SiTime (NASDAQ:SITM) Trading 5.3% Higher on Analyst Upgrade

SiTime Co. (NASDAQ:SITM) was up 5.3% on Wednesday after Barclays raised their price target on the stock from $135.00 to $180.00. Barclays currently has an underweight rating on the stock. SiTime traded as high as $223.50 and last traded at $226.63. Approximately 45,635 shares changed hands during trading, a decline of 82% from the average daily volume of 247,576 shares. The stock had previously closed at $215.25.

Separately, Stifel Nicolaus lifted their target price on shares of 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 given a buy rating to the company’s stock. According to data from MarketBeat.com, SiTime has an average rating of “Moderate Buy” and a consensus target price of $224.00.

Insider Activity

In other news, insider Vincent P. Pangrazio sold 5,026 shares of the business’s stock in a transaction on Monday, May 19th. The shares were sold at an average price of $204.55, for a total value of $1,028,068.30. Following the completion of the transaction, the insider now owns 64,842 shares of the company’s stock, valued at $13,263,431.10. The trade was a 7.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Piyush B. Sevalia sold 1,039 shares of the business’s stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $220.00, for a total transaction of $228,580.00. Following the completion of the transaction, the insider now directly owns 85,516 shares of the company’s stock, valued at $18,813,520. This trade represents a 1.20% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 63,818 shares of company stock worth $13,171,258. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On SiTime

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SITM. Vanguard Group Inc. boosted its stake in shares of SiTime by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 2,468,348 shares of the company’s stock worth $529,535,000 after buying an additional 52,310 shares during the last quarter. Invesco Ltd. raised 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 valued at $210,921,000 after purchasing an additional 97,062 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of SiTime by 17.0% in the 1st quarter. Ameriprise Financial Inc. now owns 603,333 shares of the company’s stock valued at $92,233,000 after purchasing an additional 87,598 shares during the period. Alliancebernstein L.P. raised 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 valued at $67,756,000 after purchasing an additional 422,288 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of SiTime by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 442,897 shares of the company’s stock valued at $95,037,000 after purchasing an additional 1,975 shares during the period. 84.31% of the stock is owned by institutional investors and hedge funds.

SiTime Stock Performance

The company has a market capitalization of $5.08 billion, a P/E ratio of -52.86 and a beta of 2.24. The stock’s fifty day moving average price is $173.92 and its 200-day moving average price is $190.91.

SiTime (NASDAQ:SITM) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.15. The firm had revenue of $60.31 million for the quarter, compared to analysts’ expectations of $54.01 million. SiTime had a negative net margin of 46.18% and a negative return on equity of 10.12%. The business’s revenue was up 82.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.08) EPS. On average, research analysts predict that SiTime Co. will post -2.44 EPS for the current fiscal year.

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.