SiTime (NASDAQ:SITM) Stock Price Up 5.3% on Analyst Upgrade

SiTime Co. (NASDAQ:SITM - Get Free Report)'s stock price rose 5.3% during mid-day trading on Wednesday after Barclays raised their price target on the stock from $135.00 to $180.00. Barclays currently has an underweight rating on the stock. SiTime traded as high as $223.50 and last traded at $226.63. Approximately 45,635 shares traded hands during trading, a decline of 82% from the average daily volume of 247,576 shares. The stock had previously closed at $215.25.

Separately, Stifel Nicolaus lifted their price objective on SiTime from $180.00 to $210.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $224.00.

Insider Activity

In other SiTime news, insider Fariborz Assaderaghi sold 1,267 shares of the stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $147.80, for a total transaction of $187,262.60. Following the transaction, the insider now directly owns 113,584 shares of the company's stock, valued at $16,787,715.20. This represents a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Piyush B. Sevalia sold 1,039 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $220.00, for a total transaction of $228,580.00. Following the transaction, the insider now directly owns 85,516 shares in the company, valued at $18,813,520. The trade was a 1.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 63,818 shares of company stock valued at $13,171,258. 2.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SiTime

Several hedge funds have recently bought and sold shares of SITM. Fourth Dimension Wealth LLC acquired a new stake in shares of SiTime in the fourth quarter valued at about $25,000. Opal Wealth Advisors LLC acquired a new stake in shares of SiTime in the first quarter valued at about $32,000. Blue Trust Inc. grew its position in shares of SiTime by 44.7% in the fourth quarter. Blue Trust Inc. now owns 217 shares of the company's stock valued at $47,000 after purchasing an additional 67 shares during the last quarter. 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 last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new stake in shares of SiTime in the fourth quarter valued at about $58,000. 84.31% of the stock is owned by institutional investors and hedge funds.

SiTime Stock Down 1.8%

The company has a market capitalization of $4.99 billion, a price-to-earnings ratio of -51.92 and a beta of 2.24. The company has a 50-day moving average price of $175.79 and a 200-day moving average price of $190.82.

SiTime (NASDAQ:SITM - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.15. SiTime had a negative net margin of 46.18% and a negative return on equity of 10.12%. The business had revenue of $60.31 million during the quarter, compared to analysts' expectations of $54.01 million. During the same quarter last year, the company earned ($0.08) earnings per share. The firm's revenue was up 82.7% on a year-over-year basis. Equities analysts expect that SiTime Co. will post -2.44 EPS for the current fiscal year.

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.