SiTime (NASDAQ:SITM) Reaches New 12-Month High – What’s Next?

SiTime Co. (NASDAQ:SITM)’s share price hit a new 52-week high on Wednesday . The company traded as high as $256.89 and last traded at $252.66, with a volume of 54572 shares traded. The stock had previously closed at $243.88.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Roth Mkm increased their price target on SiTime from $205.00 to $230.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC increased their price target on SiTime from $140.00 to $225.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Stifel Nicolaus raised their target price on SiTime from $175.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Finally, Barclays raised their target price on SiTime from $90.00 to $130.00 and gave the company an “underweight” rating in a research note on Friday, November 8th.

SiTime Stock Performance

The company has a 50 day moving average price of $194.88 and a 200 day moving average price of $157.55. The company has a market capitalization of $5.97 billion, a price-to-earnings ratio of -58.91 and a beta of 1.86.

SiTime (NASDAQ:SITM) last issued its earnings results on Wednesday, November 6th. The company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.26 by $0.14. SiTime had a negative return on equity of 9.89% and a negative net margin of 53.55%. The company had revenue of $57.70 million during the quarter, compared to the consensus estimate of $55.10 million. During the same period last year, the business posted ($0.81) EPS. The firm’s revenue for the quarter was up 62.4% compared to the same quarter last year. Research analysts forecast that SiTime Co. will post -2.98 EPS for the current year.

Insider Activity at SiTime

In related news, insider Piyush B. Sevalia sold 807 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $160.00, for a total value of $129,120.00. Following the transaction, the insider now owns 87,534 shares of the company’s stock, valued at approximately $14,005,440. This trade represents a 0.91 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Rajesh Vashist sold 20,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $170.07, for a total transaction of $3,401,400.00. Following the completion of the transaction, the chief executive officer now directly owns 424,417 shares in the company, valued at approximately $72,180,599.19. The trade was a 4.50 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,513 shares of company stock valued at $6,459,008. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SiTime

Several hedge funds have recently modified their holdings of SITM. Driehaus Capital Management LLC bought a new position in shares of SiTime during the 2nd quarter worth approximately $16,831,000. William Blair Investment Management LLC lifted its position in shares of SiTime by 62.0% during the 2nd quarter. William Blair Investment Management LLC now owns 208,098 shares of the company’s stock worth $25,883,000 after buying an additional 79,648 shares in the last quarter. F M Investments LLC bought a new position in shares of SiTime during the 2nd quarter worth approximately $8,909,000. LMR Partners LLP lifted its position in shares of SiTime by 705.0% during the 3rd quarter. LMR Partners LLP now owns 80,500 shares of the company’s stock worth $13,807,000 after buying an additional 70,500 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of SiTime by 15.4% during the 3rd quarter. Principal Financial Group Inc. now owns 448,930 shares of the company’s stock worth $76,996,000 after buying an additional 59,931 shares in the last quarter. 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.