SiTime (NASDAQ:SITM) Price Target Raised to $260.00 at Barclays

SiTime (NASDAQ:SITM) had its price target increased by Barclays from $220.00 to $260.00 in a report released on Thursday,Benzinga reports. They currently have an underweight rating on the stock.

Several other analysts have also recently commented on the company. UBS Group raised their price target on SiTime from $260.00 to $355.00 and gave the company a “buy” rating in a report on Monday, October 6th. Stifel Nicolaus increased their price objective on SiTime from $230.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday, September 18th. Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a research report on Wednesday, October 8th. Needham & Company LLC upped their price target on shares of SiTime from $250.00 to $360.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $270.00 price target (up previously from $250.00) on shares of SiTime in a report on Friday, August 29th. Five analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, SiTime currently has an average rating of “Hold” and an average price target of $329.17.

SiTime Price Performance

Shares of SITM stock traded down $12.87 during mid-day trading on Thursday, hitting $326.94. The stock had a trading volume of 526,807 shares, compared to its average volume of 337,387. The firm has a market cap of $8.50 billion, a PE ratio of -110.45 and a beta of 2.36. The company’s 50-day simple moving average is $280.90 and its 200-day simple moving average is $229.15. SiTime has a fifty-two week low of $105.40 and a fifty-two week high of $386.00.

SiTime (NASDAQ:SITM) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.16. The firm had revenue of $83.57 million during the quarter, compared to analysts’ expectations of $78.08 million. SiTime had a negative net margin of 25.18% and a negative return on equity of 6.16%. The firm’s revenue for the quarter was up 44.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.40 earnings per share. On average, analysts expect that SiTime will post -2.44 EPS for the current year.

Insider Buying and Selling at SiTime

In related news, CEO Rajesh Vashist sold 2,000 shares of the business’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $294.00, for a total value of $588,000.00. Following the sale, the chief executive officer directly owned 451,208 shares in the company, valued at $132,655,152. The trade was a 0.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Elizabeth A. Howe sold 5,099 shares of the stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $319.00, for a total transaction of $1,626,581.00. Following the completion of the sale, the executive vice president directly owned 59,070 shares in the company, valued at approximately $18,843,330. The trade was a 7.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 34,867 shares of company stock worth $9,168,213. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Hantz Financial Services Inc. raised its position in shares of SiTime by 190.3% during the 3rd quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock worth $27,000 after purchasing an additional 59 shares during the last quarter. Game Plan Financial Advisors LLC purchased a new position in SiTime during the second quarter worth $25,000. Salomon & Ludwin LLC purchased a new position in SiTime during the third quarter worth $47,000. Global Retirement Partners LLC raised its holdings in shares of SiTime by 3,220.0% in the third quarter. Global Retirement Partners LLC now owns 166 shares of the company’s stock worth $50,000 after acquiring an additional 161 shares during the last quarter. Finally, Bessemer Group Inc. lifted its position in shares of SiTime by 27.4% in the third quarter. Bessemer Group Inc. now owns 186 shares of the company’s stock valued at $55,000 after acquiring an additional 40 shares in the last quarter. 84.31% of the stock is 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.