SiTime (NASDAQ:SITM) Stock Price Up 7.2% After Analyst Upgrade

SiTime Corporation (NASDAQ:SITM)’s stock price traded up 7.2% during trading on Friday after Barclays upgraded the stock from an underweight rating to an equal weight rating. Barclays now has a $360.00 price target on the stock, up from their previous price target of $260.00. SiTime traded as high as $380.46 and last traded at $379.07. 44,894 shares were traded during trading, a decline of 82% from the average session volume of 248,794 shares. The stock had previously closed at $353.52.

A number of other equities analysts also recently weighed in on SITM. Stifel Nicolaus set a $360.00 target price on shares of SiTime in a research note on Thursday, November 6th. Roth Capital reissued a “buy” rating and issued a $350.00 price objective on shares of SiTime in a research report on Thursday, November 6th. Raymond James Financial reissued an “outperform” rating on shares of SiTime in a research note on Tuesday, December 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a report on Wednesday, October 8th. Finally, Loop Capital assumed coverage on SiTime in a research note on Friday, November 21st. They issued a “buy” rating and a $350.00 price target on the stock. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $360.63.

Insiders Place Their Bets

In other SiTime news, insider Fariborz Assaderaghi sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $291.58, for a total value of $437,370.00. Following the completion of the sale, the insider owned 84,815 shares of the company’s stock, valued at approximately $24,730,357.70. This trade represents a 1.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Samsheer Ahamad sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $291.10, for a total value of $1,164,400.00. Following the transaction, the insider directly owned 51,711 shares in the company, valued at $15,053,072.10. The trade was a 7.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 21,500 shares of company stock worth $6,791,710. Corporate insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

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

SiTime Price Performance

The firm has a market cap of $9.90 billion, a P/E ratio of -128.13 and a beta of 2.49. The company has a fifty day moving average of $333.84 and a 200-day moving average of $277.90.

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

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.