Needham & Company LLC Forecasts Strong Price Appreciation for SiTime (NASDAQ:SITM) Stock

SiTime (NASDAQ:SITM) had its target price boosted by stock analysts at Needham & Company LLC from $140.00 to $225.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential downside of 0.20% from the company’s previous close.

Several other equities analysts have also recently commented on SITM. Barclays cut SiTime from an “equal weight” rating to an “underweight” rating and set a $90.00 target price for the company. in a research note on Tuesday, August 27th. Stifel Nicolaus increased their target price on SiTime from $175.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday, October 17th.

SiTime Trading Down 0.0 %

NASDAQ:SITM traded down $0.06 during trading hours on Thursday, hitting $225.45. The stock had a trading volume of 337,459 shares, compared to its average volume of 205,572. SiTime has a 1-year low of $72.39 and a 1-year high of $228.12. The business has a 50 day simple moving average of $169.16 and a two-hundred day simple moving average of $141.31. The company has a market cap of $5.21 billion, a PE ratio of -54.46 and a beta of 1.83.

SiTime (NASDAQ:SITM) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.14. The company had revenue of $57.70 million during the quarter, compared to the consensus estimate of $55.10 million. SiTime had a negative net margin of 53.55% and a negative return on equity of 9.88%. SiTime’s revenue for the quarter was up 62.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.81) earnings per share. Research analysts expect that SiTime will post -3.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other SiTime news, insider Fariborz Assaderaghi sold 1,083 shares of SiTime stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $139.05, for a total value of $150,591.15. Following the completion of the transaction, the insider now owns 112,584 shares of the company’s stock, valued at $15,654,805.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, insider Fariborz Assaderaghi sold 1,083 shares of SiTime stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $139.05, for a total transaction of $150,591.15. Following the sale, the insider now directly owns 112,584 shares in the company, valued at $15,654,805.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Piyush B. Sevalia sold 1,338 shares of SiTime stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $180.00, for a total transaction of $240,840.00. Following the sale, the insider now owns 86,196 shares in the company, valued at approximately $15,515,280. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,464 shares of company stock valued at $5,372,893 over the last 90 days. 2.30% of the stock is owned by company insiders.

Institutional Trading of SiTime

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Texas Permanent School Fund Corp grew its stake in shares of SiTime by 2.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 15,292 shares of the company’s stock valued at $1,426,000 after buying an additional 357 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of SiTime in the first quarter valued at $925,000. Oppenheimer Asset Management Inc. grew its position in SiTime by 17.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 4,829 shares of the company’s stock valued at $450,000 after acquiring an additional 733 shares during the period. Swiss National Bank grew its position in SiTime by 1.2% in the first quarter. Swiss National Bank now owns 33,200 shares of the company’s stock valued at $3,095,000 after acquiring an additional 400 shares during the period. Finally, Headlands Technologies LLC bought a new stake in SiTime in the first quarter valued at $136,000. Institutional investors and hedge funds own 84.31% of the company’s stock.

SiTime Company Profile

SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, Singapore, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. It serves various markets, including communications, datacenter, enterprise, automotive, industrial, internet of things, mobile, consumer, and aerospace and defense.