SiTime (NASDAQ:SITM) Hits New 52-Week High - What's Next?

Key Points

• SiTime Corporation shares reached a new 52-week high of $318.21, with a last traded price of $314.76, as the company reports strong financial performance.
• Recent analyst reports reflect mixed ratings, with Barclays setting a target price of $220 and Stifel Nicolaus raising theirs to $320, indicating a consensus rating of "Moderate Buy" with an average target of $258.33.
• Insider trading activity saw CEO Rajesh Vashist selling 2,000 shares and insider Fariborz Assaderaghi selling 3,000 shares, with total trades amounting to approximately $1.16 million.

Shares of SiTime Corporation (NASDAQ:SITM - Get Free Report) reached a new 52-week high on Monday . The company traded as high as $318.21 and last traded at $314.76, with a volume of 57654 shares trading hands. The stock had previously closed at $312.85.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Raymond James Financial restated an "outperform" rating and issued a $270.00 price target (up from $250.00) on shares of SiTime in a research note on Friday, August 29th. UBS Group initiated coverage on SiTime in a research report on Thursday, August 14th. They set a "buy" rating and a $260.00 price target on the stock. Barclays boosted their price target on SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a research report on Thursday, August 7th. Finally, Stifel Nicolaus boosted their price target on SiTime from $230.00 to $320.00 and gave the stock a "buy" rating in a research report on Thursday. Five analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $258.33.

SiTime Price Performance

The firm has a 50-day moving average price of $228.26 and a 200 day moving average price of $197.41. The company has a market cap of $7.90 billion, a price-to-earnings ratio of -87.32 and a beta of 2.18.

SiTime (NASDAQ:SITM - Get Free Report) last posted its 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 return on equity of 7.54% and a negative net margin of 32.15%.The company had revenue of $69.49 million for the quarter, compared to the consensus estimate of $64.66 million. During the same quarter in the prior year, the business earned $0.12 earnings per share. The firm's revenue for the quarter was up 58.3% on a year-over-year basis. On average, equities analysts anticipate that SiTime Corporation will post -2.44 EPS for the current fiscal year.

Insider Transactions at SiTime

In other news, insider Samsheer Ahamad sold 6,000 shares of the company's stock in a transaction that occurred on 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 approximately $15,472,000. This represents a 8.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Piyush B. Sevalia sold 2,056 shares of the stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $251.50, for a total value of $517,084.00. Following the sale, the insider directly owned 78,757 shares in the company, valued at $19,807,385.50. This represents a 2.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 30,367 shares of company stock worth $7,258,713 over the last three months. Company insiders own 2.30% of the company's stock.

Institutional Investors Weigh In On SiTime

A number of large investors have recently added to or reduced their stakes in SITM. Alliancebernstein L.P. grew its position in 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 buying an additional 422,288 shares in the last quarter. American Century Companies Inc. acquired a new stake in SiTime during the second quarter worth approximately $64,873,000. GAMMA Investing LLC grew its position 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 buying an additional 260,158 shares in the last quarter. Eventide Asset Management LLC grew its position in 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. Finally, Ameriprise Financial Inc. grew its position in 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 buying an additional 132,948 shares in the last quarter. Institutional investors and hedge funds 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.