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

SiTime Corporation (NASDAQ:SITM) traded up 7.2% during trading on Friday after Stifel Nicolaus raised their price target on the stock from $360.00 to $400.00. Stifel Nicolaus currently has a buy rating on the stock. SiTime traded as high as $380.46 and last traded at $379.07. 44,894 shares were traded during mid-day 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 research analysts have also commented on the company. Barclays set a $360.00 price target on SiTime and gave the stock an “equal weight” rating in a research report on Thursday. Loop Capital assumed coverage on shares of SiTime in a research report on Friday, November 21st. They set a “buy” rating and a $350.00 price target on the stock. Raymond James Financial restated an “outperform” rating on shares of SiTime in a research report on Tuesday, December 2nd. UBS Group boosted their target price on shares of SiTime from $355.00 to $375.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Finally, Roth Capital reaffirmed a “buy” rating and set a $350.00 price objective on shares of SiTime in a report on Thursday, November 6th. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, SiTime has an average rating of “Moderate Buy” and a consensus price target of $360.63.

Insider Transactions at SiTime

In other SiTime news, CEO Rajesh Vashist sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $329.00, for a total value of $3,290,000.00. Following the completion of the transaction, the chief executive officer directly owned 439,208 shares in the company, valued at $144,499,432. This trade represents a 2.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Fariborz Assaderaghi sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $291.58, for a total value of $437,370.00. Following the sale, the insider owned 84,815 shares in the company, valued at approximately $24,730,357.70. This represents a 1.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 21,500 shares of company stock worth $6,791,710 in the last three months. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On SiTime

Institutional investors and hedge funds have recently made changes to their positions in the company. Peregrine Investment Management Inc. increased its position in shares of SiTime by 28.4% during the second quarter. Peregrine Investment Management Inc. now owns 67,870 shares of the company’s stock valued at $14,462,000 after buying an additional 15,000 shares during the period. Ariose Capital Management Ltd bought a new position in shares of SiTime in the third quarter valued at approximately $2,974,000. Invesco Ltd. grew its stake in SiTime by 4.8% during the second quarter. Invesco Ltd. now owns 1,019,140 shares of the company’s stock valued at $217,158,000 after acquiring an additional 46,721 shares in the last quarter. Fortress Investment Group LLC bought a new stake in SiTime during the 2nd quarter worth approximately $22,182,000. Finally, Summit Global Investments purchased a new stake in SiTime in the 2nd quarter worth approximately $397,000. Institutional investors and hedge funds own 84.31% of the company’s stock.

SiTime Trading Up 5.1%

The company’s fifty day simple moving average is $334.73 and its 200 day simple moving average is $279.51. The stock has a market capitalization of $9.69 billion, a P/E ratio of -125.49 and a beta of 2.49.

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, beating the consensus estimate of $0.71 by $0.16. The company had revenue of $83.57 million during the quarter, compared to analyst estimates of $78.08 million. SiTime had a negative return on equity of 5.69% and a negative net margin of 25.18%.The firm’s quarterly revenue was up 44.8% on a year-over-year basis. During the same quarter last year, the company earned $0.40 earnings per share. Equities research analysts predict that SiTime Corporation will post -2.44 earnings per share for the current year.

About SiTime

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.