SiTime (NASDAQ:SITM) Reaches New 52-Week High – Here’s Why

SiTime Corporation (NASDAQ:SITM) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $859.41 and last traded at $855.9470, with a volume of 112069 shares. The stock had previously closed at $833.08.

Wall Street Analyst Weigh In

SITM has been the topic of a number of research reports. Roth Mkm reissued a “buy” rating and issued a $900.00 price objective on shares of SiTime in a report on Thursday. UBS Group raised their price objective on shares of SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a report on Thursday. Wall Street Zen raised shares of SiTime from a “hold” rating to a “buy” rating in a report on Saturday. Stifel Nicolaus raised their price objective on shares of SiTime from $450.00 to $500.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Finally, Needham & Company LLC raised their price objective on shares of SiTime from $450.00 to $850.00 and gave the company a “buy” rating in a research report on Thursday. Eight analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $661.88.

SiTime Stock Performance

The stock has a market capitalization of $23.80 billion, a P/E ratio of -892.55 and a beta of 2.91. The company’s 50-day moving average price is $422.53 and its 200 day moving average price is $370.64.

SiTime (NASDAQ:SITM) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, beating the consensus estimate of $1.14 by $0.30. The firm had revenue of $113.57 million for the quarter, compared to the consensus estimate of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The company’s revenue was up 88.3% on a year-over-year basis. During the same period last year, the firm earned $0.26 EPS. Analysts predict that SiTime Corporation will post 1.31 earnings per share for the current year.

Insider Activity at SiTime

In other news, insider Samsheer Ahamad sold 9,100 shares of the business’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $441.47, for a total value of $4,017,377.00. Following the transaction, the insider owned 52,938 shares of the company’s stock, valued at approximately $23,370,538.86. The trade was a 14.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Piyush B. Sevalia sold 2,419 shares of the business’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $484.05, for a total transaction of $1,170,916.95. Following the completion of the transaction, the insider directly owned 84,250 shares in the company, valued at $40,781,212.50. This trade represents a 2.79% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 22,678 shares of company stock worth $9,771,269 over the last ninety days. 1.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SiTime

Several hedge funds have recently modified their holdings of SITM. Royal Bank of Canada lifted its holdings in shares of SiTime by 12.5% in the first quarter. Royal Bank of Canada now owns 4,411 shares of the company’s stock worth $675,000 after buying an additional 491 shares in the last quarter. Advisors Asset Management Inc. increased its position in SiTime by 33.6% in the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock worth $54,000 after purchasing an additional 88 shares during the last quarter. AQR Capital Management LLC increased its position in SiTime by 310.8% in the first quarter. AQR Capital Management LLC now owns 10,754 shares of the company’s stock worth $1,557,000 after purchasing an additional 8,136 shares during the last quarter. Intech Investment Management LLC increased its position in SiTime by 21.6% in the first quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock worth $1,272,000 after purchasing an additional 1,477 shares during the last quarter. Finally, M&T Bank Corp bought a new stake in SiTime in the second quarter worth $240,000. Hedge funds and other institutional investors own 84.31% of the company’s stock.

About SiTime

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.