Analysts Set SiTime Corporation (NASDAQ:SITM) Target Price at $243.33

Shares of SiTime Corporation (NASDAQ:SITM) have been given an average recommendation of “Moderate Buy” by the six ratings firms that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $243.3333.

A number of equities research analysts have recently weighed in on SITM shares. UBS Group assumed coverage on SiTime in a report on Thursday, August 14th. They issued a “buy” rating and a $260.00 price target for the company. Barclays upped their target price on SiTime from $180.00 to $220.00 and gave the stock an “underweight” rating in a research report on Thursday, August 7th. Stifel Nicolaus increased their target price on SiTime from $210.00 to $230.00 and gave the company a “buy” rating in a research note on Friday, July 18th. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $270.00 price target (up previously from $250.00) on shares of SiTime in a research note on Friday, August 29th.

SiTime Stock Down 0.7%

Shares of SITM stock opened at $245.57 on Monday. SiTime has a fifty-two week low of $105.40 and a fifty-two week high of $268.18. The stock has a market cap of $6.38 billion, a P/E ratio of -70.57 and a beta of 2.18. The business has a fifty day simple moving average of $215.90 and a 200-day simple moving average of $190.27.

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

Insider Buying and Selling at SiTime

In related news, insider Samsheer Ahamad sold 2,000 shares of the stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $226.57, for a total transaction of $453,140.00. Following the completion of the transaction, the insider directly owned 67,888 shares in the company, valued at approximately $15,381,384.16. This trade represents a 2.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Fariborz Assaderaghi sold 3,000 shares of SiTime stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $234.00, for a total value of $702,000.00. Following the transaction, the insider owned 93,433 shares of the company’s stock, valued at $21,863,322. This represents a 3.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,500 shares of company stock valued at $3,971,710 in the last 90 days. 2.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SiTime

Institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC raised its stake in shares of SiTime by 80.9% in 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 during the last quarter. Rhumbline Advisers boosted its holdings in shares of SiTime by 0.9% in the first quarter. Rhumbline Advisers now owns 51,143 shares of the company’s stock worth $7,818,000 after acquiring an additional 440 shares during the period. Millennium Management LLC boosted its holdings in shares of SiTime by 205.0% in the fourth quarter. Millennium Management LLC now owns 7,344 shares of the company’s stock worth $1,576,000 after acquiring an additional 4,936 shares during the period. Tidal Investments LLC bought a new stake in SiTime during the fourth quarter valued at $217,000. Finally, Balyasny Asset Management L.P. bought a new stake in SiTime during the fourth quarter valued at $318,000. Institutional investors own 84.31% of the company’s stock.

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.