Wall Street Zen Upgrades SiTime (NASDAQ:SITM) to Buy

SiTime (NASDAQ:SITM) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Sunday.

A number of other research analysts have also commented on SITM. Needham & Company LLC increased their price objective on SiTime from $400.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a research report on Thursday, January 22nd. Barclays set a $400.00 price target on SiTime in a research note on Thursday, February 5th. The Goldman Sachs Group assumed coverage on SiTime in a report on Monday, December 15th. They issued a “buy” rating and a $420.00 price target on the stock. Finally, Stifel Nicolaus set a $450.00 price objective on SiTime in a research report on Thursday, February 5th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $409.38.

SiTime Trading Down 8.7%

Shares of SITM stock opened at $325.32 on Friday. SiTime has a 1 year low of $105.40 and a 1 year high of $446.95. The firm’s 50 day moving average is $375.92 and its 200-day moving average is $331.60. The firm has a market capitalization of $8.56 billion, a price-to-earnings ratio of -178.75 and a beta of 2.53.

SiTime (NASDAQ:SITM) last released its quarterly earnings results on Wednesday, February 4th. The company reported $1.53 EPS for the quarter, beating the consensus estimate of $1.20 by $0.33. SiTime had a negative net margin of 13.13% and a negative return on equity of 2.06%. The business had revenue of $113.29 million for the quarter, compared to analysts’ expectations of $101.91 million. During the same period in the prior year, the firm earned $0.48 earnings per share. SiTime’s revenue was up 66.3% compared to the same quarter last year. On average, equities research analysts forecast that SiTime will post -2.44 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Akira Takata sold 3,500 shares of the company’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $431.73, for a total value of $1,511,055.00. Following the completion of the sale, the director owned 13,734 shares in the company, valued at approximately $5,929,379.82. This represents a 20.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Piyush B. Sevalia sold 566 shares of the stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $413.08, for a total value of $233,803.28. Following the completion of the transaction, the insider directly owned 93,489 shares in the company, valued at $38,618,436.12. The trade was a 0.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 23,263 shares of company stock worth $9,851,457. Corporate insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On SiTime

Institutional investors have recently modified their holdings of the stock. Rakuten Securities Inc. raised its position in shares of SiTime by 188.5% in the 4th quarter. Rakuten Securities Inc. now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 49 shares during the period. Hantz Financial Services Inc. boosted its stake in SiTime by 190.3% during the 3rd quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock worth $27,000 after acquiring an additional 59 shares during the last quarter. Optiver Holding B.V. grew its holdings in SiTime by 56.1% during the third quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock valued at $27,000 after purchasing an additional 32 shares during the period. Larson Financial Group LLC grew its holdings in SiTime by 3,200.0% during the third quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock valued at $30,000 after purchasing an additional 96 shares during the period. Finally, Caitong International Asset Management Co. Ltd bought a new stake in SiTime in the fourth quarter valued at approximately $33,000. 84.31% of the stock is currently owned by institutional investors and hedge funds.

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.