UBS Group Forecasts Strong Price Appreciation for SiTime (NASDAQ:SITM) Stock

SiTime (NASDAQ:SITM) had its target price upped by analysts at UBS Group from $355.00 to $375.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s price target would indicate a potential upside of 8.55% from the stock’s current price.

A number of other equities research analysts also recently issued reports on SITM. Stifel Nicolaus lifted their price target on shares of SiTime from $230.00 to $320.00 and gave the company a “buy” rating in a research report on Thursday, September 18th. Roth Capital reissued a “buy” rating and issued a $350.00 price target on shares of SiTime in a research note on Thursday. Needham & Company LLC boosted their target price on shares of SiTime from $250.00 to $360.00 and gave the company a “buy” rating in a report on Thursday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a research report on Wednesday, October 8th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $270.00 price target (up from $250.00) on shares of SiTime in a research report on Friday, August 29th. Six equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat.com, SiTime currently has an average rating of “Moderate Buy” and a consensus target price of $309.29.

SiTime Stock Up 23.8%

NASDAQ:SITM traded up $66.38 on Thursday, hitting $345.45. The stock had a trading volume of 1,207,951 shares, compared to its average volume of 334,731. The company has a fifty day moving average price of $278.97 and a two-hundred day moving average price of $228.38. SiTime has a 1-year low of $105.40 and a 1-year high of $386.00. The stock has a market cap of $8.98 billion, a price-to-earnings ratio of -99.58 and a beta of 2.36.

SiTime (NASDAQ:SITM) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.87 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $83.57 million for the quarter, compared to the consensus estimate of $78.08 million. During the same quarter in the previous year, the business earned $0.40 EPS. The company’s quarterly revenue was up 44.8% compared to the same quarter last year. As a group, analysts anticipate that SiTime will post -2.44 earnings per share for the current year.

Insider Buying and Selling at SiTime

In other news, CEO Rajesh Vashist sold 2,000 shares of the company’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $294.00, for a total transaction of $588,000.00. Following the completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Fariborz Assaderaghi sold 3,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at $20,957,847.75. This trade represents a 3.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 34,867 shares of company stock valued at $9,168,213 in the last three months. Company insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Peregrine Investment Management Inc. boosted its holdings in shares of SiTime by 28.4% during the 2nd quarter. Peregrine Investment Management Inc. now owns 67,870 shares of the company’s stock worth $14,462,000 after buying an additional 15,000 shares during the period. Fred Alger Management LLC boosted its stake in SiTime by 45.5% during the 1st quarter. Fred Alger Management LLC now owns 128,525 shares of the company’s stock valued at $19,648,000 after purchasing an additional 40,220 shares during the last quarter. Toth Financial Advisory Corp bought a new position in shares of SiTime during the 2nd quarter worth approximately $298,000. Verdence Capital Advisors LLC bought a new stake in SiTime during the 2nd quarter valued at $230,000. Finally, William Blair Investment Management LLC grew its position in shares of SiTime by 4.1% during the 2nd quarter. William Blair Investment Management LLC now owns 112,789 shares of the company’s stock valued at $24,033,000 after purchasing an additional 4,469 shares in the last quarter. Institutional investors and hedge funds own 84.31% of the company’s stock.

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.