Wall Street Zen Upgrades SiTime (NASDAQ:SITM) to Buy

SiTime (NASDAQ:SITM) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Sunday.

Several other research analysts have also recently issued reports on the stock. Barclays set a $400.00 target price on shares of SiTime in a report on Thursday, February 5th. Stifel Nicolaus set a $450.00 price objective on SiTime in a report on Thursday, February 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a report on Thursday, January 22nd. Raymond James Financial reiterated an “outperform” rating on shares of SiTime in a research report on Tuesday, December 2nd. Finally, The Goldman Sachs Group assumed coverage on SiTime in a research report on Monday, December 15th. They issued a “buy” rating and a $420.00 price objective on the stock. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $409.38.

SiTime Price Performance

Shares of SITM stock opened at $346.17 on Friday. The business has a fifty day moving average of $375.96 and a 200 day moving average of $333.17. SiTime has a 1 year low of $105.40 and a 1 year high of $446.95. The firm has a market capitalization of $9.10 billion, a price-to-earnings ratio of -190.20 and a beta of 2.53.

SiTime (NASDAQ:SITM) last announced its quarterly earnings data on Wednesday, February 4th. The company reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.33. SiTime had a negative return on equity of 2.06% and a negative net margin of 13.13%.The firm had revenue of $113.29 million during the quarter, compared to analysts’ expectations of $101.91 million. During the same period last year, the business posted $0.48 earnings per share. The company’s revenue for the quarter was up 66.3% compared to the same quarter last year. As a group, equities research analysts expect that SiTime will post -2.44 earnings per share for the current year.

Insider Buying and Selling

In other SiTime news, insider Piyush B. Sevalia sold 566 shares of the company’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $413.08, for a total transaction of $233,803.28. Following the completion of the transaction, the insider directly owned 93,489 shares in the company, valued at approximately $38,618,436.12. This represents a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Fariborz Assaderaghi sold 4,984 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $406.45, for a total transaction of $2,025,746.80. Following the transaction, the insider directly owned 89,194 shares in the company, valued at approximately $36,252,901.30. The trade was a 5.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 23,263 shares of company stock worth $9,851,457 in the last 90 days. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On SiTime

Several institutional investors have recently bought and sold shares of SITM. Rockefeller Capital Management L.P. raised its holdings in shares of SiTime by 1,368.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 3,259 shares of the company’s stock valued at $1,151,000 after acquiring an additional 3,037 shares during the last quarter. Corient Private Wealth LLC increased its position in shares of SiTime by 5.9% during the fourth quarter. Corient Private Wealth LLC now owns 703 shares of the company’s stock worth $249,000 after purchasing an additional 39 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of SiTime during the fourth quarter worth approximately $63,000. T. Rowe Price Investment Management Inc. raised its stake in SiTime by 2,164.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 137,878 shares of the company’s stock valued at $48,698,000 after purchasing an additional 131,789 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its stake in SiTime by 18.0% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 1,036 shares of the company’s stock valued at $366,000 after purchasing an additional 158 shares during the last quarter. 84.31% of the stock is currently owned by institutional investors and hedge funds.

SiTime Company Profile

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.