SiTime (NASDAQ:SITM) Trading Up 5.3% on Analyst Upgrade

Shares of SiTime Co. (NASDAQ:SITM) traded up 5.3% during trading on Wednesday after Barclays raised their price target on the stock from $135.00 to $180.00. Barclays currently has an underweight rating on the stock. SiTime traded as high as $223.50 and last traded at $226.63. 45,635 shares changed hands during trading, a decline of 82% from the average session volume of 247,576 shares. The stock had previously closed at $215.25.

Separately, Stifel Nicolaus boosted their price target on shares of SiTime from $180.00 to $210.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $224.00.

Insider Buying and Selling at SiTime

In other news, insider Piyush B. Sevalia sold 1,039 shares of the business’s stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $220.00, for a total transaction of $228,580.00. Following the completion of the transaction, the insider now owns 85,516 shares of the company’s stock, valued at approximately $18,813,520. The trade was a 1.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Rajesh Vashist sold 20,000 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $210.65, for a total value of $4,213,000.00. Following the transaction, the chief executive officer now directly owns 490,320 shares of the company’s stock, valued at approximately $103,285,908. The trade was a 3.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 63,818 shares of company stock worth $13,171,258 over the last 90 days. Insiders own 2.10% of the company’s stock.

Institutional Trading of SiTime

Several hedge funds and other institutional investors have recently modified their holdings of SITM. Fourth Dimension Wealth LLC purchased a new stake in shares of SiTime during the fourth quarter worth $25,000. Opal Wealth Advisors LLC purchased a new stake in shares of SiTime during the first quarter worth $32,000. Blue Trust Inc. raised its holdings in shares of SiTime by 44.7% during the fourth quarter. Blue Trust Inc. now owns 217 shares of the company’s stock worth $47,000 after acquiring an additional 67 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of SiTime during the fourth quarter worth $58,000. Finally, Smartleaf Asset Management LLC raised its holdings in shares of SiTime by 278.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 280 shares of the company’s stock worth $60,000 after acquiring an additional 206 shares in the last quarter. Institutional investors and hedge funds own 84.31% of the company’s stock.

SiTime Price Performance

The company has a fifty day moving average of $173.92 and a 200-day moving average of $190.91. The firm has a market capitalization of $5.08 billion, a PE ratio of -52.86 and a beta of 2.24.

SiTime (NASDAQ:SITM) last posted its earnings results on Wednesday, May 7th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.15. The company had revenue of $60.31 million for the quarter, compared to analyst estimates of $54.01 million. SiTime had a negative return on equity of 10.12% and a negative net margin of 46.18%. The business’s revenue was up 82.7% compared to the same quarter last year. During the same period last year, the company earned ($0.08) earnings per share. Equities analysts anticipate that SiTime Co. will post -2.44 EPS for the current year.

About SiTime

SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, Singapore, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. It serves various markets, including communications, datacenter, enterprise, automotive, industrial, internet of things, mobile, consumer, and aerospace and defense.