SiTime (NASDAQ:SITM) Given New $220.00 Price Target at Barclays

Key Points

• SiTime's price target has been raised by Barclays from $180 to $220, indicating a potential upside of 9.32% from its current price, despite maintaining an "underweight" rating on the stock.
• Stifel Nicolaus also increased their price target for SiTime from $210 to $230, assigning a "buy" rating, contributing to a consensus target price of $236 among analysts.
• SiTime reported earnings of $0.47 per share, exceeding estimates, with revenue up 58.3% year-over-year, reflecting strong financial performance despite prior negative margins.

SiTime (NASDAQ:SITM - Get Free Report) had its price objective boosted by analysts at Barclays from $180.00 to $220.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an "underweight" rating on the stock. Barclays's price target indicates a potential upside of 9.32% from the company's current price.

Separately, Stifel Nicolaus boosted their price target on SiTime from $210.00 to $230.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, SiTime presently has an average rating of "Moderate Buy" and a consensus target price of $236.00.

SiTime Trading Down 4.5%

SiTime stock opened at $201.24 on Thursday. SiTime has a 12-month low of $105.40 and a 12-month high of $268.18. The firm has a 50 day moving average of $207.90 and a 200 day moving average of $185.18. The firm has a market capitalization of $4.77 billion, a price-to-earnings ratio of -53.89 and a beta of 2.20.

SiTime (NASDAQ:SITM - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.18. The business had revenue of $69.49 million for the quarter, compared to analyst estimates of $64.66 million. SiTime had a negative return on equity of 9.43% and a negative net margin of 38.60%. The business's revenue was up 58.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.12 earnings per share. On average, analysts predict that SiTime will post -2.44 EPS for the current year.

Insider Buying and Selling at SiTime

In other news, Director Tom Dang-Hsing Yiu sold 2,115 shares of the stock in a transaction on Thursday, May 22nd. The stock was 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 in the company, valued at approximately $3,700,000. This represents a 10.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Samsheer Ahamad sold 7,728 shares of the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $207.41, for a total value of $1,602,864.48. Following the transaction, the insider directly owned 78,095 shares in the company, valued at approximately $16,197,683.95. The trade was a 9.00% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 64,783 shares of company stock worth $13,491,517. Insiders own 2.10% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SITM. Los Angeles Capital Management LLC raised its holdings in SiTime by 55.8% during the second quarter. Los Angeles Capital Management LLC now owns 12,398 shares of the company's stock worth $2,642,000 after purchasing an additional 4,441 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of SiTime by 40.0% in the second quarter. Bank of New York Mellon Corp now owns 162,322 shares of the company's stock worth $34,588,000 after buying an additional 46,359 shares during the period. K.J. Harrison & Partners Inc boosted its holdings in SiTime by 40.0% in the second quarter. K.J. Harrison & Partners Inc now owns 7,000 shares of the company's stock valued at $1,492,000 after purchasing an additional 2,000 shares during the last quarter. Bank of Montreal Can boosted its holdings in SiTime by 8.5% in the second quarter. Bank of Montreal Can now owns 3,168 shares of the company's stock valued at $675,000 after purchasing an additional 247 shares during the last quarter. Finally, Amalgamated Bank raised its stake in SiTime by 8.5% during the second quarter. Amalgamated Bank now owns 5,872 shares of the company's stock valued at $1,251,000 after buying an additional 460 shares in the last quarter. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

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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