Brokerages Set SiTime Corporation (NASDAQ:SITM) Price Target at $240.00

Key Points

• SiTime Corporation (NASDAQ:SITM) has received a consensus rating of "Moderate Buy" from six brokerages, with one analyst issuing a sell recommendation and five recommending a buy.
• The company's latest earnings report showed an EPS of $0.47, surpassing the consensus estimate of $0.29, along with a year-over-year revenue increase of 58.3%.
• Recent price targets from analysts vary, with UBS setting a target of $260.00 while Stifel Nicolaus increased its target to $230.00, reflecting confidence in SiTime's growth potential.

Shares of SiTime Corporation (NASDAQ:SITM - Get Free Report) have received an average rating of "Moderate Buy" from the six brokerages that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation and five have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $240.00.

SITM has been the subject of several recent analyst reports. Stifel Nicolaus upped their target price on shares of SiTime from $210.00 to $230.00 and gave the stock a "buy" rating in a report on Friday, July 18th. UBS Group initiated coverage on shares of SiTime in a report on Thursday. They issued a "buy" rating and a $260.00 target price for the company. Finally, Barclays upped their target price on shares of SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a report on Thursday, August 7th.

Insider Buying and Selling at SiTime

In related news, insider Fariborz Assaderaghi sold 5,112 shares of the stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $205.53, for a total value of $1,050,669.36. Following the completion of the transaction, the insider owned 107,204 shares of the company's stock, valued at approximately $22,033,638.12. This trade represents a 4.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Tom Dang-Hsing Yiu sold 2,115 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $200.00, for a total transaction of $423,000.00. Following the completion of the transaction, the director directly owned 18,500 shares of the company's stock, valued at approximately $3,700,000. The trade was a 10.26% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,783 shares of company stock worth $9,708,517. Insiders own 2.10% of the company's stock.

Institutional Trading of SiTime

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its position in SiTime by 80.9% in the 1st quarter. GAMMA Investing LLC now owns 1,708 shares of the company's stock worth $261,000 after purchasing an additional 764 shares during the period. Wells Fargo & Company MN raised its position in SiTime by 25.5% in the 4th quarter. Wells Fargo & Company MN now owns 14,788 shares of the company's stock worth $3,172,000 after purchasing an additional 3,004 shares during the period. Rhumbline Advisers raised its position in SiTime by 0.9% in the 1st quarter. Rhumbline Advisers now owns 51,143 shares of the company's stock worth $7,818,000 after purchasing an additional 440 shares during the period. Millennium Management LLC raised its position in SiTime by 205.0% in the 4th quarter. Millennium Management LLC now owns 7,344 shares of the company's stock worth $1,576,000 after purchasing an additional 4,936 shares during the period. Finally, Tidal Investments LLC purchased a new stake in SiTime in the 4th quarter worth about $217,000. 84.31% of the stock is owned by hedge funds and other institutional investors.

SiTime Price Performance

NASDAQ SITM traded down $5.30 during mid-day trading on Thursday, reaching $221.44. The stock had a trading volume of 355,399 shares, compared to its average volume of 388,986. SiTime has a 1 year low of $105.40 and a 1 year high of $268.18. The stock has a market cap of $5.76 billion, a PE ratio of -63.63 and a beta of 2.20. The company has a fifty day moving average price of $209.73 and a 200 day moving average price of $184.15.

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

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.