid financial position for meeting immediate liabilities.
These insights, along with the 9 additional tips available on InvestingPro, can provide a deeper understanding of TTM Technologies' financial health and future prospects. For those looking to access these valuable tips and more comprehensive analysis, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
Understanding the company's financials and the industry landscape can offer investors a more nuanced view of the potential impacts of insider transactions on their investment decisions.
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