SiTime (NASDAQ:SITM) Hits New 1-Year High – Here’s Why

SiTime Corporation (NASDAQ:SITM) shares reached a new 52-week high on Monday . The company traded as high as $515.40 and last traded at $515.1150, with a volume of 25839 shares traded. The stock had previously closed at $503.63.

Analyst Ratings Changes

SITM has been the topic of a number of analyst reports. Needham & Company LLC upped their target price on shares of SiTime from $400.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Stifel Nicolaus upped their target price on shares of SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a report on Thursday. UBS Group upped their target price on shares of SiTime from $430.00 to $485.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Roth Mkm restated a “buy” rating and issued a $450.00 target price on shares of SiTime in a report on Thursday, February 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a report on Thursday, January 22nd. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $415.63.

SiTime Trading Up 3.9%

The stock’s 50-day simple moving average is $384.27 and its 200-day simple moving average is $347.30. The firm has a market capitalization of $13.82 billion, a P/E ratio of -287.71 and a beta of 2.57.

SiTime (NASDAQ:SITM) last issued its quarterly earnings data on Wednesday, February 4th. The company reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.33. SiTime had a negative net margin of 13.13% and a negative return on equity of 2.06%. The business had revenue of $113.29 million during the quarter, compared to the consensus estimate of $101.91 million. During the same period in the prior year, the firm posted $0.48 EPS. The firm’s quarterly revenue was up 66.3% compared to the same quarter last year. On average, equities research analysts expect that SiTime Corporation will post -2.44 EPS for the current year.

Insider Activity

In other news, Director Akira Takata sold 3,500 shares of the stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $431.73, for a total transaction of $1,511,055.00. Following the completion of the transaction, the director directly owned 13,734 shares of the company’s stock, valued at $5,929,379.82. This represents a 20.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Samsheer Ahamad sold 9,100 shares of the stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $441.47, for a total transaction of $4,017,377.00. Following the transaction, the insider directly owned 52,938 shares of the company’s stock, valued at $23,370,538.86. This represents a 14.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 23,759 shares of company stock worth $10,111,407. 2.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SITM. Royal Bank of Canada increased its holdings in SiTime by 12.5% in the 1st quarter. Royal Bank of Canada now owns 4,411 shares of the company’s stock worth $675,000 after acquiring an additional 491 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in SiTime by 33.6% in the 1st quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock worth $54,000 after acquiring an additional 88 shares during the last quarter. AQR Capital Management LLC increased its holdings in SiTime by 310.8% in the 1st quarter. AQR Capital Management LLC now owns 10,754 shares of the company’s stock worth $1,557,000 after acquiring an additional 8,136 shares during the last quarter. Intech Investment Management LLC boosted its position in SiTime by 21.6% during the first quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock worth $1,272,000 after purchasing an additional 1,477 shares during the period. Finally, M&T Bank Corp bought a new position in SiTime during the second quarter worth about $240,000. 84.31% of the stock is owned by institutional investors.

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.