SiTime (NASDAQ:SITM) Trading Up 12.2% – Time to Buy?

SiTime Corporation (NASDAQ:SITM) shares were up 12.2% during trading on Tuesday . The company traded as high as $349.89 and last traded at $349.0950. Approximately 270,072 shares traded hands during trading, a decline of 34% from the average daily volume of 409,453 shares. The stock had previously closed at $311.23.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SITM. Raymond James Financial restated an “outperform” rating on shares of SiTime in a research report on Tuesday, December 2nd. Stifel Nicolaus set a $450.00 price target on SiTime in a research note on Thursday, February 5th. Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a report on Thursday, January 22nd. Barclays set a $400.00 price target on SiTime in a report on Thursday, February 5th. Finally, Needham & Company LLC lifted their target price on SiTime from $400.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $409.38.

SiTime Stock Performance

The business’s 50 day moving average price is $373.67 and its two-hundred day moving average price is $336.35. The company has a market capitalization of $8.98 billion, a price-to-earnings ratio of -189.14 and a beta of 2.53.

SiTime (NASDAQ:SITM) last released its earnings results on Wednesday, February 4th. The company reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.33. The business had revenue of $113.29 million for the quarter, compared to the consensus estimate of $101.91 million. SiTime had a negative net margin of 13.13% and a negative return on equity of 2.06%. The business’s revenue for the quarter was up 66.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.48 EPS. On average, sell-side analysts expect that SiTime Corporation will post -2.44 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Rajesh Vashist sold 2,000 shares of the stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $369.20, for a total value of $738,400.00. Following the completion of the sale, the chief executive officer directly owned 431,609 shares of the company’s stock, valued at approximately $159,350,042.80. This represents a 0.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Akira Takata sold 3,500 shares of the company’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $431.73, for a total value of $1,511,055.00. Following the completion of the transaction, the director owned 13,734 shares in the company, valued at $5,929,379.82. This represents a 20.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 24,512 shares of company stock valued at $10,319,832 over the last 90 days. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of SiTime by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 2,825,402 shares of the company’s stock valued at $997,904,000 after acquiring an additional 61,336 shares in the last quarter. Invesco Ltd. grew its stake in SiTime by 1.8% in the third quarter. Invesco Ltd. now owns 1,037,305 shares of the company’s stock valued at $312,550,000 after purchasing an additional 18,165 shares in the last quarter. State Street Corp raised its stake in shares of SiTime by 3.7% during the 2nd quarter. State Street Corp now owns 911,280 shares of the company’s stock worth $194,176,000 after purchasing an additional 32,178 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of SiTime by 22.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock worth $156,887,000 after purchasing an additional 132,948 shares in the last quarter. Finally, Whale Rock Capital Management LLC lifted its holdings in shares of SiTime by 45.4% during the 4th quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock valued at $246,717,000 after buying an additional 218,038 shares during the last quarter. 84.31% of the stock is owned by hedge funds and other institutional investors.

About SiTime

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.