SiTime Corporation (NASDAQ:SITM) Receives Average Recommendation of “Moderate Buy” from Brokerages

SiTime Corporation (NASDAQ:SITM) has been assigned a consensus rating of “Moderate Buy” from the ten brokerages that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, eight have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $661.8750.

A number of analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a report on Tuesday, April 21st. Roth Mkm reaffirmed a “buy” rating and set a $900.00 target price on shares of SiTime in a report on Thursday, May 7th. Wall Street Zen raised shares of SiTime from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Stifel Nicolaus upped their target price on shares of SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Finally, Barclays raised shares of SiTime from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $400.00 to $850.00 in a report on Thursday, May 7th.

Insider Activity

In other news, insider Fariborz Assaderaghi sold 4,984 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $406.45, for a total transaction of $2,025,746.80. Following the sale, the insider owned 89,194 shares in the company, valued at approximately $36,252,901.30. This trade represents a 5.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Piyush B. Sevalia sold 2,419 shares of the firm’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $484.05, for a total transaction of $1,170,916.95. Following the sale, the insider owned 84,250 shares in the company, valued at approximately $40,781,212.50. This trade represents a 2.79% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 12,610 shares of company stock worth $6,210,444. Corporate insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On SiTime

Institutional investors and hedge funds have recently made changes to their positions in the business. Norges Bank bought a new stake in SiTime in the 4th quarter worth $83,977,000. Whale Rock Capital Management LLC grew its holdings in SiTime by 45.4% in the 4th quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock worth $246,717,000 after acquiring an additional 218,038 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of SiTime by 61.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 562,892 shares of the company’s stock worth $198,808,000 after purchasing an additional 213,242 shares during the period. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of SiTime in the 4th quarter worth about $59,452,000. Finally, Wellington Management Group LLP lifted its position in shares of SiTime by 36.8% in the 3rd quarter. Wellington Management Group LLP now owns 537,741 shares of the company’s stock worth $162,027,000 after purchasing an additional 144,671 shares during the period. Institutional investors own 84.31% of the company’s stock.

SiTime Trading Up 2.4%

SiTime stock opened at $728.56 on Friday. The firm’s 50 day simple moving average is $510.07 and its 200 day simple moving average is $408.52. The firm has a market capitalization of $19.23 billion, a PE ratio of -721.35 and a beta of 2.91. SiTime has a 1-year low of $186.49 and a 1-year high of $901.81.

SiTime (NASDAQ:SITM) last posted its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.30. The business had revenue of $113.57 million for the quarter, compared to analyst estimates of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. SiTime’s revenue was up 88.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.26 EPS. Research analysts forecast that SiTime will post 3.23 earnings per share for the current year.

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.