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

SiTime Corporation (NASDAQ:SITM)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $447.51 and last traded at $446.83, with a volume of 230163 shares trading hands. The stock had previously closed at $420.32.

Analyst Ratings Changes

A number of brokerages recently issued reports on SITM. Stifel Nicolaus set a $450.00 price target on SiTime in a research note on Thursday, February 5th. The Goldman Sachs Group began coverage on SiTime in a research note on Monday, December 15th. They set a “buy” rating and a $420.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of SiTime in a research note on Thursday, January 22nd. UBS Group raised their price target on SiTime from $430.00 to $485.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Finally, Roth Mkm reissued a “buy” rating and set a $450.00 price target on shares of SiTime in a research note on Thursday, February 5th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $409.38.

SiTime Trading Up 6.3%

The stock has a market capitalization of $11.75 billion, a P/E ratio of -245.51 and a beta of 2.57. The stock has a 50 day moving average of $375.90 and a 200-day moving average of $341.36.

SiTime (NASDAQ:SITM) last released its quarterly earnings data on Wednesday, February 4th. The company reported $1.53 EPS for the quarter, topping the consensus estimate of $1.20 by $0.33. The company had revenue of $113.29 million for the quarter, compared to the consensus estimate of $101.91 million. SiTime had a negative return on equity of 2.06% and a negative net margin of 13.13%.SiTime’s quarterly revenue was up 66.3% on a year-over-year basis. During the same period last year, the business posted $0.48 EPS. Research analysts anticipate that SiTime Corporation will post -2.44 EPS for the current year.

Insider Activity at SiTime

In other SiTime news, Director Akira Takata sold 3,500 shares of the firm’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $431.73, for a total transaction of $1,511,055.00. Following the transaction, the director directly owned 13,734 shares in the company, valued at $5,929,379.82. This trade represents a 20.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Piyush B. Sevalia sold 1,249 shares of the firm’s stock in a transaction on Wednesday, March 25th. The stock was sold at an average price of $375.00, for a total value of $468,375.00. Following the transaction, the insider owned 87,916 shares in the company, valued at $32,968,500. The trade was a 1.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 22,512 shares of company stock worth $9,581,432 over the last three months. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SITM. Norges Bank purchased a new position in SiTime during the 4th quarter worth $83,977,000. Whale Rock Capital Management LLC increased its holdings in SiTime by 45.4% during the 4th quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock worth $246,717,000 after purchasing an additional 218,038 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in SiTime by 61.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 562,892 shares of the company’s stock worth $198,808,000 after purchasing an additional 213,242 shares during the period. Fuller & Thaler Asset Management Inc. purchased a new position in SiTime during the 4th quarter worth $59,452,000. Finally, Wellington Management Group LLP increased its holdings 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 acquiring an additional 144,671 shares during the period. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

SiTime Company Profile

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.