SiTime Corporation (NASDAQ:SITM) Receives Consensus Rating of “Moderate Buy” from Brokerages

SiTime Corporation (NASDAQ:SITM) has earned an average recommendation of “Moderate Buy” from the ten brokerages that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, eight have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $661.8750.

Several equities analysts have weighed in on the stock. Roth Mkm reiterated a “buy” rating and set a $900.00 price objective on shares of SiTime in a research report on Thursday, May 7th. The Goldman Sachs Group reiterated a “buy” rating and set a $800.00 price objective on shares of SiTime in a research report on Thursday, May 7th. Wall Street Zen upgraded shares of SiTime from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Stifel Nicolaus lifted their price objective on shares of SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Finally, Zacks Research upgraded shares of SiTime from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th.

SiTime Stock Performance

SiTime stock opened at $706.90 on Wednesday. The firm has a market cap of $18.66 billion, a price-to-earnings ratio of -699.90 and a beta of 2.94. SiTime has a 1 year low of $186.49 and a 1 year high of $901.81. The firm’s 50 day moving average price is $665.46 and its two-hundred day moving average price is $473.30.

SiTime (NASDAQ:SITM) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.30. The firm had revenue of $113.57 million for the quarter, compared to analyst estimates of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The firm’s quarterly revenue was up 88.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.26 earnings per share. As a group, equities analysts predict that SiTime will post 3.23 EPS for the current fiscal year.

Insider Activity

In other SiTime news, CEO Rajesh Vashist sold 30,000 shares of SiTime stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $701.13, for a total transaction of $21,033,900.00. Following the transaction, the chief executive officer directly owned 402,898 shares in the company, valued at approximately $282,483,874.74. The trade was a 6.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Akira Takata sold 1,500 shares of SiTime stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $860.86, for a total transaction of $1,291,290.00. Following the transaction, the director owned 12,234 shares in the company, valued at approximately $10,531,761.24. The trade was a 10.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 73,375 shares of company stock worth $51,931,438. 1.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SiTime

Several institutional investors and hedge funds have recently modified their holdings of SITM. Royal Bank of Canada grew its holdings in shares of SiTime by 12.5% during the 1st quarter. Royal Bank of Canada now owns 4,411 shares of the company’s stock valued at $675,000 after acquiring an additional 491 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in shares of SiTime by 33.6% during the 1st quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock valued at $54,000 after acquiring an additional 88 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of SiTime by 310.8% during the 1st quarter. AQR Capital Management LLC now owns 10,754 shares of the company’s stock valued at $1,557,000 after acquiring an additional 8,136 shares in the last quarter. Intech Investment Management LLC grew its holdings in shares of SiTime by 21.6% during the 1st quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock valued at $1,272,000 after acquiring an additional 1,477 shares in the last quarter. Finally, M&T Bank Corp bought a new stake in SiTime in the second quarter worth $240,000. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

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.