SiTime (NASDAQ:SITM) Trading 13.6% Higher Following Analyst Upgrade

SiTime Co. (NASDAQ:SITM)’s stock price rose 13.6% during trading on Thursday after Roth Mkm raised their price target on the stock from $205.00 to $230.00. Roth Mkm currently has a buy rating on the stock. SiTime traded as high as $216.96 and last traded at $215.35. Approximately 149,952 shares were traded during trading, a decline of 26% from the average daily volume of 202,913 shares. The stock had previously closed at $189.52.

Several other equities research analysts also recently commented on the company. Stifel Nicolaus raised their target price on SiTime from $175.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Needham & Company LLC raised their target price on SiTime from $140.00 to $225.00 and gave the company a “buy” rating in a report on Thursday. Finally, Barclays downgraded SiTime from an “equal weight” rating to an “underweight” rating and set a $90.00 price objective on the stock. in a report on Tuesday, August 27th.

Insiders Place Their Bets

In other SiTime news, CEO Rajesh Vashist sold 20,000 shares of SiTime stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $170.07, for a total transaction of $3,401,400.00. Following the sale, the chief executive officer now directly owns 424,417 shares in the company, valued at $72,180,599.19. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Rajesh Vashist sold 20,000 shares of SiTime stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $170.07, for a total value of $3,401,400.00. Following the completion of the transaction, the chief executive officer now directly owns 424,417 shares of the company’s stock, valued at approximately $72,180,599.19. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Lionel Bonnot sold 3,230 shares of SiTime stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $140.55, for a total transaction of $453,976.50. Following the completion of the transaction, the insider now directly owns 87,525 shares of the company’s stock, valued at $12,301,638.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,464 shares of company stock worth $5,372,893 in the last three months. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Driehaus Capital Management LLC bought a new stake in SiTime in the 2nd quarter valued at about $16,831,000. Vanguard Group Inc. raised its position in shares of SiTime by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 2,203,286 shares of the company’s stock worth $205,412,000 after buying an additional 85,800 shares in the last quarter. William Blair Investment Management LLC raised its position in shares of SiTime by 62.0% during the 2nd quarter. William Blair Investment Management LLC now owns 208,098 shares of the company’s stock worth $25,883,000 after buying an additional 79,648 shares in the last quarter. F M Investments LLC bought a new stake in shares of SiTime during the 2nd quarter worth about $8,909,000. Finally, Principal Financial Group Inc. raised its position in shares of SiTime by 15.4% during the 3rd quarter. Principal Financial Group Inc. now owns 448,930 shares of the company’s stock worth $76,996,000 after buying an additional 59,931 shares in the last quarter. 84.31% of the stock is owned by institutional investors and hedge funds.

SiTime Trading Up 13.2 %

The company has a market capitalization of $4.96 billion, a P/E ratio of -52.27 and a beta of 1.83. The business’s 50-day simple moving average is $165.97 and its 200 day simple moving average is $139.66.

SiTime (NASDAQ:SITM) last released its earnings results on Wednesday, August 7th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.08. SiTime had a negative net margin of 60.46% and a negative return on equity of 10.53%. The business had revenue of $43.90 million for the quarter, compared to the consensus estimate of $41.01 million. During the same period in the previous year, the firm earned ($1.17) EPS. The business’s revenue for the quarter was up 58.5% on a year-over-year basis. As a group, sell-side analysts predict that SiTime Co. will post -3.03 EPS for the current fiscal year.

SiTime Company Profile

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.