Raymond James Cuts SiTime (NASDAQ:SITM) Price Target to $240.00

SiTime (NASDAQ:SITMGet Rating) had its price target dropped by equities researchers at Raymond James from $320.00 to $240.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Raymond James’ price objective indicates a potential upside of 71.36% from the company’s previous close.

Other equities analysts have also issued reports about the stock. Barclays decreased their price objective on shares of SiTime from $230.00 to $195.00 and set an “overweight” rating for the company in a report on Thursday. TheStreet lowered shares of SiTime from a “c-” rating to a “d” rating in a report on Wednesday, April 27th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, SiTime currently has a consensus rating of “Buy” and a consensus price target of $246.00.

SiTime Stock Performance

SITM stock opened at $140.06 on Thursday. The firm has a 50 day moving average price of $176.68 and a 200-day moving average price of $192.16. SiTime has a 52-week low of $129.44 and a 52-week high of $341.77. The firm has a market capitalization of $2.95 billion, a price-to-earnings ratio of 58.36, a PEG ratio of 8.39 and a beta of 1.61.

SiTime (NASDAQ:SITMGet Rating) last released its earnings results on Wednesday, May 4th. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.09). SiTime had a net margin of 18.31% and a return on equity of 9.83%. The business had revenue of $70.25 million for the quarter, compared to analysts’ expectations of $65.00 million. During the same quarter in the previous year, the business posted ($0.20) earnings per share. SiTime’s revenue for the quarter was up 97.7% on a year-over-year basis. As a group, sell-side analysts forecast that SiTime will post 1.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In other SiTime news, CEO Rajesh Vashist sold 5,000 shares of SiTime stock in a transaction that occurred on Wednesday, May 18th. The shares were sold at an average price of $190.71, for a total value of $953,550.00. Following the completion of the sale, the chief executive officer now owns 608,300 shares of the company’s stock, valued at approximately $116,008,893. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other SiTime news, CEO Rajesh Vashist sold 5,000 shares of SiTime stock in a transaction that occurred on Wednesday, May 18th. The shares were sold at an average price of $190.71, for a total value of $953,550.00. Following the completion of the sale, the chief executive officer now owns 608,300 shares of the company’s stock, valued at approximately $116,008,893. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Fariborz Assaderaghi sold 171 shares of SiTime stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $213.53, for a total transaction of $36,513.63. Following the completion of the sale, the insider now directly owns 122,303 shares of the company’s stock, valued at approximately $26,115,359.59. The disclosure for this sale can be found here. Insiders sold a total of 20,924 shares of company stock worth $4,132,098 in the last three months. Insiders own 1.16% of the company’s stock.

Institutional Investors Weigh In On SiTime

Large investors have recently added to or reduced their stakes in the stock. Arlington Capital Management Inc. grew its position in shares of SiTime by 3.3% during the 1st quarter. Arlington Capital Management Inc. now owns 1,780 shares of the company’s stock valued at $441,000 after acquiring an additional 57 shares during the period. Mackenzie Financial Corp grew its position in shares of SiTime by 8.1% during the 1st quarter. Mackenzie Financial Corp now owns 811 shares of the company’s stock valued at $201,000 after acquiring an additional 61 shares during the period. PFG Advisors grew its position in shares of SiTime by 4.4% during the 1st quarter. PFG Advisors now owns 2,236 shares of the company’s stock valued at $554,000 after acquiring an additional 95 shares during the period. State of Alaska Department of Revenue grew its position in shares of SiTime by 4.4% during the 2nd quarter. State of Alaska Department of Revenue now owns 2,235 shares of the company’s stock valued at $364,000 after acquiring an additional 95 shares during the period. Finally, Yousif Capital Management LLC grew its position in shares of SiTime by 1.2% during the 1st quarter. Yousif Capital Management LLC now owns 8,091 shares of the company’s stock valued at $2,005,000 after acquiring an additional 98 shares during the period. Institutional investors own 62.79% of the company’s stock.

SiTime Company Profile

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SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. Its solutions have applications in various markets, including communications and enterprise, automotive, industrial, Internet of Things, mobile, consumer, and aerospace and defense.

Further Reading

Analyst Recommendations for SiTime (NASDAQ:SITM)

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