SiTime (NASDAQ:SITM) Trading Up 7.6% – Time to Buy?

SiTime Corporation (NASDAQ:SITM) shares traded up 7.6% during mid-day trading on Wednesday . The company traded as high as $278.00 and last traded at $274.85. 66,121 shares traded hands during trading, a decline of 80% from the average session volume of 337,060 shares. The stock had previously closed at $255.49.

Analysts Set New Price Targets

Several research firms have recently issued reports on SITM. Stifel Nicolaus set a $360.00 target price on shares of SiTime in a research note on Thursday, November 6th. Needham & Company LLC upped their price objective on shares of SiTime from $250.00 to $360.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Barclays increased their price objective on shares of SiTime from $220.00 to $260.00 and gave the company an “underweight” rating in a research note on Thursday, November 6th. UBS Group boosted their target price on SiTime from $355.00 to $375.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a report on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $332.14.

SiTime Price Performance

The firm has a market cap of $6.99 billion, a PE ratio of -90.50 and a beta of 2.36. The business’s fifty day moving average is $290.46 and its 200-day moving average is $239.01.

SiTime (NASDAQ:SITM) last released its earnings results on Wednesday, November 5th. The company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. The firm had revenue of $83.57 million during the quarter, compared to the consensus estimate of $78.08 million. SiTime had a negative net margin of 25.18% and a negative return on equity of 5.69%. The company’s revenue was up 44.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.40 EPS. Analysts forecast that SiTime Corporation will post -2.44 EPS for the current year.

Insider Transactions at SiTime

In other news, insider Samsheer Ahamad sold 3,811 shares of the company’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $255.03, for a total transaction of $971,919.33. Following the transaction, the insider owned 58,077 shares of the company’s stock, valued at $14,811,377.31. This represents a 6.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Fariborz Assaderaghi sold 3,000 shares of the stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $231.75, for a total value of $695,250.00. Following the transaction, the insider owned 90,433 shares of the company’s stock, valued at $20,957,847.75. The trade was a 3.21% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 44,867 shares of company stock valued at $12,458,213. 2.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SiTime

Large investors have recently modified their holdings of the business. Game Plan Financial Advisors LLC purchased a new stake in shares of SiTime during the 2nd quarter valued at approximately $25,000. Hantz Financial Services Inc. raised its holdings in SiTime by 190.3% during the 3rd quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock valued at $27,000 after acquiring an additional 59 shares during the period. Optiver Holding B.V. lifted its position in shares of SiTime by 56.1% during the third quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock worth $27,000 after acquiring an additional 32 shares in the last quarter. Larson Financial Group LLC lifted its position in shares of SiTime by 3,200.0% during the third quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock worth $30,000 after acquiring an additional 96 shares in the last quarter. Finally, Salomon & Ludwin LLC bought a new position in shares of SiTime in the third quarter worth $47,000. Hedge funds and other institutional investors own 84.31% of the company’s stock.

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.