SiTime (NASDAQ:SITM) Price Target Raised to $220.00

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 target hoisted by stock analysts at Barclays from $180.00 to $220.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "underweight" rating on the stock. Barclays's price objective suggests a potential upside of 9.03% from the stock's previous close.

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

SiTime Stock Up 1.1%

Shares of SITM traded up $2.21 during midday trading on Thursday, reaching $201.78. 166,332 shares of the stock were exchanged, compared to its average volume of 324,801. SiTime has a twelve month low of $105.40 and a twelve month high of $268.18. The stock's 50 day simple moving average is $208.30 and its 200 day simple moving average is $183.61. The company has a market cap of $5.25 billion, a P/E ratio of -58.22 and a beta of 2.20.

SiTime (NASDAQ:SITM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.18. The company 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 firm's revenue for the quarter was up 58.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.12 earnings per share. As a group, analysts predict that SiTime will post -2.44 earnings per share for the current year.

Insiders Place Their Bets

In other SiTime news, Director Tom Dang-Hsing Yiu sold 2,115 shares of SiTime stock in a transaction dated 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 sale, the director directly owned 18,500 shares of the company's stock, valued at $3,700,000. The trade was a 10.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Vincent P. Pangrazio sold 5,026 shares of SiTime stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $204.55, for a total value of $1,028,068.30. Following the sale, the insider directly owned 64,842 shares of the company's stock, valued at $13,263,431.10. This trade represents a 7.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,783 shares of company stock valued at $13,921,517. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SiTime

A number of institutional investors and hedge funds have recently modified their holdings of SITM. Alliancebernstein L.P. increased its position in shares of SiTime by 2,016.8% during the first quarter. Alliancebernstein L.P. now owns 443,227 shares of the company's stock worth $67,756,000 after acquiring an additional 422,288 shares during the last quarter. GAMMA Investing LLC lifted its stake in SiTime by 27,559.1% during the first quarter. GAMMA Investing LLC now owns 261,102 shares of the company's stock worth $39,915,000 after purchasing an additional 260,158 shares during the period. Eventide Asset Management LLC increased its holdings in shares of SiTime by 5,015.9% during the first quarter. Eventide Asset Management LLC now owns 166,214 shares of the company's stock worth $25,408,000 after buying an additional 162,965 shares in the last quarter. Neuberger Berman Group LLC increased its holdings in shares of SiTime by 360.8% in the first quarter. Neuberger Berman Group LLC now owns 135,211 shares of the company's stock valued at $20,670,000 after purchasing an additional 105,868 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of SiTime by 11.0% during the fourth quarter. Invesco Ltd. now owns 983,175 shares of the company's stock worth $210,921,000 after purchasing an additional 97,062 shares in the last quarter. Institutional investors and hedge funds 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.