SiTime (NASDAQ:SITM) Given New $320.00 Price Target at Stifel Nicolaus

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 target price lifted by analysts at Stifel Nicolaus from $230.00 to $320.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Stifel Nicolaus' target price points to a potential upside of 7.06% from the stock's current price.

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

SiTime Price Performance

Shares of NASDAQ SITM traded up $20.67 during mid-day trading on Thursday, hitting $298.89. 75,090 shares of the stock traded hands, compared to its average volume of 330,500. SiTime has a twelve month low of $105.40 and a twelve month high of $298.58. The company has a market cap of $7.77 billion, a PE ratio of -85.64 and a beta of 2.18. The firm has a 50 day simple moving average of $222.25 and a two-hundred day simple moving average of $194.12.

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

Insider Activity

In related news, insider Piyush B. Sevalia sold 2,056 shares of the company's stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $251.50, for a total value of $517,084.00. Following the completion of the transaction, the insider directly owned 78,757 shares in the company, valued at approximately $19,807,385.50. The trade was a 2.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Samsheer Ahamad sold 6,000 shares of the company's stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $250.00, for a total transaction of $1,500,000.00. Following the sale, the insider owned 61,888 shares of the company's stock, valued at approximately $15,472,000. The trade was a 8.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 29,367 shares of company stock worth $6,960,713. Company insiders own 2.10% of the company's stock.

Institutional Trading of SiTime

Several institutional investors have recently added to or reduced their stakes in SITM. BNP Paribas Financial Markets bought a new position in shares of SiTime during the fourth quarter valued at about $949,000. Lazard Asset Management LLC bought a new position in SiTime in the fourth quarter worth about $81,000. Millennium Management LLC raised its stake in SiTime by 205.0% in the fourth quarter. Millennium Management LLC now owns 7,344 shares of the company's stock worth $1,576,000 after buying an additional 4,936 shares in the last quarter. ProShare Advisors LLC raised its stake in SiTime by 46.0% in the fourth quarter. ProShare Advisors LLC now owns 5,608 shares of the company's stock worth $1,203,000 after buying an additional 1,766 shares in the last quarter. Finally, Tidal Investments LLC bought a new position in SiTime in the fourth quarter worth about $217,000. 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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