SiTime (NASDAQ:SITM) Shares Gap Up on Analyst Upgrade

SiTime Corporation (NASDAQ:SITM) gapped up before the market opened on Thursday after Stifel Nicolaus raised their price target on the stock from $230.00 to $320.00. The stock had previously closed at $278.22, but opened at $292.39. Stifel Nicolaus currently has a buy rating on the stock. SiTime shares last traded at $297.61, with a volume of 42,689 shares.

Other equities analysts have also recently issued reports about the company. UBS Group assumed coverage on SiTime in a report on Thursday, August 14th. They set a “buy” rating and a $260.00 target price for the company. Barclays raised 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. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $270.00 price target (up previously from $250.00) on shares of SiTime in a research report on Friday, August 29th. Five equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $258.33.

Insiders Place Their Bets

In other SiTime news, insider Samsheer Ahamad sold 6,000 shares of the business’s stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $250.00, for a total transaction of $1,500,000.00. Following the sale, the insider directly owned 61,888 shares in the company, valued at approximately $15,472,000. The trade was a 8.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Piyush B. Sevalia sold 2,056 shares of the business’s stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $251.50, for a total value of $517,084.00. Following the sale, the insider owned 78,757 shares in the company, valued at approximately $19,807,385.50. The trade was a 2.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,367 shares of company stock worth $6,960,713. Insiders own 2.10% of the company’s stock.

Institutional Trading of SiTime

Institutional investors have recently bought and sold shares of the company. Alliancebernstein L.P. lifted its position in shares of SiTime by 2,016.8% in the first quarter. Alliancebernstein L.P. now owns 443,227 shares of the company’s stock valued at $67,756,000 after acquiring an additional 422,288 shares in the last quarter. American Century Companies Inc. purchased a new position in shares of SiTime in the 2nd quarter worth about $64,873,000. GAMMA Investing LLC raised its holdings in shares of SiTime by 27,559.1% in the 1st quarter. GAMMA Investing LLC now owns 261,102 shares of the company’s stock worth $39,915,000 after purchasing an additional 260,158 shares during the period. Eventide Asset Management LLC raised its holdings in shares of SiTime by 5,015.9% in the 1st quarter. Eventide Asset Management LLC now owns 166,214 shares of the company’s stock worth $25,408,000 after purchasing an additional 162,965 shares during the period. Finally, Ameriprise Financial Inc. raised its holdings in shares of SiTime by 22.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock worth $156,887,000 after purchasing an additional 132,948 shares during the period. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

SiTime Stock Performance

The firm has a market capitalization of $7.94 billion, a PE ratio of -87.75 and a beta of 2.18. The firm has a fifty day moving average of $224.17 and a 200 day moving average of $195.18.

SiTime (NASDAQ:SITM) last announced its 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 business had revenue of $69.49 million for the quarter, compared to the consensus estimate of $64.66 million. SiTime had a negative return on equity of 7.54% and a negative net margin of 32.15%.The company’s revenue was up 58.3% on a year-over-year basis. During the same period last year, the business posted $0.12 EPS. Research analysts forecast that SiTime Corporation will post -2.44 earnings per share for the current fiscal year.

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.