SiTime (NASDAQ:SITM) Trading 5.3% Higher on Analyst Upgrade

SiTime Co. (NASDAQ:SITM - Get Free Report) shares shot up 5.3% 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. 45,635 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 247,576 shares. The stock had previously closed at $215.25.

Separately, Stifel Nicolaus upped their target price on shares of SiTime from $180.00 to $210.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $224.00.

Insider Buying and Selling at SiTime

In other 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 value of $187,262.60. Following the completion of the transaction, the insider now owns 113,584 shares in the company, valued at approximately $16,787,715.20. This represents a 1.10% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Rajesh Vashist sold 10,000 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $215.00, for a total transaction of $2,150,000.00. Following the completion of the transaction, the chief executive officer now owns 474,763 shares of the company's stock, valued at approximately $102,074,045. This represents a 2.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 62,779 shares of company stock valued at $12,942,678 in the last quarter. Corporate insiders own 2.10% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Fourth Dimension Wealth LLC acquired a new position in SiTime in the fourth quarter worth about $25,000. Opal Wealth Advisors LLC acquired a new position in SiTime during the first quarter worth $32,000. Blue Trust Inc. increased its position in shares of SiTime by 44.7% during the 4th quarter. Blue Trust Inc. now owns 217 shares of the company's stock worth $47,000 after purchasing an additional 67 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of SiTime during the 4th quarter worth about $58,000. Finally, Smartleaf Asset Management LLC increased its position in shares of SiTime by 278.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 280 shares of the company's stock worth $60,000 after purchasing an additional 206 shares in the last quarter. Institutional investors and hedge funds own 84.31% of the company's stock.

SiTime Stock Down 0.3%

The company has a market cap of $5.10 billion, a price-to-earnings ratio of -53.07 and a beta of 2.24. The company's fifty day moving average price is $172.10 and its two-hundred day moving average price is $190.92.

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