Barclays Issues Positive Forecast for SiTime (NASDAQ:SITM) Stock Price

SiTime (NASDAQ:SITM) had its price target lifted by investment analysts at Barclays from $135.00 to $180.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Barclays‘s price target would indicate a potential downside of 19.38% from the stock’s previous close.

Separately, Stifel Nicolaus boosted their price objective on SiTime from $180.00 to $210.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $224.00.

SiTime Price Performance

NASDAQ:SITM traded up $8.03 on Wednesday, reaching $223.28. 36,339 shares of the company’s stock were exchanged, compared to its average volume of 247,438. The firm has a market cap of $5.30 billion, a price-to-earnings ratio of -54.91 and a beta of 2.24. The stock has a fifty day simple moving average of $170.17 and a 200-day simple moving average of $190.75. SiTime has a 52 week low of $105.40 and a 52 week high of $268.18.

SiTime (NASDAQ:SITM) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.11 by $0.15. SiTime had a negative net margin of 46.18% and a negative return on equity of 10.12%. The company had revenue of $60.31 million during the quarter, compared to the consensus estimate of $54.01 million. During the same period last year, the firm earned ($0.08) EPS. SiTime’s revenue for the quarter was up 82.7% on a year-over-year basis. As a group, sell-side analysts predict that SiTime will post -2.44 EPS for the current year.

Insider Activity

In related news, CEO Rajesh Vashist sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $215.00, for a total value of $2,150,000.00. Following the transaction, the chief executive officer now directly owns 474,763 shares in the company, valued at approximately $102,074,045. This represents a 2.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Fariborz Assaderaghi sold 1,000 shares of SiTime stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $201.36, for a total transaction of $201,360.00. Following the sale, the insider now owns 101,319 shares of the company’s stock, valued at approximately $20,401,593.84. The trade was a 0.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 62,779 shares of company stock worth $12,942,678 in the last three months. Corporate insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On SiTime

Large investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. boosted its holdings in shares of SiTime by 2,016.8% in the 1st quarter. Alliancebernstein L.P. now owns 443,227 shares of the company’s stock worth $67,756,000 after purchasing an additional 422,288 shares in the last quarter. GAMMA Investing LLC boosted its stake in SiTime by 27,559.1% in the first quarter. GAMMA Investing LLC now owns 261,102 shares of the company’s stock worth $39,915,000 after buying an additional 260,158 shares in the last quarter. Eventide Asset Management LLC grew its position in SiTime by 5,015.9% during the first quarter. Eventide Asset Management LLC now owns 166,214 shares of the company’s stock valued at $25,408,000 after acquiring an additional 162,965 shares during the last quarter. Neuberger Berman Group LLC raised its stake in shares of SiTime by 360.8% during the first quarter. Neuberger Berman Group LLC now owns 135,211 shares of the company’s stock worth $20,670,000 after acquiring an additional 105,868 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of SiTime by 11.0% in the 4th quarter. Invesco Ltd. now owns 983,175 shares of the company’s stock worth $210,921,000 after acquiring an additional 97,062 shares during the last quarter. Hedge funds and other institutional investors own 84.31% of the company’s stock.

About SiTime

SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, Singapore, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. It serves various markets, including communications, datacenter, enterprise, automotive, industrial, internet of things, mobile, consumer, and aerospace and defense.