Brokerages Set SiTime Corporation (NASDAQ:SITM) Price Target at $661.88

Shares of SiTime Corporation (NASDAQ:SITM) have received a consensus rating of “Moderate Buy” from the ten analysts that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $661.8750.

A number of research analysts have recently weighed in on the stock. Stifel Nicolaus raised their price objective on shares of SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a report on Tuesday, April 21st. UBS Group raised their price target on SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Needham & Company LLC boosted their price target on SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Finally, Zacks Research downgraded SiTime from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th.

Insider Transactions at SiTime

In other SiTime news, insider Fariborz Assaderaghi sold 1,709 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $731.49, for a total value of $1,250,116.41. Following the transaction, the insider directly owned 81,436 shares in the company, valued at approximately $59,569,619.64. This represents a 2.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Rajesh Vashist sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $701.13, for a total transaction of $21,033,900.00. Following the sale, the chief executive officer directly owned 402,898 shares in the company, valued at $282,483,874.74. This represents a 6.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 69,709 shares of company stock worth $50,230,546 in the last ninety days. Company insiders own 1.40% of the company’s stock.

Institutional Trading of SiTime

A number of hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. lifted its position in SiTime by 3.9% during the fourth quarter. Principal Financial Group Inc. now owns 363,953 shares of the company’s stock worth $128,545,000 after buying an additional 13,577 shares during the period. Rockefeller Capital Management L.P. grew its holdings in SiTime by 1,368.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 3,259 shares of the company’s stock valued at $1,151,000 after buying an additional 3,037 shares during the period. Stephens Investment Management Group LLC acquired a new position in shares of SiTime during the 1st quarter valued at about $24,135,000. Portolan Capital Management LLC acquired a new position in shares of SiTime during the 3rd quarter valued at about $4,671,000. Finally, FengHe Fund Management Pte. Ltd. purchased a new position in shares of SiTime during the 4th quarter worth about $45,346,000. Institutional investors and hedge funds own 84.31% of the company’s stock.

SiTime Stock Down 7.8%

SiTime stock opened at $564.59 on Friday. The firm has a market capitalization of $14.91 billion, a PE ratio of -559.00 and a beta of 2.91. SiTime has a 52 week low of $186.49 and a 52 week high of $901.81. The firm’s 50-day simple moving average is $699.64 and its 200 day simple moving average is $506.03.

SiTime (NASDAQ:SITM) last posted its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.30. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The firm had revenue of $113.57 million during the quarter, compared to the consensus estimate of $103.51 million. During the same period last year, the firm posted $0.26 EPS. The firm’s revenue for the quarter was up 88.3% on a year-over-year basis. On average, research analysts expect that SiTime will post 3.23 EPS for the current fiscal year.

About SiTime

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.