Barclays Issues Positive Forecast for SiTime (NASDAQ:SITM) Stock Price

SiTime (NASDAQ:SITM) had its price objective hoisted by stock analysts at Barclays from $220.00 to $260.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Barclays‘s price objective suggests a potential downside of 24.20% from the company’s previous close.

Several other equities research analysts have also weighed in on SITM. UBS Group lifted their price target on SiTime from $260.00 to $355.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Roth Capital reissued a “buy” rating on shares of SiTime in a report on Thursday. Stifel Nicolaus boosted their target price on SiTime from $230.00 to $320.00 and gave the stock a “buy” rating in a report on Thursday, September 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of SiTime in a report on Wednesday, October 8th. Finally, Raymond James Financial reissued an “outperform” rating and issued a $270.00 target price (up from $250.00) on shares of SiTime in a report on Friday, August 29th. Six investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $299.17.

SiTime Stock Up 22.9%

Shares of NASDAQ SITM traded up $63.95 during trading hours on Thursday, reaching $343.02. 793,974 shares of the stock traded hands, compared to its average volume of 331,722. The company’s 50-day simple moving average is $278.97 and its two-hundred day simple moving average is $228.38. SiTime has a 52-week low of $105.40 and a 52-week high of $386.00. The company has a market capitalization of $8.92 billion, a P/E ratio of -98.30 and a beta of 2.36.

SiTime (NASDAQ:SITM) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.16. SiTime had a negative return on equity of 7.54% and a negative net margin of 32.15%.The business had revenue of $83.57 million for the quarter, compared to analyst estimates of $78.08 million. During the same period last year, the company earned $0.40 EPS. SiTime’s revenue for the quarter was up 44.8% compared to the same quarter last year. As a group, sell-side analysts forecast that SiTime will post -2.44 earnings per share for the current fiscal year.

Insider Activity at SiTime

In related news, insider Fariborz Assaderaghi sold 3,000 shares of SiTime stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $231.75, for a total transaction of $695,250.00. Following the completion of the transaction, the insider directly owned 90,433 shares in the company, valued at approximately $20,957,847.75. This trade represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Rajesh Vashist sold 2,000 shares of SiTime stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $294.00, for a total value of $588,000.00. Following the transaction, the chief executive officer owned 451,208 shares of the company’s stock, valued at approximately $132,655,152. This represents a 0.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 34,867 shares of company stock valued at $9,168,213 in the last 90 days. 2.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Game Plan Financial Advisors LLC acquired a new position in shares of SiTime during the second quarter valued at approximately $25,000. Hantz Financial Services Inc. grew its position in shares of SiTime by 190.3% in the third quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock valued at $27,000 after purchasing an additional 59 shares in the last quarter. Salomon & Ludwin LLC purchased a new stake in shares of SiTime in the third quarter valued at approximately $47,000. Global Retirement Partners LLC grew its position in shares of SiTime by 3,220.0% in the third quarter. Global Retirement Partners LLC now owns 166 shares of the company’s stock valued at $50,000 after purchasing an additional 161 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its position in shares of SiTime by 33.6% in the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock valued at $54,000 after purchasing an additional 88 shares in the last quarter. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

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.