SiTime (NASDAQ:SITM) Price Target Raised to $850.00 at Needham & Company LLC

SiTime (NASDAQ:SITM) had its price target raised by equities researchers at Needham & Company LLC from $450.00 to $850.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 36.36% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on SITM. Roth Mkm reaffirmed a “buy” rating and set a $450.00 price target on shares of SiTime in a report on Thursday, February 5th. Stifel Nicolaus increased their target price on SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Wall Street Zen lowered SiTime from a “buy” rating to a “hold” rating in a research note on Saturday, April 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a report on Tuesday, April 21st. Finally, Barclays set a $400.00 price target on shares of SiTime in a research report on Thursday, February 5th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, SiTime currently has an average rating of “Moderate Buy” and an average target price of $465.63.

SiTime Stock Up 4.5%

NASDAQ:SITM opened at $623.33 on Thursday. The firm has a market cap of $16.46 billion, a PE ratio of -342.49 and a beta of 2.91. SiTime has a 12 month low of $158.63 and a 12 month high of $627.00. The company’s 50-day moving average price is $414.68 and its two-hundred day moving average price is $366.95.

SiTime (NASDAQ:SITM) last posted its quarterly earnings data on Wednesday, February 4th. The company reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.33. The company had revenue of $113.29 million during the quarter, compared to analyst estimates of $101.91 million. SiTime had a negative net margin of 13.13% and a negative return on equity of 2.06%. The company’s revenue was up 66.3% on a year-over-year basis. During the same quarter last year, the business posted $0.48 earnings per share. On average, research analysts expect that SiTime will post 1.31 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Samsheer Ahamad sold 9,100 shares of the company’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $441.47, for a total transaction of $4,017,377.00. Following the transaction, the insider owned 52,938 shares of the company’s stock, valued at $23,370,538.86. This represents a 14.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Fariborz Assaderaghi sold 4,984 shares of SiTime stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $406.45, for a total value of $2,025,746.80. Following the completion of the sale, the insider owned 89,194 shares of the company’s stock, valued at approximately $36,252,901.30. The trade was a 5.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 26,178 shares of company stock worth $11,282,324. 1.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SiTime

Hedge funds and other institutional investors have recently bought and sold shares of the business. Rakuten Securities Inc. grew its holdings in SiTime by 188.5% during the 4th quarter. Rakuten Securities Inc. now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 49 shares during the period. Hantz Financial Services Inc. lifted its stake in shares of SiTime by 190.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock valued at $27,000 after purchasing an additional 59 shares during the period. Optiver Holding B.V. lifted its stake in shares of SiTime by 56.1% in the 3rd quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock valued at $27,000 after purchasing an additional 32 shares during the period. Larson Financial Group LLC boosted its position in shares of SiTime by 3,200.0% in the 3rd quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock worth $30,000 after purchasing an additional 96 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of SiTime in the 4th quarter worth $33,000. 84.31% of the stock is owned by institutional investors.

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.