SiTime (NASDAQ:SITM) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of SiTime (NASDAQ:SITM) from a hold rating to a buy rating in a research report report published on Sunday morning.

Several other equities research analysts have also issued reports on the stock. Needham & Company LLC raised their price target on shares of SiTime from $400.00 to $450.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Stifel Nicolaus set a $450.00 price objective on SiTime in a research note on Thursday, February 5th. Roth Mkm reissued a “buy” rating and set a $450.00 price objective on shares of SiTime in a report on Thursday, February 5th. Barclays set a $400.00 target price on SiTime in a research report on Thursday, February 5th. Finally, UBS Group upped their price target on SiTime from $430.00 to $485.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $409.38.

SiTime Stock Performance

Shares of NASDAQ:SITM opened at $354.35 on Friday. The company has a market capitalization of $9.32 billion, a P/E ratio of -194.70 and a beta of 2.53. The company’s 50-day moving average is $376.03 and its 200 day moving average is $334.01. SiTime has a fifty-two week low of $105.40 and a fifty-two week high of $446.95.

SiTime (NASDAQ:SITM) last posted its quarterly earnings data on Wednesday, February 4th. The company reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.33. The business had revenue of $113.29 million during the quarter, compared to the consensus estimate of $101.91 million. SiTime had a negative net margin of 13.13% and a negative return on equity of 2.06%. The firm’s quarterly revenue was up 66.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.48 earnings per share. As a group, research analysts predict that SiTime will post -2.44 earnings per share for the current year.

Insider Activity at SiTime

In related news, insider Fariborz Assaderaghi sold 4,984 shares of SiTime stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $406.45, for a total value of $2,025,746.80. Following the completion of the transaction, the insider directly owned 89,194 shares in the company, valued at approximately $36,252,901.30. The trade was a 5.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Samsheer Ahamad sold 9,100 shares of the business’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $441.47, for a total transaction of $4,017,377.00. Following the sale, the insider directly owned 52,938 shares in the company, valued at $23,370,538.86. The trade was a 14.67% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 23,263 shares of company stock worth $9,851,457 in the last ninety days. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On SiTime

Several hedge funds have recently made changes to their positions in the stock. Ariose Capital Management Ltd bought a new position in SiTime in the 3rd quarter worth about $2,974,000. Emerald Mutual Fund Advisers Trust increased its position in shares of SiTime by 10.6% during the third quarter. Emerald Mutual Fund Advisers Trust now owns 98,689 shares of the company’s stock valued at $29,736,000 after buying an additional 9,492 shares during the period. Federated Hermes Inc. lifted its holdings in shares of SiTime by 25.0% in the third quarter. Federated Hermes Inc. now owns 125,000 shares of the company’s stock worth $37,664,000 after buying an additional 25,000 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of SiTime by 4.8% in the second quarter. Invesco Ltd. now owns 1,019,140 shares of the company’s stock worth $217,158,000 after buying an additional 46,721 shares in the last quarter. Finally, Cibc World Market Inc. bought a new position in shares of SiTime in the third quarter valued at approximately $2,259,000. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

SiTime Company Profile

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.