SiTime (NASDAQ:SITM) Trading Up 12.2% – Still a Buy?

SiTime Corporation (NASDAQ:SITM)’s share price was up 12.2% during trading on Tuesday . The stock traded as high as $349.89 and last traded at $349.0950. Approximately 270,072 shares changed hands during mid-day trading, a decline of 34% from the average daily volume of 409,453 shares. The stock had previously closed at $311.23.

Wall Street Analysts Forecast Growth

SITM has been the topic of several recent research reports. The Goldman Sachs Group began coverage on SiTime in a report on Monday, December 15th. They set a “buy” rating and a $420.00 price objective on the stock. UBS Group upped their target price on SiTime from $430.00 to $485.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a research report on Thursday, January 22nd. Stifel Nicolaus set a $450.00 price target on shares of SiTime in a research note on Thursday, February 5th. Finally, Needham & Company LLC increased their price objective on shares of SiTime from $400.00 to $450.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, SiTime has a consensus rating of “Moderate Buy” and a consensus price target of $409.38.

SiTime Stock Up 2.6%

The company has a market capitalization of $9.32 billion, a price-to-earnings ratio of -194.69 and a beta of 2.53. The business has a fifty day simple moving average of $372.85 and a two-hundred day simple moving average of $337.07.

SiTime (NASDAQ:SITM) last posted its earnings results on Wednesday, February 4th. The company reported $1.53 EPS for the quarter, topping the consensus estimate of $1.20 by $0.33. The business 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 was up 66.3% on a year-over-year basis. During the same quarter last year, the company earned $0.48 EPS. As a group, equities analysts predict that SiTime Corporation will post -2.44 earnings per share for the current fiscal year.

Insider Activity at SiTime

In other news, Director Akira Takata sold 3,500 shares of the company’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $431.73, for a total value of $1,511,055.00. Following the sale, the director owned 13,734 shares of the company’s stock, valued at approximately $5,929,379.82. This represents a 20.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Piyush B. Sevalia sold 1,249 shares of the stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of $375.00, for a total transaction of $468,375.00. Following the sale, the insider owned 87,916 shares of the company’s stock, valued at $32,968,500. This trade represents a 1.40% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 24,512 shares of company stock valued at $10,319,832. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On SiTime

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SITM. Rockefeller Capital Management L.P. increased its holdings in shares of SiTime by 1,368.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 3,259 shares of the company’s stock worth $1,151,000 after buying an additional 3,037 shares in the last quarter. Corient Private Wealth LLC boosted its holdings in shares of SiTime by 5.9% in the 4th quarter. Corient Private Wealth LLC now owns 703 shares of the company’s stock worth $249,000 after acquiring an additional 39 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of SiTime in the 4th quarter worth approximately $63,000. T. Rowe Price Investment Management Inc. grew its position in SiTime by 2,164.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 137,878 shares of the company’s stock worth $48,698,000 after acquiring an additional 131,789 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its position in SiTime by 18.0% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 1,036 shares of the company’s stock worth $366,000 after acquiring an additional 158 shares during the last quarter. 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.