Barclays Forecasts Strong Price Appreciation for SiTime (NASDAQ:SITM) Stock

SiTime (NASDAQ:SITM) had its target price hoisted by research analysts at Barclays from $110.00 to $135.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Barclays‘s target price indicates a potential downside of 28.95% from the stock’s previous close.

SITM has been the topic of several other research reports. Stifel Nicolaus lifted their target price on shares of SiTime from $180.00 to $210.00 and gave the stock a “buy” rating in a report on Thursday. Raymond James reiterated an “outperform” rating and issued a $250.00 price objective (up from $215.00) on shares of SiTime in a research note on Thursday, February 6th. Finally, Needham & Company LLC raised their target price on SiTime from $225.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $215.00.

SiTime Stock Up 0.8 %

Shares of SITM opened at $190.01 on Thursday. SiTime has a 12 month low of $105.40 and a 12 month high of $268.18. The company’s fifty day moving average is $154.37 and its 200-day moving average is $189.48. The firm has a market cap of $4.51 billion, a price-to-earnings ratio of -46.92 and a beta of 2.24.

SiTime (NASDAQ:SITM) last posted its earnings results on Wednesday, May 7th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.15. SiTime had a negative return on equity of 10.12% and a negative net margin of 46.18%. The company had revenue of $60.31 million for the quarter, compared to analyst estimates of $54.01 million. During the same period last year, the company earned ($0.08) earnings per share. The business’s revenue was up 82.7% compared to the same quarter last year. As a group, research analysts predict that SiTime will post -2.44 earnings per share for the current fiscal year.

Insider Buying and Selling at SiTime

In related news, insider Fariborz Assaderaghi sold 1,268 shares of the firm’s stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $184.92, for a total value of $234,478.56. Following the completion of the transaction, the insider now directly owns 112,316 shares of the company’s stock, valued at $20,769,474.72. This trade represents a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Piyush B. Sevalia sold 1,038 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $157.64, for a total transaction of $163,630.32. Following the completion of the sale, the insider now directly owns 92,847 shares in the company, valued at $14,636,401.08. This trade represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,074 shares of company stock valued at $1,195,421 in the last quarter. Corporate insiders own 2.10% of the company’s stock.

Institutional Trading of SiTime

A number of large investors have recently bought and sold shares of the stock. Fourth Dimension Wealth LLC acquired a new stake in shares of SiTime during the 4th quarter worth about $25,000. Opal Wealth Advisors LLC acquired a new stake in shares of SiTime during the first quarter worth approximately $32,000. Blue Trust Inc. boosted its holdings in shares of SiTime by 44.7% in the 4th quarter. Blue Trust Inc. now owns 217 shares of the company’s stock worth $47,000 after acquiring an additional 67 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in SiTime during the 4th quarter worth approximately $58,000. Finally, Smartleaf Asset Management LLC increased its holdings in 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 purchasing an additional 206 shares in the last quarter. 84.31% of the stock is currently owned by institutional investors.

About SiTime

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.