Stifel Nicolaus Issues Positive Forecast for SiTime (NASDAQ:SITM) Stock Price

Key Points

• Analysts at Stifel Nicolaus have raised their price target for SiTime (NASDAQ:SITM) from $230.00 to $320.00, indicating a potential upside of 7.06% from the current price and maintaining a "buy" rating.
• In its recent earnings report, SiTime exceeded consensus estimates with $0.47 earnings per share, significantly up from $0.12 EPS in the same quarter last year, with revenue growing by 58.3% year-over-year.
• Five research analysts currently rate SiTime as a "buy," while the stock has a consensus target price of $258.33, reflecting positive sentiments from the market despite one analyst issuing a "sell" rating.

SiTime (NASDAQ:SITM - Get Free Report) had its price target lifted by equities researchers at Stifel Nicolaus from $230.00 to $320.00 in a report released on Thursday, Marketbeat reports. The brokerage presently has a "buy" rating on the stock. Stifel Nicolaus' price target indicates a potential upside of 2.29% from the company's previous close.

Several other brokerages have also weighed in on SITM. Barclays increased their price objective on shares of SiTime from $180.00 to $220.00 and gave the company an "underweight" rating in a report on Thursday, August 7th. Raymond James Financial reiterated an "outperform" rating and issued a $270.00 target price (up from $250.00) on shares of SiTime in a report on Friday, August 29th. Finally, UBS Group initiated coverage on shares of SiTime in a report on Thursday, August 14th. They issued a "buy" rating and a $260.00 target price on the stock. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $258.33.

SiTime Trading Up 2.4%

Shares of SITM traded up $7.48 during mid-day trading on Thursday, hitting $312.85. 770,871 shares of the company traded hands, compared to its average volume of 359,592. SiTime has a one year low of $105.40 and a one year high of $313.93. The business has a 50-day moving average of $226.30 and a 200 day moving average of $196.29. The stock has a market capitalization of $8.13 billion, a price-to-earnings ratio of -89.90 and a beta of 2.18.

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

Insider Transactions at SiTime

In other SiTime news, insider Fariborz Assaderaghi sold 3,000 shares of SiTime stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $231.75, for a total value of $695,250.00. Following the sale, the insider directly owned 90,433 shares in the company, valued at approximately $20,957,847.75. The trade was a 3.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Rajesh Vashist sold 2,000 shares of SiTime stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $232.00, for a total transaction of $464,000.00. Following the completion of the transaction, the chief executive officer directly owned 463,208 shares of the company's stock, valued at approximately $107,464,256. This trade represents a 0.43% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,367 shares of company stock worth $7,258,713. 2.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SITM. BNP Paribas Financial Markets bought a new position in shares of SiTime in the 4th quarter valued at about $949,000. Lazard Asset Management LLC bought a new position in shares of SiTime in the 4th quarter valued at about $81,000. Millennium Management LLC grew its position in shares of SiTime by 205.0% in the 4th quarter. Millennium Management LLC now owns 7,344 shares of the company's stock valued at $1,576,000 after acquiring an additional 4,936 shares during the period. ProShare Advisors LLC grew its position in shares of SiTime by 46.0% in the 4th quarter. ProShare Advisors LLC now owns 5,608 shares of the company's stock valued at $1,203,000 after acquiring an additional 1,766 shares during the period. Finally, Tidal Investments LLC bought a new position in shares of SiTime in the 4th quarter valued at about $217,000. Institutional investors own 84.31% of the company's stock.

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.