SiTime Corporation (NASDAQ:SITM) Receives Consensus Recommendation of “Hold” from Analysts

Shares of SiTime Corporation (NASDAQ:SITM) have been assigned a consensus recommendation of “Hold” from the seven brokerages that are presently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating and five have assigned a buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $274.1667.

SITM has been the subject of a number of analyst reports. UBS Group lifted their target price on shares of SiTime from $260.00 to $355.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a report on Wednesday, October 8th. Raymond James Financial reaffirmed an “outperform” rating and set a $270.00 target price (up previously from $250.00) on shares of SiTime in a report on Friday, August 29th. Stifel Nicolaus lifted their target price on shares of SiTime from $230.00 to $320.00 and gave the stock a “buy” rating in a report on Thursday, September 18th. Finally, Barclays lifted their target price on shares of SiTime from $180.00 to $220.00 and gave the stock an “underweight” rating in a report on Thursday, August 7th.

SiTime Price Performance

Shares of SiTime stock opened at $276.80 on Tuesday. The firm has a market cap of $7.20 billion, a P/E ratio of -79.54 and a beta of 2.35. The firm has a 50 day simple moving average of $272.03 and a 200 day simple moving average of $221.12. SiTime has a fifty-two week low of $105.40 and a fifty-two week high of $323.66.

SiTime (NASDAQ:SITM) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.18. SiTime had a negative net margin of 32.15% and a negative return on equity of 7.54%. The business had revenue of $69.49 million during the quarter, compared to analyst estimates of $64.66 million. During the same quarter last year, the business posted $0.12 earnings per share. SiTime’s revenue for the quarter was up 58.3% compared to the same quarter last year. On average, sell-side analysts expect that SiTime will post -2.44 EPS for the current year.

Insider Activity at SiTime

In other news, CEO Rajesh Vashist sold 2,000 shares of SiTime stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $232.00, for a total transaction of $464,000.00. Following the transaction, the chief executive officer directly owned 463,208 shares of the company’s stock, valued at $107,464,256. This trade represents a 0.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Fariborz Assaderaghi sold 3,000 shares of SiTime stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $231.75, for a total transaction of $695,250.00. Following the transaction, the insider directly owned 90,433 shares in the company, valued at approximately $20,957,847.75. This represents a 3.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 36,367 shares of company stock valued at $9,330,713. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SiTime

A number of hedge funds and other institutional investors have recently made changes to their positions in SITM. GAMMA Investing LLC boosted its position in shares of SiTime by 80.9% during the first quarter. GAMMA Investing LLC now owns 1,708 shares of the company’s stock worth $261,000 after purchasing an additional 764 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its position in SiTime by 49.0% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 2,637 shares of the company’s stock valued at $403,000 after acquiring an additional 867 shares in the last quarter. Illinois Municipal Retirement Fund lifted its position in SiTime by 9.0% in the 1st quarter. Illinois Municipal Retirement Fund now owns 8,849 shares of the company’s stock valued at $1,353,000 after acquiring an additional 734 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in SiTime by 4.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 15,353 shares of the company’s stock valued at $2,347,000 after acquiring an additional 657 shares in the last quarter. Finally, Values First Advisors Inc. bought a new stake in SiTime in the 1st quarter valued at $219,000. 84.31% of the stock is owned by institutional investors.

SiTime Company Profile

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.