---
title: "TTM Technologies bought $100 million of itself at $86.31 and its CEO followed at $88"
description: "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."
publisher: "The Inference"
section: "Chips"
published: 2026-11-01T15:09:02.325Z
modified: 2026-11-01T15:09:02.325Z
canonical: https://theinference.org/article/ttm-technologies-bought-100-million-of-itself-at-86-31-and-its-ceo-followed-at-88
language: en
keywords: "TTM Technologies, Insider Buying, Share Repurchases, PCB, AI Data Center"
---

# 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.

## The CEO bought two days after the company did

[Edwin Roks](https://theinference.org/markets/people/edwin-roks), president and chief executive of [TTM Technologies](https://theinference.org/markets/companies/ttm-technologies), [bought 5,000 shares of his own company at $88.07 on October 28, 2026](https://www.sec.gov/Archives/edgar/data/1116942/000119312526436562/0001193125-26-436562-index.htm), a $440,349 purchase that lifted his direct stake to 64,483 shares [2]. The same day, director [Wajid Ali](https://theinference.org/markets/people/wajid-ali) [bought 10,000 shares at an average $90.25](https://www.sec.gov/Archives/edgar/data/1116942/000119312526436557/0001193125-26-436557-index.htm), $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](https://www.sec.gov/Archives/edgar/data/1116942/000119312526434993/0001193125-26-434993-index.htm), 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](https://finance.yahoo.com/markets/stocks/articles/ttm-technologies-ttmi-q3-2026-170333002.html), 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](https://finance.yahoo.com/markets/stocks/articles/why-ttm-technologies-ttmi-stock-163753867.html), 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](https://theinference.org/article/ttm-armed-a-seven-week-self-destruct-on-500-million-of-notes-epiq-closed-in-time) 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].

*Chart: **Management bought between $86 and $90 while the average analyst target reads $173** Six share-price levels in US dollars: the October 30 open near $83, TTM's October 2026 buyback average at $86.31, the CEO's purchase price of $88.07 and a director's at $90.25 highlighted in gold, all far below the $173.25 average analyst target and the $223.83 52-week high.*

*Share price levels in US dollars. Buyback average from TTM's October 27, 2026 8-K; CEO and director purchase prices from Form 4 filings dated October 28, 2026; open, average analyst target and 52-week high from MarketBeat, November 1, 2026. The analyst target is marked as an estimate. [1][2][3][6]*

## 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](https://www.tweaktown.com/news/114408/pcb-shortages-are-hitting-pc-makers-due-to-ai-server-demand-with-some-orders-taking-up-to-30-months-to-fulfill/index.html) 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](https://www.ad-hoc-news.de/boerse/news/corporate-news/needham-cuts-target-for-ttm-technologies-stock-to-usd-150/70409068), [Stifel](https://theinference.org/markets/companies/stifel) to $165 from $205 and [Truist](https://theinference.org/markets/companies/truist-financial) to $170 from $231, all on October 23, yet the average target still reads $173.25 on a stock that opened at $82.94 [7][6]. 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].

*Chart: **Three target cuts on October 23 still left an average target of $173 on an $83 stock** Range chart of analyst price targets for TTM Technologies: Needham cut from $175 to $150, Stifel from $205 to $165 and Truist from $231 to $170 on October 23, 2026.*

*Analyst price targets in US dollars before and after the October 23, 2026 cuts. From Ad hoc News (Needham) and MarketBeat; TTM opened October 30 at $82.94. [7][6]*

## 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 [4][6]. 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](https://theinference.org/article/circuit-board-maker-ttm-technologies-beat-every-line-and-still-fell-27-7-on-its-record-quarter) [8].

## Takeaway

TTM's $100 million buyback at $86.31 and $1.34 million of CEO and director purchases mark a real-money floor under a stock down 63%, but the fourth-quarter print, carrying $33.9 million of interest, decides the $173 target debate.

## Sources

1. [SEC EDGAR, TTM Technologies Form 8-K, share repurchase completion and new $100 million authorization, filed 28 October 2026](https://www.sec.gov/Archives/edgar/data/1116942/000119312526434993/0001193125-26-434993-index.htm)
2. [SEC EDGAR, TTM Technologies Form 4, Edwin Roks purchase, filed 28 October 2026](https://www.sec.gov/Archives/edgar/data/1116942/000119312526436562/0001193125-26-436562-index.htm)
3. [SEC EDGAR, TTM Technologies Form 4, Wajid Ali purchase, filed 28 October 2026](https://www.sec.gov/Archives/edgar/data/1116942/000119312526436557/0001193125-26-436557-index.htm)
4. [The Motley Fool via Yahoo Finance, TTM Technologies Q3 2026 earnings call transcript, 22 October 2026](https://finance.yahoo.com/markets/stocks/articles/ttm-technologies-ttmi-q3-2026-170333002.html)
5. [StockStory via Yahoo Finance, Why TTM Technologies stock is trading lower today, 22 October 2026](https://finance.yahoo.com/markets/stocks/articles/why-ttm-technologies-ttmi-stock-163753867.html)
6. [MarketBeat, TTM Technologies rating lowered to buy at Wall Street Zen, 1 November 2026](https://www.marketbeat.com/instant-alerts/analyst-ttm-technologies-nasdaq-ttmi-rating-lowered-to-buy-at-wall-street-zen-2026-11-01/)
7. [Ad hoc News, Needham cuts target for TTM Technologies stock to USD 150, 28 October 2026](https://www.ad-hoc-news.de/boerse/news/corporate-news/needham-cuts-target-for-ttm-technologies-stock-to-usd-150/70409068)
8. [Ainvest, TTMI bounced 10% off a 60% crash, the record quarter masked a data-center miss, 28 October 2026](https://www.ainvest.com/news/ttmi-bounced-10-60-crash-record-quarter-masked-data-center-bounce-reclaim-102-2610/)
9. [MarketBeat, 38,000 shares in TTM Technologies purchased by Capelight Capital, 26 October 2026](https://www.marketbeat.com/instant-alerts/filing-38000-shares-in-ttm-technologies-inc-ttmi-purchased-by-capelight-capital-asset-management-lp-2026-10-26/)
10. [TweakTown, PCB shortages are hitting PC makers due to AI server demand, 1 November 2026](https://www.tweaktown.com/news/114408/pcb-shortages-are-hitting-pc-makers-due-to-ai-server-demand-with-some-orders-taking-up-to-30-months-to-fulfill/index.html)


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TTM Technologies bought $100 million of itself at $86.31 and its CEO followed at $88 — The Inference. Canonical: https://theinference.org/article/ttm-technologies-bought-100-million-of-itself-at-86-31-and-its-ceo-followed-at-88