SiTime Corporation (NASDAQ:SITM) Receives Average Rating of “Hold” from Analysts

Shares of SiTime Corporation (NASDAQ:SITM) have received a consensus rating of “Hold” from the seven ratings firms that are presently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating and five have assigned a buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $274.1667.

SITM has been the subject of several recent research reports. Barclays increased their price target on shares of SiTime from $180.00 to $220.00 and gave the stock an “underweight” rating in a research report on Thursday, August 7th. UBS Group increased their price target on shares of SiTime from $260.00 to $355.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of SiTime in a research report on Wednesday, October 8th. Raymond James Financial reissued an “outperform” rating and issued a $270.00 price target (up previously from $250.00) on shares of SiTime in a research report on Friday, August 29th. Finally, Stifel Nicolaus increased their price target on shares of SiTime from $230.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday, September 18th.

SiTime Stock Performance

NASDAQ SITM opened at $276.80 on Tuesday. The firm has a 50-day simple moving average of $272.03 and a 200 day simple moving average of $221.12. SiTime has a twelve month low of $105.40 and a twelve month high of $323.66. The stock has a market cap of $7.20 billion, a PE ratio of -79.54 and a beta of 2.35.

SiTime (NASDAQ:SITM) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.18. SiTime had a negative net margin of 32.15% and a negative return on equity of 7.54%. The firm had revenue of $69.49 million during the quarter, compared to analyst estimates of $64.66 million. During the same quarter in the prior year, the business posted $0.12 earnings per share. The company’s quarterly revenue was up 58.3% compared to the same quarter last year. Research analysts forecast that SiTime will post -2.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Rajesh Vashist sold 2,000 shares of SiTime stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $232.00, for a total value of $464,000.00. Following the completion of the transaction, the chief executive officer owned 463,208 shares in the company, valued at approximately $107,464,256. The trade was a 0.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Samsheer Ahamad sold 6,000 shares of SiTime stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $250.00, for a total transaction of $1,500,000.00. Following the completion of the transaction, the insider owned 61,888 shares of the company’s stock, valued at $15,472,000. This trade represents a 8.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 36,367 shares of company stock valued at $9,330,713 in the last ninety days. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. New York State Teachers Retirement System raised its stake in shares of SiTime by 2.1% in the third quarter. New York State Teachers Retirement System now owns 23,800 shares of the company’s stock valued at $7,171,000 after acquiring an additional 500 shares during the last quarter. Bayforest Capital Ltd acquired a new stake in shares of SiTime in the third quarter valued at approximately $337,000. Forum Financial Management LP acquired a new stake in shares of SiTime in the third quarter valued at approximately $232,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in shares of SiTime in the third quarter valued at approximately $234,000. Finally, Oregon Public Employees Retirement Fund increased its holdings in shares of SiTime by 1.5% in the third quarter. Oregon Public Employees Retirement Fund now owns 4,876 shares of the company’s stock valued at $1,469,000 after purchasing an additional 73 shares in the last quarter. Institutional investors own 84.31% of the company’s stock.

SiTime Company Profile

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.