SiTime Corporation (NASDAQ:SITM) Receives Average Recommendation of "Moderate Buy" from 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 an average recommendation of "Moderate Buy" from the six brokerages that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation and five have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $243.3333.

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

Insider Buying and Selling at SiTime

In other SiTime news, insider Piyush B. Sevalia sold 2,056 shares of SiTime stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $251.50, for a total transaction of $517,084.00. Following the transaction, the insider owned 78,757 shares of the company's stock, valued at $19,807,385.50. The trade was a 2.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Fariborz Assaderaghi sold 3,000 shares of SiTime stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $234.00, for a total transaction of $702,000.00. Following the transaction, the insider directly owned 93,433 shares in the company, valued at $21,863,322. This represents a 3.11% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,367 shares of company stock worth $6,960,713. 2.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SiTime

Several institutional investors and hedge funds have recently modified their holdings of SITM. Osaic Holdings Inc. increased its position in SiTime by 3,957.0% in the second quarter. Osaic Holdings Inc. now owns 12,252 shares of the company's stock worth $2,609,000 after purchasing an additional 11,950 shares during the last quarter. Thrivent Financial for Lutherans increased its position in SiTime by 9.4% in the second quarter. Thrivent Financial for Lutherans now owns 15,359 shares of the company's stock worth $3,273,000 after purchasing an additional 1,319 shares during the last quarter. State of Wyoming bought a new stake in SiTime in the second quarter worth $58,000. Castleark Management LLC bought a new stake in SiTime in the second quarter worth $6,682,000. Finally, Public Sector Pension Investment Board increased its position in SiTime by 17.4% in the second quarter. Public Sector Pension Investment Board now owns 71,186 shares of the company's stock worth $15,168,000 after purchasing an additional 10,574 shares during the last quarter. Institutional investors own 84.31% of the company's stock.

SiTime Stock Up 0.6%

Shares of NASDAQ SITM traded up $1.43 during trading on Monday, reaching $260.00. 257,427 shares of the company traded hands, compared to its average volume of 332,581. The firm has a 50 day simple moving average of $217.76 and a 200-day simple moving average of $191.74. The stock has a market capitalization of $6.76 billion, a PE ratio of -74.71 and a beta of 2.18. SiTime has a 52-week low of $105.40 and a 52-week high of $268.18.

SiTime (NASDAQ:SITM - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.18. The firm had revenue of $69.49 million for the quarter, compared to the consensus estimate of $64.66 million. SiTime had a negative net margin of 32.15% and a negative return on equity of 7.54%. The business's quarterly revenue was up 58.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.12 EPS. As a group, research analysts predict that SiTime will post -2.44 EPS for the current 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.