SiTime Corporation (NASDAQ:SITM) Given Average Recommendation of “Moderate Buy” by Analysts

SiTime Corporation (NASDAQ:SITM) has been given a consensus rating of “Moderate Buy” by the ten research firms that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $661.8750.

SITM has been the subject of a number of analyst reports. Roth Capital reissued a “buy” rating and issued a $900.00 price target on shares of SiTime in a report on Thursday, May 7th. Barclays raised SiTime from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $400.00 to $850.00 in a research note on Thursday, May 7th. Zacks Research cut SiTime from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. UBS Group boosted their target price on shares of SiTime from $675.00 to $775.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Finally, Needham & Company LLC upped their target price on shares of SiTime from $450.00 to $850.00 and gave the company a “buy” rating in a report on Thursday, May 7th.

SiTime Stock Down 3.0%

Shares of SITM traded down $19.21 during mid-day trading on Friday, reaching $628.94. 245,031 shares of the company’s stock were exchanged, compared to its average volume of 643,541. SiTime has a 52-week low of $186.49 and a 52-week high of $901.81. The company has a market cap of $16.60 billion, a price-to-earnings ratio of -622.71 and a beta of 2.91. The company has a 50-day simple moving average of $703.16 and a two-hundred day simple moving average of $498.91.

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

Insider Transactions at SiTime

In other news, insider Fariborz Assaderaghi sold 1,000 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $702.90, for a total transaction of $702,900.00. Following the completion of the sale, the insider directly owned 78,936 shares of the company’s stock, valued at $55,484,114.40. The trade was a 1.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Rajesh Vashist sold 5,000 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $750.00, for a total value of $3,750,000.00. Following the sale, the chief executive officer owned 9,781 shares of the company’s stock, valued at approximately $7,335,750. The trade was a 33.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 72,128 shares of company stock valued at $51,401,463 in the last quarter. Insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On SiTime

Several institutional investors and hedge funds have recently added to or reduced their stakes in SITM. Rakuten Securities Inc. raised its holdings in shares of SiTime by 188.5% in the 4th quarter. Rakuten Securities Inc. now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 49 shares during the period. Parallel Advisors LLC grew its holdings in shares of SiTime by 26.2% during the 1st quarter. Parallel Advisors LLC now owns 77 shares of the company’s stock worth $27,000 after purchasing an additional 16 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in shares of SiTime during the 4th quarter worth about $33,000. Larson Financial Group LLC increased its position in 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 purchasing an additional 96 shares in the last quarter. Finally, Danske Bank A S acquired a new stake in SiTime during the 4th quarter worth approximately $35,000. 84.31% of the stock is currently owned by institutional investors and hedge funds.

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.