Raymond James Reiterates “Outperform” Rating for SiTime (NASDAQ:SITM)

SiTime (NASDAQ:SITM)‘s stock had its “outperform” rating restated by Raymond James in a report issued on Thursday,Benzinga reports. They presently have a $250.00 price target on the stock, up from their prior price target of $215.00. Raymond James’ price objective would suggest a potential upside of 34.54% from the company’s previous close.

A number of other brokerages also recently issued reports on SITM. Roth Mkm boosted their price objective on shares of SiTime from $205.00 to $230.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC boosted their price objective on shares of SiTime from $225.00 to $250.00 and gave the company a “buy” rating in a research report on Thursday. Stifel Nicolaus boosted their price objective on shares of SiTime from $250.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Barclays boosted their price objective on shares of SiTime from $130.00 to $160.00 and gave the company an “underweight” rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to MarketBeat.com, SiTime has a consensus rating of “Moderate Buy” and an average price target of $232.00.

SiTime Stock Down 16.7 %

SITM traded down $37.17 during mid-day trading on Thursday, reaching $185.82. 378,495 shares of the company traded hands, compared to its average volume of 226,227. The stock has a market capitalization of $4.34 billion, a P/E ratio of -44.89 and a beta of 1.80. The company’s fifty day moving average price is $228.56 and its 200-day moving average price is $186.46. SiTime has a 52-week low of $72.39 and a 52-week high of $268.18.

SiTime (NASDAQ:SITM) last announced its earnings results on Wednesday, November 6th. The company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.14. The business had revenue of $57.70 million during the quarter, compared to analyst estimates of $55.10 million. SiTime had a negative net margin of 53.55% and a negative return on equity of 9.89%. The company’s quarterly revenue was up 62.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.81) EPS. As a group, sell-side analysts forecast that SiTime will post -2.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In other SiTime news, CEO Rajesh Vashist sold 12,000 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $259.25, for a total value of $3,111,000.00. Following the sale, the chief executive officer now owns 24,781 shares in the company, valued at $6,424,474.25. The trade was a 32.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Fariborz Assaderaghi sold 1,003 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $204.42, for a total transaction of $205,033.26. Following the completion of the sale, the insider now owns 99,678 shares in the company, valued at approximately $20,376,176.76. The trade was a 1.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,934 shares of company stock valued at $6,531,758. Company insiders own 2.30% of the company’s stock.

Institutional Trading of SiTime

Several hedge funds have recently made changes to their positions in the business. Cornerstone Investment Partners LLC purchased a new stake in shares of SiTime during the 4th quarter valued at about $205,000. Charles Schwab Investment Management Inc. raised its position in shares of SiTime by 3.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 171,937 shares of the company’s stock valued at $36,886,000 after buying an additional 6,117 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of SiTime during the 4th quarter valued at about $140,000. Smartleaf Asset Management LLC raised its position in shares of SiTime by 278.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 280 shares of the company’s stock valued at $60,000 after buying an additional 206 shares in the last quarter. Finally, Mutual of America Capital Management LLC raised its position in shares of SiTime by 1.7% during the 4th quarter. Mutual of America Capital Management LLC now owns 2,866 shares of the company’s stock valued at $615,000 after buying an additional 48 shares in the last quarter. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

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.