TTM Technologies bought $100 million of itself at $86.31 and its CEO followed at $88
TTM posted a record quarter, admitted its AI data-center line ran 10% below its own target, and watched the stock lose 63% from its high. Then the company spent $100 million buying itself at $86.31 and two insiders added $1.34 million at $88 to $90.
Vincent Jiang · 3 min read
The CEO bought two days after the company did
Edwin Roks, president and chief executive of TTM Technologies−4.83% — TTM Technologies, down 4.83 percent today, bought 5,000 shares of his own company at $88.07 on October 28, 2026, a $440,349 purchase that lifted his direct stake to 64,483 shares 2. The same day, director Wajid Ali bought 10,000 shares at an average $90.25, $902,460, taking his stake up 39% to 35,835 shares 3.
Two days before both filings, the company itself bought roughly 1.16 million of its own shares for $100 million at an average $86.31, every share of it on October 26 and 27 1. The board then authorized a fresh $100 million program running through October 27, 2027 1.
A record quarter, sold like a broken one
On October 22 TTM reported third-quarter revenue of $1.20 billion, up 59.9% year over year, non-GAAP earnings of $1.46 a share against a $1.25 consensus, and record adjusted EBITDA of $242.3 million at a 20.1% margin 4. The stock fell 23.8% in the morning session anyway, because the fourth-quarter revenue guide of $1.42 billion to $1.44 billion set its midpoint just under the $1.44 billion consensus 5. It opened October 30 at $82.94, down 63% from the 52-week high of $223.83 6.
The growth engine missed its own number
Data Center and Networking, 41% of quarterly sales, came in about 10% below the company's own guidance for the quarter 4. Roks told analysts the shortfall was customer program timing, not a technical problem, and that yields are where they should be, while lead times on materials run 12 weeks and sometimes 24 weeks or longer 4.
The cost of the growth plan is now on the page. Debt raised for the closed Epiq Solutions deal and the pending $650 million all-cash purchase of Ophir Optics adds roughly $20 million a quarter of interest, and fourth-quarter interest expense is guided to $33.9 million against $12.1 million in the third quarter 4.
Management bought between $86 and $90 while the average analyst target reads $173
- Estimate
Data
| Value | |
|---|---|
| Average analyst target (estimate) | $173.25 |
| 52-week high | $223.83 |
| Open, Oct 30 | $82.94 |
| Buyback avg, Oct 26-27 | $86.31 |
| CEO buy, Oct 28 | $88.07 |
| Director buy, Oct 28 | $90.25 |
The shortage is real, and so is the doubt
The physical case for the business stands. Nikkei reports circuit-board orders taking up to 30 months to fill and at least one laminate supplier's order book filled through 2030 10.
The street's doubt stands too. Needham cut its target to $150 from $175, Stifel−2.44% — Stifel, down 2.44 percent today to $165 from $205 and Truist−1.40% — Truist, down 1.40 percent today to $170 from $231, all on October 23, yet the average target still reads $173.25 on a stock that opened at $82.94 76. Several law firms have announced investigations into possible securities-law violations after the selloff; those are allegations, not findings 9. And senior vice president Dale Knecht sold 26,198 shares at $142.00 in August, before the miss 9.
Three target cuts on October 23 still left an average target of $173 on an $83 stock
- Old target
- New target
Data
| Old target | New target | Change | |
|---|---|---|---|
| Needham | $175 | $150 | -14.3% |
| Stifel | $205 | $165 | -19.5% |
| Truist | $231 | $170 | -26.4% |
What decides it
At $82.94 the stock trades near ten times the company's own preliminary 2027 earnings guide of $8.10 to $8.90 a share 46. The next reading is the fourth quarter itself, a $1.42 billion to $1.44 billion revenue guide now carrying $33.9 million of quarterly interest 4.
On the chart, the lines that matter are $102, the gap the stock fell from, and $80, the floor it held last week, with $55.44 as the 52-week low underneath 8. Management marked its position at $86 to $90 with real money 8. The street left its average target at $173 on an $83 stock, and the next quarterly print decides whose mark holds 8.
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