SiTime Corporation (NASDAQ:SITM) Receives Average Rating of “Moderate Buy” from Brokerages

SiTime Corporation (NASDAQ:SITM) has earned a consensus recommendation of “Moderate Buy” from the nine brokerages that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $409.3750.

Several research analysts have weighed in on SITM shares. Loop Capital started coverage on shares of SiTime in a report on Friday, November 21st. They set a “buy” rating and a $350.00 price objective on the stock. The Goldman Sachs Group initiated coverage on shares of SiTime in a report on Monday, December 15th. They issued a “buy” rating and a $420.00 target price on the stock. Raymond James Financial reaffirmed an “outperform” rating on shares of SiTime in a research report on Tuesday, December 2nd. UBS Group lifted their price target on SiTime from $430.00 to $485.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Finally, Roth Mkm reissued a “buy” rating and issued a $450.00 price objective on shares of SiTime in a research note on Thursday, February 5th.

SiTime Trading Up 0.4%

SITM stock traded up $1.90 during trading on Thursday, reaching $438.18. 74,137 shares of the stock were exchanged, compared to its average volume of 328,559. The firm’s 50 day moving average is $366.20 and its 200 day moving average is $301.03. The firm has a market cap of $11.44 billion, a P/E ratio of -242.50 and a beta of 2.51. SiTime has a twelve month low of $105.40 and a twelve month high of $446.96.

SiTime (NASDAQ:SITM) last released its quarterly earnings data 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 return on equity of 2.06% and a negative net margin of 13.13%.The firm had revenue of $113.29 million during the quarter, compared to the consensus estimate of $101.91 million. During the same quarter in the previous year, the company posted $0.48 earnings per share. The company’s quarterly revenue was up 66.3% on a year-over-year basis. As a group, analysts predict that SiTime will post -2.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Akira Takata sold 3,500 shares of the 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 completion of the sale, the director owned 13,734 shares in the company, valued at $5,929,379.82. This represents a 20.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Samsheer Ahamad sold 4,000 shares of the firm’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $291.10, for a total transaction of $1,164,400.00. Following the transaction, the insider directly owned 51,711 shares in the company, valued at $15,053,072.10. The trade was a 7.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 13,000 shares of company stock worth $4,433,265. 2.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SiTime

A number of institutional investors have recently added to or reduced their stakes in SITM. American Century Companies Inc. bought a new position in shares of SiTime during the 2nd quarter worth approximately $64,873,000. Norges Bank purchased a new stake in shares of SiTime during the fourth quarter valued at approximately $83,977,000. Wellington Management Group LLP lifted its holdings in SiTime by 36.8% during the third quarter. Wellington Management Group LLP now owns 537,741 shares of the company’s stock worth $162,027,000 after acquiring an additional 144,671 shares during the period. Ameriprise Financial Inc. boosted its position in SiTime by 22.0% in the second 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 last quarter. Finally, FengHe Fund Management Pte. Ltd. bought a new position in SiTime in the 4th quarter valued at $45,346,000. 84.31% of the stock is owned by 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.