SiTime Corporation (NASDAQ:SITM) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• SiTime Corporation (NASDAQ:SITM) has received a consensus recommendation of "Moderate Buy" from six research firms, with an average price target of $243.33.
• Recent insider sales include 3,000 shares sold by Fariborz Assaderaghi for $702,000 and 2,000 shares sold by Piyush B. Sevalia for $485,320, marking a decrease in their positions.
• SiTime reported a 58.3% year-over-year increase in revenue, totaling $69.49 million for the last quarter, with earnings per share (EPS) of $0.47, exceeding expectations.

Shares of SiTime Corporation (NASDAQ:SITM - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the six research firms that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation and five have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $243.3333.

A number of equities analysts recently issued reports on SITM shares. Raymond James Financial reiterated an "outperform" rating and set a $270.00 price objective (up from $250.00) on shares of SiTime in a research report on Friday, August 29th. UBS Group assumed coverage on shares of SiTime in a research report on Thursday, August 14th. They issued a "buy" rating and a $260.00 price target for the company. Stifel Nicolaus upped their price target on shares of SiTime from $210.00 to $230.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Finally, Barclays upped their price target on shares of SiTime from $180.00 to $220.00 and gave the company an "underweight" rating in a research report on Thursday, August 7th.

Insider Buying and Selling at SiTime

In other SiTime news, insider Fariborz Assaderaghi sold 3,000 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $234.00, for a total value of $702,000.00. Following the completion of the transaction, the insider directly owned 93,433 shares in the company, valued at approximately $21,863,322. This represents a 3.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Piyush B. Sevalia sold 2,000 shares of the company's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $242.66, for a total transaction of $485,320.00. Following the completion of the transaction, the insider owned 80,813 shares of the company's stock, valued at approximately $19,610,082.58. This trade represents a 2.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,539 shares of company stock valued at $3,051,900. Insiders own 2.30% of the company's stock.

Institutional Investors Weigh In On SiTime

Several large investors have recently modified their holdings of SITM. Fourth Dimension Wealth LLC acquired a new stake in shares of SiTime during the fourth quarter worth $25,000. Game Plan Financial Advisors LLC acquired a new stake in shares of SiTime during the second quarter worth $25,000. Opal Wealth Advisors LLC acquired a new stake in shares of SiTime during the first quarter worth $32,000. Advisors Asset Management Inc. increased its position in shares of SiTime by 33.6% during the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company's stock worth $54,000 after buying an additional 88 shares during the period. Finally, State of Wyoming acquired a new stake in shares of SiTime during the second quarter worth $58,000. 84.31% of the stock is currently owned by institutional investors and hedge funds.

SiTime Price Performance

SITM stock opened at $234.77 on Monday. The company has a 50 day simple moving average of $213.72 and a 200 day simple moving average of $189.03. The stock has a market cap of $6.10 billion, a price-to-earnings ratio of -67.46 and a beta of 2.18. SiTime has a 1 year low of $105.40 and a 1 year high of $268.18.

SiTime (NASDAQ:SITM - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.18. The business had revenue of $69.49 million during the quarter, compared to analysts' expectations of $64.66 million. SiTime had a negative net margin of 32.15% and a negative return on equity of 7.54%. The firm's quarterly revenue was up 58.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.12 EPS. On average, equities research analysts anticipate that SiTime will post -2.44 EPS for the current fiscal 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.

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