Needham & Company LLC Forecasts Strong Price Appreciation for SiTime (NASDAQ:SITM) Stock

SiTime (NASDAQ:SITM) had its price target increased by Needham & Company LLC from $225.00 to $250.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target would indicate a potential upside of 12.11% from the stock’s current price.

SITM has been the subject of a number of other research reports. Barclays boosted their price objective on shares of SiTime from $130.00 to $160.00 and gave the company an “underweight” rating in a research report on Friday, January 17th. Roth Mkm upped their price target on SiTime from $205.00 to $230.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Stifel Nicolaus raised their price objective on SiTime from $230.00 to $250.00 and gave the stock a “buy” rating in a research note on Monday, January 6th.

SiTime Price Performance

SITM stock opened at $222.99 on Thursday. SiTime has a 1 year low of $72.39 and a 1 year high of $268.18. The company has a market cap of $5.21 billion, a P/E ratio of -53.86 and a beta of 1.80. The stock’s fifty day moving average price is $228.20 and its 200-day moving average price is $186.20.

SiTime (NASDAQ:SITM) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.26 by $0.14. SiTime had a negative net margin of 53.55% and a negative return on equity of 9.89%. The firm had revenue of $57.70 million during the quarter, compared to analyst estimates of $55.10 million. During the same quarter in the prior year, the firm earned ($0.81) EPS. The business’s revenue for the quarter was up 62.4% compared to the same quarter last year. As a group, analysts expect that SiTime will post -2.98 earnings per share for the current year.

Insider Buying and Selling

In other SiTime news, CEO Rajesh Vashist sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $259.25, for a total transaction of $3,111,000.00. Following the sale, the chief executive officer now directly owns 24,781 shares of the company’s stock, valued at $6,424,474.25. The trade was a 32.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Fariborz Assaderaghi sold 1,003 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $204.42, for a total value of $205,033.26. Following the transaction, the insider now directly owns 99,678 shares in the company, valued at approximately $20,376,176.76. This represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,934 shares of company stock worth $6,531,758. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SITM. Barclays PLC boosted its stake in shares of SiTime by 80.7% during the 3rd quarter. Barclays PLC now owns 37,982 shares of the company’s stock worth $6,515,000 after purchasing an additional 16,964 shares during the period. LMR Partners LLP lifted its stake in SiTime by 705.0% in the third quarter. LMR Partners LLP now owns 80,500 shares of the company’s stock worth $13,807,000 after purchasing an additional 70,500 shares during the last quarter. Creative Planning purchased a new position in shares of SiTime during the third quarter valued at approximately $842,000. FMR LLC grew its stake in shares of SiTime by 1.1% during the third quarter. FMR LLC now owns 3,469,843 shares of the company’s stock valued at $595,113,000 after buying an additional 39,119 shares during the last quarter. Finally, Swedbank AB boosted its holdings in SiTime by 21.7% during the 3rd quarter. Swedbank AB now owns 28,000 shares of the company’s stock valued at $4,802,000 after acquiring an additional 5,000 shares during the period. Institutional investors own 84.31% of the company’s stock.

SiTime Company Profile

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.