Stifel Nicolaus Boosts SiTime (NASDAQ:SITM) Price Target to $230.00

SiTime (NASDAQ:SITM) had its target price upped by investment analysts at Stifel Nicolaus from $210.00 to $230.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ price target would suggest a potential upside of 9.69% from the stock’s current price.

Separately, Barclays upped their target price on SiTime from $135.00 to $180.00 and gave the stock an “underweight” rating in a research note on Wednesday, June 11th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to MarketBeat, SiTime currently has an average rating of “Moderate Buy” and an average target price of $228.00.

SiTime Price Performance

NASDAQ SITM traded up $0.46 during trading on Friday, reaching $209.68. 16,692 shares of the company’s stock were exchanged, compared to its average volume of 263,778. The business has a 50 day moving average price of $208.87 and a 200-day moving average price of $188.49. The stock has a market capitalization of $4.97 billion, a P/E ratio of -55.36 and a beta of 2.20. SiTime has a fifty-two week low of $105.40 and a fifty-two week high of $268.18.

SiTime (NASDAQ:SITM) last posted its earnings results on Wednesday, May 7th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.11 by $0.15. SiTime had a negative return on equity of 9.43% and a negative net margin of 38.60%. The company had revenue of $60.31 million for the quarter, compared to the consensus estimate of $54.01 million. During the same quarter in the prior year, the business earned ($0.08) earnings per share. The firm’s revenue for the quarter was up 82.7% on a year-over-year basis. On average, analysts forecast that SiTime will post -2.44 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Rajesh Vashist sold 20,000 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $210.65, for a total value of $4,213,000.00. Following the completion of the sale, the chief executive officer directly owned 490,320 shares in the company, valued at $103,285,908. This represents a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Samsheer Ahamad sold 7,728 shares of the stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $207.41, for a total value of $1,602,864.48. Following the completion of the sale, the insider owned 78,095 shares of the company’s stock, valued at $16,197,683.95. The trade was a 9.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 63,818 shares of company stock worth $13,171,258 in the last ninety days. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On SiTime

A number of hedge funds have recently added to or reduced their stakes in SITM. Fourth Dimension Wealth LLC bought a new stake in SiTime during the 4th quarter worth approximately $25,000. Opal Wealth Advisors LLC bought a new stake in SiTime during the 1st quarter worth approximately $32,000. Aster Capital Management DIFC Ltd purchased a new position in SiTime in the fourth quarter valued at approximately $58,000. Advisors Asset Management Inc. lifted its stake in 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 during the last quarter. Finally, Lazard Asset Management LLC purchased a new position in SiTime in the fourth quarter valued at approximately $81,000. 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.