SiTime (NASDAQ:SITM) Trading 13.6% Higher Following Analyst Upgrade

SiTime Co. (NASDAQ:SITM) traded up 13.6% during trading on Thursday after Roth Mkm raised their price target on the stock from $205.00 to $230.00. Roth Mkm currently has a buy rating on the stock. SiTime traded as high as $216.96 and last traded at $215.35. 149,952 shares changed hands during mid-day trading, a decline of 26% from the average session volume of 202,913 shares. The stock had previously closed at $189.52.

Other analysts have also issued reports about the stock. Stifel Nicolaus boosted their price target on shares of SiTime from $175.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Barclays lowered shares of SiTime from an “equal weight” rating to an “underweight” rating and set a $90.00 target price on the stock. in a research note on Tuesday, August 27th. Finally, Needham & Company LLC upped their target price on shares of SiTime from $140.00 to $225.00 and gave the stock a “buy” rating in a research note on Thursday.

Insider Buying and Selling

In related news, insider Fariborz Assaderaghi sold 1,083 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $139.05, for a total transaction of $150,591.15. Following the completion of the sale, the insider now directly owns 112,584 shares of the company’s stock, valued at $15,654,805.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other SiTime news, insider Piyush B. Sevalia sold 807 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $160.00, for a total value of $129,120.00. Following the sale, the insider now directly owns 87,534 shares of the company’s stock, valued at approximately $14,005,440. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Fariborz Assaderaghi sold 1,083 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $139.05, for a total value of $150,591.15. Following the completion of the sale, the insider now directly owns 112,584 shares in the company, valued at approximately $15,654,805.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,464 shares of company stock valued at $5,372,893 over the last three months. 2.30% of the stock is currently owned by company insiders.

Institutional Trading of SiTime

Hedge funds have recently added to or reduced their stakes in the business. Signaturefd LLC boosted its stake in SiTime by 67.4% in the 3rd quarter. Signaturefd LLC now owns 149 shares of the company’s stock worth $26,000 after buying an additional 60 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of SiTime by 59.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 236 shares of the company’s stock valued at $29,000 after purchasing an additional 88 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of SiTime by 281.0% in the 2nd quarter. GAMMA Investing LLC now owns 381 shares of the company’s stock valued at $47,000 after purchasing an additional 281 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of SiTime in the 2nd quarter valued at about $49,000. Finally, Van ECK Associates Corp acquired a new position in shares of SiTime in the 3rd quarter valued at about $123,000. 84.31% of the stock is owned by institutional investors and hedge funds.

SiTime Trading Up 13.2 %

The firm has a market capitalization of $4.96 billion, a price-to-earnings ratio of -52.27 and a beta of 1.83. The firm has a 50 day moving average price of $165.97 and a two-hundred day moving average price of $139.66.

SiTime (NASDAQ:SITM) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.08. The business had revenue of $43.90 million for the quarter, compared to analyst estimates of $41.01 million. SiTime had a negative return on equity of 10.53% and a negative net margin of 60.46%. The company’s revenue was up 58.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.17) EPS. As a group, research analysts forecast that SiTime Co. will post -3.03 earnings per share for the current year.

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.