Wall Street Zen Downgrades SiTime (NASDAQ:SITM) to Hold

SiTime (NASDAQ:SITM) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

A number of other research firms have also weighed in on SITM. Needham & Company LLC lifted their price objective on shares of SiTime from $400.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Stifel Nicolaus set a $450.00 price objective on shares of SiTime in a research report on Thursday, February 5th. The Goldman Sachs Group started coverage on shares of SiTime in a research note on Monday, December 15th. They issued a “buy” rating and a $420.00 target price for the company. Raymond James Financial reaffirmed an “outperform” rating on shares of SiTime in a report on Tuesday, December 2nd. Finally, Barclays set a $400.00 price target on shares of SiTime in a research note on Thursday, February 5th. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, SiTime presently has a consensus rating of “Moderate Buy” and a consensus price target of $409.38.

SiTime Stock Up 1.0%

SITM opened at $326.13 on Friday. SiTime has a 52 week low of $105.40 and a 52 week high of $446.95. The business has a 50 day moving average price of $375.58 and a two-hundred day moving average price of $328.63. The company has a market cap of $8.58 billion, a PE ratio of -179.19 and a beta of 2.53.

SiTime (NASDAQ:SITM) last announced its earnings results on Wednesday, February 4th. The company reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.33. The company had revenue of $113.29 million for the quarter, compared to the consensus estimate of $101.91 million. SiTime had a negative return on equity of 2.06% and a negative net margin of 13.13%.The company’s revenue was up 66.3% on a year-over-year basis. During the same period last year, the business posted $0.48 EPS. As a group, sell-side analysts expect that SiTime will post -2.44 EPS for the current fiscal year.

Insider Activity

In other SiTime news, insider Piyush B. Sevalia sold 566 shares of the firm’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $413.08, for a total value of $233,803.28. Following the completion of the sale, the insider owned 93,489 shares of the company’s stock, valued at approximately $38,618,436.12. This trade represents a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Akira Takata sold 3,500 shares of the business’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $431.73, for a total transaction of $1,511,055.00. Following the sale, the director owned 13,734 shares in the company, valued at $5,929,379.82. The trade was a 20.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 23,263 shares of company stock valued at $9,851,457 over the last three months. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SiTime

A number of large investors have recently made changes to their positions in SITM. Corient Private Wealth LLC lifted its stake in shares of SiTime by 5.9% in the fourth quarter. Corient Private Wealth LLC now owns 703 shares of the company’s stock valued at $249,000 after purchasing an additional 39 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in SiTime during the fourth quarter worth about $63,000. T. Rowe Price Investment Management Inc. grew its position in SiTime by 2,164.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 137,878 shares of the company’s stock worth $48,698,000 after buying an additional 131,789 shares during the period. Mercer Global Advisors Inc. ADV increased its holdings in SiTime by 18.0% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 1,036 shares of the company’s stock valued at $366,000 after buying an additional 158 shares in the last quarter. Finally, Summit Global Investments increased its holdings in SiTime by 63.3% in the fourth quarter. Summit Global Investments now owns 1,659 shares of the company’s stock valued at $586,000 after buying an additional 643 shares in the last quarter. Hedge funds and other institutional investors own 84.31% of the company’s stock.

SiTime Company Profile

SiTime Corporation is a fabless semiconductor company specializing in silicon timing solutions that leverage micro-electromechanical systems (MEMS) technology as an alternative to traditional quartz crystals. Its portfolio of programmable oscillators, resonators, clock generators, jitter attenuators and network synchronizers addresses precision timekeeping requirements across a wide range of electronic systems. By integrating MEMS resonators with advanced mixed-signal control circuitry, SiTime’s products offer enhanced reliability, resistance to shock and vibration, and a smaller footprint compared with conventional quartz devices.

The company’s timing devices serve diverse end markets, including telecommunications infrastructure, data center and enterprise networking, consumer electronics, automotive systems, industrial automation, and aerospace and defense applications.