Barclays Forecasts Strong Price Appreciation for SiTime (NASDAQ:SITM) Stock

SiTime (NASDAQ:SITM) had its price target boosted by Barclays from $135.00 to $180.00 in a research note released on Wednesday,Benzinga reports. Barclays currently has an underweight rating on the stock.

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

SiTime Stock Performance

Shares of SITM opened at $215.60 on Wednesday. The firm has a market capitalization of $5.11 billion, a PE ratio of -53.23 and a beta of 2.24. The stock has a 50 day simple moving average of $172.10 and a 200 day simple moving average of $190.92. SiTime has a 52-week low of $105.40 and a 52-week high of $268.18.

SiTime (NASDAQ:SITM) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.26 earnings per share (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 quarter in the prior year, the firm earned ($0.08) earnings per share. The firm’s revenue was up 82.7% compared to the same quarter last year. Equities research analysts predict that SiTime will post -2.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Fariborz Assaderaghi sold 1,268 shares of the company’s stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $184.92, for a total transaction of $234,478.56. Following the sale, the insider now owns 112,316 shares in the company, valued at $20,769,474.72. This represents a 1.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Piyush B. Sevalia sold 1,661 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $193.99, for a total value of $322,217.39. Following the completion of the sale, the insider now directly owns 87,216 shares of the company’s stock, valued at approximately $16,919,031.84. The trade was a 1.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 62,779 shares of company stock valued at $12,942,678 in the last three months. 2.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Fourth Dimension Wealth LLC acquired a new stake in SiTime in the 4th quarter valued at about $25,000. Opal Wealth Advisors LLC bought a new stake in SiTime in the first quarter valued at approximately $32,000. Blue Trust Inc. lifted its position in shares of SiTime by 44.7% in the fourth quarter. Blue Trust Inc. now owns 217 shares of the company’s stock valued at $47,000 after buying an additional 67 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of SiTime by 33.6% during the 1st quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock worth $54,000 after acquiring an additional 88 shares during the period. Finally, Aster Capital Management DIFC Ltd acquired a new position in shares of SiTime during the 4th quarter worth approximately $58,000. 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.