SiTime (NASDAQ:SITM) Upgraded to Buy at Wall Street Zen
by Tristan Rich · The Markets DailyWall Street Zen upgraded shares of SiTime (NASDAQ:SITM – Free Report) from a hold rating to a buy rating in a research note issued to investors on Sunday.
Other equities analysts have also recently issued reports about the stock. Barclays set a $400.00 target price on shares of SiTime in a research note on Thursday, February 5th. Roth Mkm reaffirmed a “buy” rating and issued a $450.00 price objective on shares of SiTime in a report on Thursday, February 5th. Needham & Company LLC upped their price objective on shares of SiTime from $400.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. Stifel Nicolaus set a $450.00 target price on shares of SiTime in a research note on Thursday, February 5th. Finally, The Goldman Sachs Group assumed coverage on SiTime in a research report on Monday, December 15th. They set a “buy” rating and a $420.00 target price on the stock. Seven equities research 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $409.38.
Get Our Latest Research Report on SITM
SiTime Stock Performance
NASDAQ:SITM opened at $325.32 on Friday. The firm’s fifty day moving average is $375.92 and its two-hundred day moving average is $332.36. The firm has a market cap of $8.56 billion, a price-to-earnings ratio of -178.75 and a beta of 2.53. SiTime has a one year low of $105.40 and a one year high of $446.95.
SiTime (NASDAQ:SITM – Get Free Report) last announced its quarterly earnings results on Wednesday, February 4th. The company reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.33. The company had revenue of $113.29 million during 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 revenue for the quarter was up 66.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.48 earnings per share. As a group, equities research analysts predict that SiTime will post -2.44 earnings per share for the current fiscal year.
Insider Buying and Selling
In other SiTime news, insider Piyush B. Sevalia sold 566 shares of the company’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $413.08, for a total transaction of $233,803.28. Following the completion of the transaction, the insider directly owned 93,489 shares in the company, valued at approximately $38,618,436.12. This represents a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Fariborz Assaderaghi sold 4,984 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $406.45, for a total transaction of $2,025,746.80. Following the transaction, the insider directly owned 89,194 shares in the company, valued at approximately $36,252,901.30. The trade was a 5.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 23,263 shares of company stock worth $9,851,457 in the last 90 days. 2.30% of the stock is owned by insiders.
Institutional Investors Weigh In On SiTime
Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in SiTime by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 2,825,402 shares of the company’s stock valued at $997,904,000 after purchasing an additional 61,336 shares in the last quarter. Invesco Ltd. raised its holdings in SiTime by 1.8% in the 3rd quarter. Invesco Ltd. now owns 1,037,305 shares of the company’s stock valued at $312,550,000 after acquiring an additional 18,165 shares during the last quarter. State Street Corp raised its holdings in SiTime by 3.7% in the 2nd quarter. State Street Corp now owns 911,280 shares of the company’s stock valued at $194,176,000 after acquiring an additional 32,178 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in 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 in the last quarter. Finally, Whale Rock Capital Management LLC lifted its stake in SiTime by 45.4% in 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 in the last quarter. 84.31% of the stock is currently owned by hedge funds and other institutional investors.
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.