SiTime (NASDAQ:SITM) Upgraded to “Equal Weight” at Barclays

Barclays upgraded shares of SiTime (NASDAQ:SITM) from an underweight rating to an equal weight rating in a report released on Thursday, Marketbeat Ratings reports. The firm currently has $360.00 target price on the stock, up from their previous target price of $260.00.

Several other research firms have also weighed in on SITM. The Goldman Sachs Group started coverage on SiTime in a report on Monday, December 15th. They issued a “buy” rating and a $420.00 target price for the company. Loop Capital began coverage on shares of SiTime in a research note on Friday, November 21st. They issued a “buy” rating and a $350.00 price objective for the company. Stifel Nicolaus set a $360.00 target price on shares of SiTime in a research note on Thursday, November 6th. Roth Capital reiterated a “buy” rating and issued a $350.00 target price on shares of SiTime in a report on Thursday, November 6th. Finally, UBS Group upped their price target on shares of SiTime from $355.00 to $375.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $355.63.

SiTime Stock Up 5.3%

SITM stock opened at $372.22 on Thursday. The firm has a 50 day moving average of $333.84 and a two-hundred day moving average of $277.90. SiTime has a 12 month low of $105.40 and a 12 month high of $387.52. The company has a market capitalization of $9.71 billion, a price-to-earnings ratio of -123.23 and a beta of 2.49.

SiTime (NASDAQ:SITM) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. The business had revenue of $83.57 million for the quarter, compared to the consensus estimate of $78.08 million. SiTime had a negative net margin of 25.18% and a negative return on equity of 5.69%. SiTime’s revenue for the quarter was up 44.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.40 EPS. On average, research analysts expect that SiTime will post -2.44 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Fariborz Assaderaghi sold 1,500 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $291.58, for a total transaction of $437,370.00. Following the transaction, the insider directly owned 84,815 shares in the company, valued at $24,730,357.70. The trade was a 1.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Samsheer Ahamad sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $291.10, for a total value of $1,164,400.00. Following the completion of the transaction, the insider directly owned 51,711 shares of the company’s stock, valued at approximately $15,053,072.10. This trade represents a 7.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 21,500 shares of company stock worth $6,791,710 in the last ninety days. Insiders own 2.10% of the company’s stock.

Institutional Trading of SiTime

A number of institutional investors and hedge funds have recently modified their holdings of SITM. Vanguard Group Inc. lifted its position in SiTime by 4.7% in the third quarter. Vanguard Group Inc. now owns 2,764,066 shares of the company’s stock worth $832,841,000 after purchasing an additional 123,287 shares during the period. Invesco Ltd. lifted its holdings in shares of SiTime by 1.8% during the 3rd quarter. Invesco Ltd. now owns 1,037,305 shares of the company’s stock worth $312,550,000 after acquiring an additional 18,165 shares during the period. State Street Corp lifted its holdings in shares of SiTime by 3.7% during the 2nd quarter. State Street Corp now owns 911,280 shares of the company’s stock worth $194,176,000 after acquiring an additional 32,178 shares during the period. Ameriprise Financial Inc. boosted its position in shares of SiTime by 22.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock valued at $156,887,000 after acquiring an additional 132,948 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in SiTime by 36.8% in the third quarter. Wellington Management Group LLP now owns 537,741 shares of the company’s stock valued at $162,027,000 after acquiring an additional 144,671 shares during the period. 84.31% of the stock is currently owned by institutional investors.

About SiTime

SiTime Corporation is a fabless semiconductor company specializing in silicon timing solutions that leverage micro-electromechanical systems (MEMS) technology as an alternative to traditional quartz crystals. Its portfolio of programmable oscillators, resonators, clock generators, jitter attenuators and network synchronizers addresses precision timekeeping requirements across a wide range of electronic systems. By integrating MEMS resonators with advanced mixed-signal control circuitry, SiTime’s products offer enhanced reliability, resistance to shock and vibration, and a smaller footprint compared with conventional quartz devices.

The company’s timing devices serve diverse end markets, including telecommunications infrastructure, data center and enterprise networking, consumer electronics, automotive systems, industrial automation, and aerospace and defense applications.