SiTime (NASDAQ:SITM) Price Target Raised to $160.00

SiTime (NASDAQ:SITM) had its target price boosted by research analysts at Barclays from $130.00 to $160.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Barclays‘s price target would suggest a potential downside of 34.14% from the company’s current price.

SITM has been the subject of a number of other research reports. Roth Mkm lifted their price target on SiTime from $205.00 to $230.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC lifted their price objective on shares of SiTime from $140.00 to $225.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Stifel Nicolaus raised their target price on shares of SiTime from $230.00 to $250.00 and gave the stock a “buy” rating in a report on Monday, January 6th.

SiTime Price Performance

Shares of SITM stock opened at $242.93 on Friday. The stock’s fifty day moving average price is $223.99 and its 200 day moving average price is $178.36. SiTime has a 1-year low of $72.39 and a 1-year high of $268.18. The company has a market cap of $5.67 billion, a price-to-earnings ratio of -58.68 and a beta of 1.82.

SiTime (NASDAQ:SITM) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.14. The business had revenue of $57.70 million for the quarter, compared to analyst estimates of $55.10 million. SiTime had a negative return on equity of 9.89% and a negative net margin of 53.55%. The company’s revenue was up 62.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.81) earnings per share. As a group, equities research analysts anticipate that SiTime will post -2.98 earnings per share for the current year.

Insider Activity

In related news, insider Fariborz Assaderaghi sold 1,002 shares of SiTime stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $220.94, for a total value of $221,381.88. Following the sale, the insider now owns 100,681 shares of the company’s stock, valued at approximately $22,244,460.14. This trade represents a 0.99 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Rajesh Vashist sold 12,000 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $259.25, for a total transaction of $3,111,000.00. Following the transaction, the chief executive officer now directly owns 24,781 shares in the company, valued at approximately $6,424,474.25. The trade was a 32.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,931 shares of company stock worth $7,017,644 in the last ninety days. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC grew its holdings in shares of SiTime by 67.4% during the third quarter. Signaturefd LLC now owns 149 shares of the company’s stock worth $26,000 after buying an additional 60 shares in the last quarter. Van ECK Associates Corp purchased a new stake in SiTime during the 3rd quarter valued at about $123,000. GAMMA Investing LLC grew its stake in SiTime by 95.0% during the 3rd quarter. GAMMA Investing LLC now owns 743 shares of the company’s stock valued at $127,000 after acquiring an additional 362 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in SiTime in the 3rd quarter worth approximately $166,000. Finally, Virtu Financial LLC acquired a new position in shares of SiTime during the 3rd quarter worth approximately $204,000. Hedge funds and other 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.