SiTime (NASDAQ:SITM) Upgraded by Wall Street Zen to "Buy" Rating

Key Points

• Wall Street Zen upgraded SiTime from “hold” to “buy,” adding to a generally bullish analyst backdrop. The stock now has eight Buy ratings, one Hold, and one Sell, with a consensus price target of $661.88.
• SiTime recently reported strong quarterly results, beating expectations on both earnings and revenue. It posted $1.44 EPS versus $1.14 expected, while revenue rose 88.3% year over year to $113.57 million.
• Insider selling and mixed share performance stood out in the update. CEO Rajesh Vashist and Director Christine Heckart both sold shares, while the stock traded at $628.94 on Friday, below its 50-day average of $703.16 but still near its 52-week high of $901.81.

SiTime (NASDAQ:SITM - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Sunday.

SITM has been the topic of several other research reports. Roth Capital reiterated a "buy" rating and set a $900.00 price objective on shares of SiTime in a report on Thursday, May 7th. The Goldman Sachs Group restated a "buy" rating and issued a $800.00 target price on shares of SiTime in a research note on Thursday, May 7th. Barclays raised SiTime from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $400.00 to $850.00 in a research note on Thursday, May 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of SiTime in a report on Tuesday, April 21st. Finally, UBS Group raised their price objective on SiTime from $675.00 to $775.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, SiTime presently has an average rating of "Moderate Buy" and a consensus price target of $661.88.

SiTime Stock Performance

Shares of NASDAQ:SITM traded down $19.21 during midday trading on Friday, reaching $628.94. The company's stock had a trading volume of 245,031 shares, compared to its average volume of 643,541. SiTime has a fifty-two week low of $186.49 and a fifty-two week high of $901.81. The firm has a 50 day moving average price of $703.16 and a two-hundred day moving average price of $498.91. The firm has a market capitalization of $16.60 billion, a price-to-earnings ratio of -622.71 and a beta of 2.91.

SiTime (NASDAQ:SITM - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.14 by $0.30. The business had revenue of $113.57 million during the quarter, compared to analysts' expectations of $103.51 million. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.The firm's revenue was up 88.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.26 earnings per share. As a group, research analysts anticipate that SiTime will post 3.23 earnings per share for the current year.

Insider Transactions at SiTime

In related news, CEO Rajesh Vashist sold 5,000 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $750.00, for a total value of $3,750,000.00. Following the completion of the sale, the chief executive officer directly owned 9,781 shares of the company's stock, valued at approximately $7,335,750. This represents a 33.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christine Heckart sold 1,290 shares of the firm's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $700.00, for a total value of $903,000.00. Following the transaction, the director owned 790 shares in the company, valued at approximately $553,000. This trade represents a 62.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 72,128 shares of company stock valued at $51,401,463. Corporate insiders own 1.40% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SITM. Norges Bank bought a new stake in shares of SiTime during the 4th quarter worth $83,977,000. Whale Rock Capital Management LLC grew its position in SiTime by 45.4% during the fourth quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company's stock valued at $246,717,000 after buying an additional 218,038 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in SiTime by 61.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 562,892 shares of the company's stock worth $198,808,000 after buying an additional 213,242 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new stake in SiTime in the fourth quarter worth about $59,452,000. Finally, Wellington Management Group LLP raised its position in SiTime by 36.8% in the third quarter. Wellington Management Group LLP now owns 537,741 shares of the company's stock worth $162,027,000 after acquiring an additional 144,671 shares during the period. 84.31% of the stock is owned by institutional investors.

About SiTime

SiTime Corporation is a fabless semiconductor company specializing in silicon timing solutions that leverage micro-electromechanical systems (MEMS) technology as an alternative to traditional quartz crystals. Its portfolio of programmable oscillators, resonators, clock generators, jitter attenuators and network synchronizers addresses precision timekeeping requirements across a wide range of electronic systems. By integrating MEMS resonators with advanced mixed-signal control circuitry, SiTime's products offer enhanced reliability, resistance to shock and vibration, and a smaller footprint compared with conventional quartz devices.

The company's timing devices serve diverse end markets, including telecommunications infrastructure, data center and enterprise networking, consumer electronics, automotive systems, industrial automation, and aerospace and defense applications.

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