SiTime (NASDAQ:SITM) Reaches New 12-Month High - Here's What Happened

Key Points

• SiTime Corporation's stock reached a new 52-week high of $276.21, up from a previous close of $260.00, with a trading volume of 112,654 shares.
• A range of analysts have upgraded their ratings and price targets for SiTime, with Barclays setting a new target at $220.00 and UBS Group issuing a "buy" rating with a $260.00 target.
• SiTime reported earnings per share (EPS) of $0.47 for the last quarter, exceeding estimates of $0.29, with revenues of $69.49 million, a 58.3% increase year-over-year.

SiTime Corporation (NASDAQ:SITM - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $273.91 and last traded at $276.21, with a volume of 112654 shares changing hands. The stock had previously closed at $260.00.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SITM shares. Barclays lifted their price target on SiTime from $180.00 to $220.00 and gave the company an "underweight" rating in a research note on Thursday, August 7th. Stifel Nicolaus lifted their price target on SiTime from $230.00 to $320.00 and gave the company a "buy" rating in a research note on Thursday. UBS Group started coverage on SiTime in a research note on Thursday, August 14th. They issued a "buy" rating and a $260.00 price target on the stock. Finally, Raymond James Financial reissued an "outperform" rating and issued a $270.00 price target (up previously from $250.00) on shares of SiTime in a research note on Friday, August 29th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, SiTime has a consensus rating of "Moderate Buy" and a consensus price target of $258.33.

SiTime Trading Up 2.4%

The business has a fifty day moving average of $226.30 and a 200 day moving average of $196.29.

SiTime (NASDAQ:SITM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.47 EPS for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $64.66 million. During the same quarter last year, the company posted $0.12 earnings per share. SiTime's quarterly revenue was up 58.3% on a year-over-year basis. On average, analysts forecast that SiTime Corporation will post -2.44 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Fariborz Assaderaghi sold 3,000 shares of SiTime stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $234.00, for a total transaction of $702,000.00. Following the completion of the transaction, the insider owned 93,433 shares in the company, valued at approximately $21,863,322. This trade represents a 3.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Samsheer Ahamad sold 6,000 shares of SiTime stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $250.00, for a total value of $1,500,000.00. Following the transaction, the insider owned 61,888 shares of the company's stock, valued at $15,472,000. The trade was a 8.84% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 30,367 shares of company stock worth $7,258,713. Company insiders own 2.10% of the company's stock.

Institutional Investors Weigh In On SiTime

A number of institutional investors have recently made changes to their positions in the company. Invesco Ltd. boosted its holdings in shares of SiTime by 4.8% during the second quarter. Invesco Ltd. now owns 1,019,140 shares of the company's stock worth $217,158,000 after acquiring an additional 46,721 shares during the period. State Street Corp boosted its holdings in shares of SiTime by 3.7% during the second quarter. State Street Corp now owns 911,280 shares of the company's stock worth $194,176,000 after acquiring an additional 32,178 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of SiTime by 22.0% during the second quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company's stock worth $156,887,000 after acquiring an additional 132,948 shares during the period. Geode Capital Management LLC boosted its holdings in shares of SiTime by 11.2% during the second quarter. Geode Capital Management LLC now owns 506,400 shares of the company's stock worth $107,918,000 after acquiring an additional 51,063 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in shares of SiTime by 1.1% during the second quarter. Alliancebernstein L.P. now owns 448,036 shares of the company's stock worth $95,468,000 after acquiring an additional 4,809 shares during the period. Institutional investors 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.