SiTime Corporation (NASDAQ:SITM) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of SiTime Corporation (NASDAQ:SITM) have been given an average rating of “Moderate Buy” by the ten brokerages that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $661.8750.

Several research analysts have weighed in on the company. UBS Group boosted their price target on SiTime from $675.00 to $775.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Roth Capital restated a “buy” rating and set a $900.00 price objective on shares of SiTime in a report on Thursday, May 7th. Wall Street Zen raised SiTime from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Barclays upgraded SiTime from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $400.00 to $850.00 in a research note on Thursday, May 7th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $800.00 target price on shares of SiTime in a research report on Thursday, May 7th.

Insider Activity at SiTime

In related news, Director Akira Takata sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $860.86, for a total value of $1,291,290.00. Following the sale, the director directly owned 12,234 shares of the company’s stock, valued at approximately $10,531,761.24. This trade represents a 10.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Rajesh Vashist sold 30,000 shares of the business’s 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 completion of the sale, the chief executive officer owned 402,898 shares of the company’s stock, valued at approximately $282,483,874.74. The trade was a 6.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 69,709 shares of company stock worth $50,230,546. Corporate insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On SiTime

Large investors have recently bought and sold shares of the stock. Handelsbanken Fonder AB boosted its holdings in shares of SiTime by 6.7% in the 2nd quarter. Handelsbanken Fonder AB now owns 7,624 shares of the company’s stock valued at $5,684,000 after purchasing an additional 480 shares during the last quarter. Polianta Ltd acquired a new stake in shares of SiTime during the 2nd quarter worth $1,863,000. Mirador Capital Partners LP acquired a new stake in shares of SiTime during the 2nd quarter worth $2,441,000. Harbor Investment Advisory LLC purchased a new position in shares of SiTime in the 2nd quarter worth $111,000. Finally, Moody National Bank Trust Division purchased a new position in shares of SiTime in the 2nd quarter worth $242,000. Hedge funds and other institutional investors own 84.31% of the company’s stock.

SiTime Price Performance

NASDAQ:SITM opened at $554.97 on Friday. The firm has a 50 day simple moving average of $694.08 and a 200-day simple moving average of $506.38. The firm has a market cap of $14.65 billion, a PE ratio of -549.48 and a beta of 2.91. SiTime has a 1-year low of $186.49 and a 1-year high of $901.81.

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