SiTime (NASDAQ:SITM) Trading 7.2% Higher After Analyst Upgrade

Shares of SiTime Corporation (NASDAQ:SITM) were up 7.2% during mid-day trading on Friday after Barclays upgraded the stock from an underweight rating to an equal weight rating. Barclays now has a $360.00 price target on the stock, up from their previous price target of $260.00. SiTime traded as high as $380.46 and last traded at $379.07. Approximately 44,894 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 248,794 shares. The stock had previously closed at $353.52.

Other equities research analysts have also issued reports about the company. Stifel Nicolaus set a $360.00 target price on SiTime in a research report on Thursday, November 6th. Loop Capital assumed coverage on shares of SiTime in a research report on Friday, November 21st. They set a “buy” rating and a $350.00 price target for the company. UBS Group lifted their price objective on shares of SiTime from $355.00 to $375.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a research note on Wednesday, October 8th. Finally, The Goldman Sachs Group started coverage on shares of SiTime in a research note on Monday, December 15th. They set a “buy” rating and a $420.00 price target for the company. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $360.63.

Insider Buying and Selling at SiTime

In other SiTime news, insider Fariborz Assaderaghi sold 1,500 shares of the stock in a transaction on Monday, December 1st. The stock was sold at an average price of $291.58, for a total transaction of $437,370.00. Following the sale, the insider owned 84,815 shares in the company, valued at $24,730,357.70. This represents a 1.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Samsheer Ahamad sold 4,000 shares of SiTime stock in a transaction on Monday, December 1st. The shares were sold at an average price of $291.10, for a total value of $1,164,400.00. Following the completion of the transaction, the insider owned 51,711 shares of the company’s stock, valued at approximately $15,053,072.10. This trade represents a 7.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 21,500 shares of company stock valued at $6,791,710 in the last 90 days. 2.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SiTime

Several hedge funds have recently bought and sold shares of the company. Optiver Holding B.V. grew its position in shares of SiTime by 56.1% during the 3rd quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock valued at $27,000 after purchasing an additional 32 shares in the last quarter. Hantz Financial Services Inc. boosted its stake in SiTime by 190.3% during the third quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock valued at $27,000 after buying an additional 59 shares during the period. Larson Financial Group LLC boosted its stake in SiTime by 3,200.0% during the third quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock valued at $30,000 after buying an additional 96 shares during the period. Game Plan Financial Advisors LLC purchased a new position in SiTime during the second quarter worth about $25,000. Finally, Bernard Wealth Management Corp. bought a new position in SiTime in the 4th quarter worth about $41,000. Hedge funds and other institutional investors own 84.31% of the company’s stock.

SiTime Trading Up 7.3%

The stock has a market cap of $9.90 billion, a PE ratio of -128.13 and a beta of 2.49. The firm has a fifty day simple moving average of $333.84 and a two-hundred day simple moving average of $277.90.

SiTime (NASDAQ:SITM) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.16. SiTime had a negative net margin of 25.18% and a negative return on equity of 5.69%. The company had revenue of $83.57 million for the quarter, compared to analysts’ expectations of $78.08 million. During the same period in the prior year, the business earned $0.40 earnings per share. SiTime’s revenue for the quarter was up 44.8% compared to the same quarter last year. Equities analysts forecast that SiTime Corporation will post -2.44 earnings per share for the current year.

About SiTime

SiTime Corporation is a fabless semiconductor company specializing in silicon timing solutions that leverage micro-electromechanical systems (MEMS) technology as an alternative to traditional quartz crystals. Its portfolio of programmable oscillators, resonators, clock generators, jitter attenuators and network synchronizers addresses precision timekeeping requirements across a wide range of electronic systems. By integrating MEMS resonators with advanced mixed-signal control circuitry, SiTime’s products offer enhanced reliability, resistance to shock and vibration, and a smaller footprint compared with conventional quartz devices.

The company’s timing devices serve diverse end markets, including telecommunications infrastructure, data center and enterprise networking, consumer electronics, automotive systems, industrial automation, and aerospace and defense applications.