SiTime (NASDAQ:SITM) Upgraded to “Equal Weight” at Barclays

SiTime (NASDAQ:SITM) was upgraded by equities researchers at Barclays from an “underweight” rating to an “equal weight” rating in a research report issued on Thursday, MarketBeat reports. The brokerage presently has a $360.00 price target on the stock, up from their previous price target of $260.00. Barclays‘s target price would indicate a potential upside of 1.83% from the stock’s previous close.

A number of other equities analysts also recently commented on the company. Loop Capital began coverage on SiTime in a report on Friday, November 21st. They issued a “buy” rating and a $350.00 price objective on the stock. The Goldman Sachs Group started coverage on shares of SiTime in a report on Monday, December 15th. They issued a “buy” rating and a $420.00 price target on the stock. Needham & Company LLC boosted their price objective on shares of SiTime from $250.00 to $360.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Roth Capital reissued a “buy” rating and issued a $350.00 price objective on shares of SiTime in a research report on Thursday, November 6th. Finally, UBS Group lifted their target price on shares of SiTime from $355.00 to $375.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $355.63.

SiTime Stock Up 1.2%

Shares of SITM opened at $353.52 on Thursday. The firm has a market cap of $9.23 billion, a PE ratio of -119.43 and a beta of 2.49. The company’s fifty day moving average is $333.84 and its two-hundred day moving average is $277.90. SiTime has a fifty-two week low of $105.40 and a fifty-two week high of $387.52.

SiTime (NASDAQ:SITM) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.16. SiTime had a negative return on equity of 5.69% and a negative net margin of 25.18%.The business had revenue of $83.57 million during the quarter, compared to the consensus estimate of $78.08 million. During the same period in the prior year, the firm posted $0.40 EPS. The business’s revenue for the quarter was up 44.8% on a year-over-year basis. As a group, equities research analysts anticipate that SiTime will post -2.44 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Rajesh Vashist sold 2,000 shares of the firm’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $369.20, for a total transaction of $738,400.00. Following the completion of the sale, the chief executive officer directly owned 431,609 shares in the company, valued at $159,350,042.80. This trade represents a 0.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Samsheer Ahamad sold 4,000 shares of SiTime stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $291.10, for a total value of $1,164,400.00. Following the sale, the insider directly owned 51,711 shares in the company, valued at approximately $15,053,072.10. The trade was a 7.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 21,500 shares of company stock valued at $6,791,710 in the last quarter. Company insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On SiTime

Institutional investors have recently made changes to their positions in the business. Optiver Holding B.V. increased its stake in shares of SiTime by 56.1% in the third quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock worth $27,000 after buying an additional 32 shares during the last quarter. Hantz Financial Services Inc. grew its holdings in SiTime by 190.3% during the 3rd quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock worth $27,000 after acquiring an additional 59 shares in the last quarter. Larson Financial Group LLC increased its position in shares of SiTime by 3,200.0% in the 3rd quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock worth $30,000 after purchasing an additional 96 shares during the last quarter. Game Plan Financial Advisors LLC acquired a new stake in shares of SiTime in the 2nd quarter valued at about $25,000. Finally, Bernard Wealth Management Corp. bought a new position in shares of SiTime during the fourth quarter worth about $41,000. 84.31% of the stock is owned by institutional investors and hedge funds.

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.