Needham & Company LLC Reiterates “Buy” Rating for SiTime (NASDAQ:SITM)

SiTime (NASDAQ:SITM)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a report issued on Tuesday, Benzinga reports. They presently have a $130.00 target price on the stock. Needham & Company LLC’s price target suggests a potential upside of 6.83% from the stock’s previous close.

SiTime Price Performance

NASDAQ:SITM opened at $121.69 on Tuesday. The company has a market capitalization of $2.78 billion, a P/E ratio of -29.47 and a beta of 1.83. The business has a fifty day simple moving average of $111.38 and a two-hundred day simple moving average of $107.74. SiTime has a 1 year low of $72.39 and a 1 year high of $141.99.

SiTime (NASDAQ:SITM) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($1.04) earnings per share for the quarter, missing the consensus estimate of ($0.87) by ($0.17). The firm had revenue of $33.02 million during the quarter, compared to analysts’ expectations of $32.02 million. SiTime had a negative return on equity of 11.29% and a negative net margin of 66.88%. As a group, analysts anticipate that SiTime will post -2.66 earnings per share for the current year.

Insider Activity at SiTime

In related news, insider Fariborz Assaderaghi sold 1,288 shares of SiTime stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $84.25, for a total value of $108,514.00. Following the completion of the transaction, the insider now directly owns 110,203 shares in the company, valued at approximately $9,284,602.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other SiTime news, insider Fariborz Assaderaghi sold 1,288 shares of SiTime stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $84.25, for a total transaction of $108,514.00. Following the completion of the transaction, the insider now owns 110,203 shares of the company’s stock, valued at approximately $9,284,602.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Rajesh Vashist sold 4,000 shares of the stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $124.17, for a total transaction of $496,680.00. Following the completion of the sale, the chief executive officer now directly owns 450,367 shares in the company, valued at $55,922,070.39. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,068 shares of company stock worth $4,713,988. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Rhumbline Advisers lifted its position in SiTime by 2.5% during the third quarter. Rhumbline Advisers now owns 49,799 shares of the company’s stock valued at $5,690,000 after purchasing an additional 1,218 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in SiTime by 74.7% in the third quarter. Envestnet Asset Management Inc. now owns 28,325 shares of the company’s stock valued at $3,236,000 after acquiring an additional 12,110 shares during the last quarter. Invesco Ltd. raised its position in SiTime by 220.2% during the third quarter. Invesco Ltd. now owns 198,296 shares of the company’s stock valued at $22,655,000 after purchasing an additional 136,367 shares in the last quarter. Northern Trust Corp lifted its stake in SiTime by 2.0% during the third quarter. Northern Trust Corp now owns 178,638 shares of the company’s stock worth $20,409,000 after purchasing an additional 3,514 shares during the last quarter. Finally, Numerai GP LLC purchased a new position in shares of SiTime in the 3rd quarter worth about $278,000. 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.