SiTime (NASDAQ:SITM) Shares Up 6.8% – Time to Buy?

SiTime Corporation (NASDAQ:SITM)’s stock price traded up 6.8% during mid-day trading on Tuesday . The stock traded as high as $300.62 and last traded at $306.6230. 55,857 shares changed hands during trading, a decline of 83% from the average session volume of 335,803 shares. The stock had previously closed at $287.11.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Raymond James Financial reiterated an “outperform” rating on shares of SiTime in a research note on Tuesday. Stifel Nicolaus set a $360.00 target price on SiTime in a research report on Thursday, November 6th. Roth Capital reissued a “buy” rating and issued a $350.00 price target on shares of SiTime in a report on Thursday, November 6th. Needham & Company LLC raised their price objective on shares of SiTime from $250.00 to $360.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Finally, Loop Capital initiated coverage on shares of SiTime in a research note on Friday, November 21st. They issued a “buy” rating and a $350.00 target price on the stock. Six research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $332.14.

SiTime Stock Performance

The company’s 50 day moving average price is $291.88 and its 200 day moving average price is $246.66. The company has a market cap of $9.15 billion, a price-to-earnings ratio of -118.41 and a beta of 2.55.

SiTime (NASDAQ:SITM) last announced its quarterly earnings results 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. The firm had revenue of $83.57 million during the quarter, compared to the consensus estimate of $78.08 million. SiTime had a negative net margin of 25.18% and a negative return on equity of 5.69%. The firm’s quarterly revenue was up 44.8% on a year-over-year basis. During the same period last year, the firm posted $0.40 EPS. As a group, analysts predict that SiTime Corporation will post -2.44 EPS for the current year.

Insider Transactions at SiTime

In other news, EVP Elizabeth A. Howe sold 5,099 shares of the stock in a transaction on Monday, October 6th. The stock was sold at an average price of $319.00, for a total transaction of $1,626,581.00. Following the sale, the executive vice president owned 59,070 shares in the company, valued at approximately $18,843,330. This represents a 7.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Piyush B. Sevalia sold 2,056 shares of the company’s stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $251.50, for a total transaction of $517,084.00. Following the transaction, the insider owned 78,757 shares in the company, valued at approximately $19,807,385.50. This trade represents a 2.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 40,367 shares of company stock worth $11,842,313. 2.10% of the stock is owned by company insiders.

Institutional Trading of SiTime

A number of hedge funds and other institutional investors have recently modified their holdings of SITM. Vanguard Group Inc. lifted its holdings in SiTime by 4.7% during the 3rd quarter. Vanguard Group Inc. now owns 2,764,066 shares of the company’s stock worth $832,841,000 after buying an additional 123,287 shares in the last quarter. Invesco Ltd. increased its position in SiTime by 1.8% in the third quarter. Invesco Ltd. now owns 1,037,305 shares of the company’s stock worth $312,550,000 after purchasing an additional 18,165 shares during the period. State Street Corp raised its holdings in SiTime by 3.7% during the 2nd quarter. State Street Corp now owns 911,280 shares of the company’s stock worth $194,176,000 after purchasing an additional 32,178 shares during the last quarter. Ameriprise Financial Inc. lifted its position in SiTime by 22.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock valued at $156,887,000 after purchasing an additional 132,948 shares during the period. Finally, Wellington Management Group LLP boosted its stake in shares of SiTime by 36.8% in the 3rd quarter. Wellington Management Group LLP now owns 537,741 shares of the company’s stock valued at $162,027,000 after purchasing an additional 144,671 shares during 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.