SiTime (NASDAQ:SITM) Shares Gap Up Following Analyst Upgrade

Key Points

• SiTime Corporation's shares surged after Stifel Nicolaus raised their price target from $230.00 to $320.00, leading to an opening price of $292.39 after a previous close of $278.22.
• Insider trading activity saw Fariborz Assaderaghi sell 3,000 shares for $695,250, while another executive, Elizabeth A. Howe, sold 1,500 shares valued at $312,000.
• SiTime reported earnings of $0.47 per share for the last quarter, exceeding expectations and reflecting a revenue increase of 58.3% compared to the same quarter last year.

Shares of SiTime Corporation (NASDAQ:SITM - Get Free Report) gapped up before the market opened on Thursday after Stifel Nicolaus raised their price target on the stock from $230.00 to $320.00. The stock had previously closed at $278.22, but opened at $292.39. Stifel Nicolaus currently has a buy rating on the stock. SiTime shares last traded at $297.61, with a volume of 42,689 shares traded.

SITM has been the subject of a number of other reports. UBS Group began coverage on shares of SiTime in a research note on Thursday, August 14th. They issued a "buy" rating and a $260.00 price objective for the company. Raymond James Financial reiterated an "outperform" rating and issued a $270.00 target price (up from $250.00) on shares of SiTime in a research report on Friday, August 29th. Finally, Barclays boosted 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. Five equities 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 currently has a consensus rating of "Moderate Buy" and a consensus target price of $258.33.

Insider Activity

In other SiTime news, insider Fariborz Assaderaghi sold 3,000 shares of the stock in a transaction that occurred 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 transaction, the insider directly owned 90,433 shares in the company, valued at approximately $20,957,847.75. This trade represents a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Elizabeth A. Howe sold 1,500 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $208.00, for a total transaction of $312,000.00. Following the completion of the transaction, the executive vice president owned 71,474 shares in the company, valued at $14,866,592. The trade was a 2.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,367 shares of company stock valued at $6,960,713. Company insiders own 2.10% of the company's stock.

Institutional Investors Weigh In On SiTime

Several large investors have recently modified their holdings of the business. Lazard Asset Management LLC raised its holdings in shares of SiTime by 7.7% in the 2nd quarter. Lazard Asset Management LLC now owns 654 shares of the company's stock valued at $139,000 after purchasing an additional 47 shares in the last quarter. Advisors Asset Management Inc. grew its position in shares of SiTime by 18.3% in the 2nd quarter. Advisors Asset Management Inc. now owns 414 shares of the company's stock worth $88,000 after buying an additional 64 shares during the last quarter. White Pine Capital LLC grew its position in shares of SiTime by 1.6% in the 2nd quarter. White Pine Capital LLC now owns 5,376 shares of the company's stock worth $1,146,000 after buying an additional 83 shares during the last quarter. Xponance Inc. grew its position in shares of SiTime by 7.2% in the 1st quarter. Xponance Inc. now owns 1,419 shares of the company's stock worth $217,000 after buying an additional 95 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its position in shares of 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. Institutional investors own 84.31% of the company's stock.

SiTime Trading Up 8.5%

The business's 50-day moving average price is $222.25 and its 200-day moving average price is $194.12. The stock has a market cap of $7.85 billion, a PE ratio of -86.35 and a beta of 2.18.

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

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.

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