Analysts Set SiTime Corporation (NASDAQ:SITM) Price Target at $343.13

Shares of SiTime Corporation (NASDAQ:SITM) have earned a consensus rating of “Moderate Buy” from the nine research firms that are presently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation and seven have given a buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $343.1250.

SITM has been the subject of several recent analyst reports. Needham & Company LLC lifted their price target on SiTime from $250.00 to $360.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a research note on Wednesday, October 8th. Loop Capital assumed coverage on shares of SiTime in a research note on Friday, November 21st. They issued a “buy” rating and a $350.00 target price on the stock. Barclays raised their price target on shares of SiTime from $220.00 to $260.00 and gave the company an “underweight” rating in a research report on Thursday, November 6th. Finally, Stifel Nicolaus set a $360.00 price objective on shares of SiTime in a report on Thursday, November 6th.

Insider Transactions at SiTime

In other news, CEO Rajesh Vashist sold 10,000 shares of the company’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $329.00, for a total transaction of $3,290,000.00. Following the transaction, the chief executive officer directly owned 439,208 shares of the company’s stock, valued at $144,499,432. This represents a 2.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Fariborz Assaderaghi sold 1,500 shares of SiTime stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $291.58, for a total value of $437,370.00. Following the completion of the sale, the insider owned 84,815 shares of the company’s stock, valued at $24,730,357.70. The trade was a 1.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 21,500 shares of company stock worth $6,791,710 over the last quarter. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SiTime

Institutional investors and hedge funds have recently modified their holdings of the company. Game Plan Financial Advisors LLC purchased a new stake in SiTime during the second quarter valued at $25,000. Hantz Financial Services Inc. grew its stake in shares of SiTime by 190.3% during 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. increased its holdings in SiTime by 56.1% during the third quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock valued at $27,000 after buying an additional 32 shares during the last quarter. Larson Financial Group LLC boosted its stake in shares of SiTime by 3,200.0% during the 3rd quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock worth $30,000 after acquiring an additional 96 shares during the last quarter. Finally, Salomon & Ludwin LLC bought a new stake in shares of SiTime during the 3rd quarter valued at $47,000. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

SiTime Stock Performance

SITM stock opened at $350.63 on Friday. The firm has a 50 day moving average price of $332.16 and a 200-day moving average price of $276.86. SiTime has a 52-week low of $105.40 and a 52-week high of $387.52. The firm has a market capitalization of $9.15 billion, a price-to-earnings ratio of -118.46 and a beta of 2.49.

SiTime (NASDAQ:SITM) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. SiTime had a negative return on equity of 5.69% and a negative net margin of 25.18%.The company had revenue of $83.57 million during the quarter, compared to analyst estimates of $78.08 million. During the same quarter last year, the company earned $0.40 EPS. The firm’s revenue for the quarter was up 44.8% on a year-over-year basis. As a group, sell-side analysts forecast that SiTime will post -2.44 earnings per share for the current fiscal 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.