SiTime (NASDAQ:SITM) Sees Large Volume Increase – Still a Buy?

Shares of SiTime Co. (NASDAQ:SITM) saw unusually-high trading volume on Thursday . Approximately 310,875 shares traded hands during mid-day trading, an increase of 43% from the previous session’s volume of 217,881 shares.The stock last traded at $203.58 and had previously closed at $182.19.

Analysts Set New Price Targets

Several equities research analysts have issued reports on SITM shares. Barclays lifted their price target on shares of SiTime from $130.00 to $160.00 and gave the company an “underweight” rating in a research note on Friday, January 17th. Needham & Company LLC lifted their price target on shares of SiTime from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Raymond James restated an “outperform” rating and set a $250.00 price objective (up from $215.00) on shares of SiTime in a research note on Thursday, February 6th. Finally, Stifel Nicolaus boosted their price objective on shares of SiTime from $250.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $232.00.

SiTime Stock Performance

The stock’s fifty day moving average price is $202.20 and its two-hundred day moving average price is $191.74. The company has a market cap of $4.13 billion, a P/E ratio of -43.17 and a beta of 1.85.

Insider Transactions at SiTime

In related news, insider Fariborz Assaderaghi sold 1,000 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $249.42, for a total value of $249,420.00. Following the completion of the transaction, the insider now owns 101,683 shares of the company’s stock, valued at $25,361,773.86. This represents a 0.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Rajesh Vashist sold 12,000 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $259.25, for a total transaction of $3,111,000.00. Following the completion of the transaction, the chief executive officer now directly owns 24,781 shares of the company’s stock, valued at approximately $6,424,474.25. The trade was a 32.63 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,108 shares of company stock valued at $5,474,335. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On SiTime

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fourth Dimension Wealth LLC bought a new position in SiTime in the 4th quarter valued at approximately $25,000. Blue Trust Inc. increased its position in SiTime by 44.7% in the 4th quarter. Blue Trust Inc. now owns 217 shares of the company’s stock valued at $47,000 after acquiring an additional 67 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in SiTime in the 4th quarter valued at approximately $58,000. Smartleaf Asset Management LLC increased its position in SiTime by 278.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 280 shares of the company’s stock valued at $60,000 after acquiring an additional 206 shares during the period. Finally, Lazard Asset Management LLC acquired a new position in SiTime in the 4th quarter valued at approximately $81,000. 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.