SiTime (NASDAQ:SITM) Stock Rating Upgraded by Barclays

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

A number of other equities research analysts also recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a research report on Wednesday, October 8th. UBS Group lifted their target price on SiTime from $355.00 to $375.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Roth Capital reiterated a “buy” rating and set a $350.00 price target on shares of SiTime in a research report on Thursday, November 6th. Raymond James Financial reissued an “outperform” rating on shares of SiTime in a report on Tuesday, December 2nd. Finally, Loop Capital assumed coverage on SiTime in a research note on Friday, November 21st. They set a “buy” rating and a $350.00 price objective for the company. 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’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $355.63.

SiTime Trading Up 1.2%

SITM stock opened at $353.52 on Thursday. The stock’s 50 day simple moving average is $333.84 and its 200 day simple moving average is $277.90. SiTime has a 12-month low of $105.40 and a 12-month high of $387.52. The firm has a market cap of $9.23 billion, a P/E ratio of -119.43 and a beta of 2.49.

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. The firm had revenue of $83.57 million during the quarter, compared to the consensus estimate of $78.08 million. SiTime had a negative net margin of 25.18% and a negative return on equity of 5.69%. The firm’s revenue was up 44.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.40 earnings per share. On average, research analysts forecast that SiTime will post -2.44 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Rajesh Vashist sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $329.00, for a total value of $3,290,000.00. Following the sale, the chief executive officer directly owned 439,208 shares in the company, valued at $144,499,432. This trade represents a 2.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Fariborz Assaderaghi sold 1,500 shares of SiTime stock in a transaction on Monday, December 1st. The shares were sold at an average price of $291.58, for a total value of $437,370.00. Following the sale, the insider directly owned 84,815 shares in the company, valued at $24,730,357.70. The trade was a 1.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 21,500 shares of company stock valued at $6,791,710 in the last three months. 2.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SiTime

Several institutional investors have recently bought and sold shares of the stock. Peregrine Investment Management Inc. lifted its holdings in shares of SiTime by 28.4% during the second quarter. Peregrine Investment Management Inc. now owns 67,870 shares of the company’s stock valued at $14,462,000 after purchasing an additional 15,000 shares during the last quarter. Ariose Capital Management Ltd acquired a new stake in SiTime during the 3rd quarter worth about $2,974,000. Invesco Ltd. lifted its stake in SiTime by 4.8% during the second quarter. Invesco Ltd. now owns 1,019,140 shares of the company’s stock valued at $217,158,000 after buying an additional 46,721 shares in the last quarter. Fortress Investment Group LLC purchased a new stake in SiTime during the second quarter valued at about $22,182,000. Finally, Summit Global Investments acquired a new position in shares of SiTime in the second quarter worth about $397,000. Institutional investors and hedge funds own 84.31% of the company’s stock.

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.