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

Key Points

• SiTime's stock recently hit a new 52-week high at $320.70, closing at approximately $319.40 with a trading volume of 12,372 shares.
• Several analysts have increased their target prices for SiTime, with Stifel Nicolaus raising theirs to $320.00 and UBS setting a target of $260.00, indicating a generally optimistic outlook.
• In its latest quarterly earnings report, SiTime exceeded analyst expectations by posting $0.47 earnings per share and a 58.3% year-over-year revenue increase.

SiTime Corporation (NASDAQ:SITM - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $320.70 and last traded at $319.40, with a volume of 12372 shares trading hands. The stock had previously closed at $308.17.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Stifel Nicolaus increased their target price on SiTime from $230.00 to $320.00 and gave the stock a "buy" rating in a research note on Thursday, September 18th. Barclays raised their price target on shares of SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a research note on Thursday, August 7th. Raymond James Financial restated an "outperform" rating and issued a $270.00 target price (up from $250.00) on shares of SiTime in a research note on Friday, August 29th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of SiTime in a research note on Saturday, September 27th. Finally, UBS Group started coverage on SiTime in a report on Thursday, August 14th. They set a "buy" rating and a $260.00 price objective on the stock. Five equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $258.33.

SiTime Stock Up 3.4%

The company has a market capitalization of $8.29 billion, a price-to-earnings ratio of -91.65 and a beta of 2.35. The business's 50-day moving average is $245.70 and its 200-day moving average is $205.75.

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

Insider Buying and Selling at SiTime

In related news, insider Piyush B. Sevalia sold 2,056 shares of the business'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 $19,807,385.50. The trade was a 2.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Rajesh Vashist sold 2,000 shares of the firm's stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $294.00, for a total transaction of $588,000.00. Following the sale, the chief executive officer owned 451,208 shares in the company, valued at approximately $132,655,152. This represents a 0.44% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,268 shares of company stock worth $8,134,132. 2.30% of the stock is currently owned by insiders.

Institutional Trading of SiTime

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Game Plan Financial Advisors LLC acquired a new position in shares of SiTime during the 2nd quarter worth approximately $25,000. Opal Wealth Advisors LLC acquired a new position in SiTime during the first quarter worth $32,000. State of Wyoming purchased a new position in SiTime during the second quarter valued at $58,000. Advisors Asset Management Inc. grew its position in shares of SiTime by 33.6% in the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company's stock valued at $54,000 after purchasing an additional 88 shares during the period. Finally, Smartleaf Asset Management LLC boosted its holdings in SiTime by 35.6% in the 2nd quarter. Smartleaf Asset Management LLC now owns 385 shares of the company's stock worth $82,000 after buying an additional 101 shares during 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.