UBS Group Begins Coverage on SiTime (NASDAQ:SITM)

Key Points

• UBS Group has initiated coverage on SiTime (NASDAQ:SITM), assigning a "buy" rating and setting a price target of $260.00, indicating a potential upside of 19.13% from its previous close.
• SiTime reported $0.47 earnings per share for the last quarter, surpassing analysts' expectations of $0.29, and achieved a 58.3% increase in revenue year-over-year.
• Insider trading activity saw significant sales, with CEO Rajesh Vashist selling 20,000 shares and insider Vincent P. Pangrazio selling 5,026 shares, together representing a notable reduction in their ownership stakes.

Analysts at UBS Group began coverage on shares of SiTime (NASDAQ:SITM - Get Free Report) in a research note issued on Thursday, MarketBeat.com reports. The firm set a "buy" rating and a $260.00 price target on the stock. UBS Group's price objective indicates a potential upside of 14.68% from the stock's previous close.

SITM has been the topic of a number of other reports. Stifel Nicolaus increased their price target on shares of SiTime from $210.00 to $230.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Barclays raised their target price on shares of SiTime from $180.00 to $220.00 and gave the company an "underweight" rating in a research note on Thursday, August 7th. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $240.00.

SiTime Trading Up 2.4%

Shares of SiTime stock traded up $5.28 on Thursday, reaching $226.72. The stock had a trading volume of 294,012 shares, compared to its average volume of 327,288. SiTime has a 1 year low of $105.40 and a 1 year high of $268.18. The company has a market cap of $5.89 billion, a P/E ratio of -65.15 and a beta of 2.20. The business's 50 day moving average is $209.73 and its two-hundred day moving average is $184.02.

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

Insider Buying and Selling at SiTime

In other SiTime news, insider Samsheer Ahamad sold 7,728 shares of the business's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $207.41, for a total value of $1,602,864.48. Following the completion of the sale, the insider directly owned 78,095 shares of the company's stock, valued at $16,197,683.95. The trade was a 9.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Rajesh Vashist sold 10,000 shares of the business's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $215.00, for a total transaction of $2,150,000.00. Following the completion of the sale, the chief executive officer directly owned 474,763 shares of the company's stock, valued at $102,074,045. This represents a 2.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 36,645 shares of company stock valued at $7,629,780. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of SiTime

Several hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. lifted its stake in SiTime by 4.8% in the second quarter. Invesco Ltd. now owns 1,019,140 shares of the company's stock worth $217,158,000 after purchasing an additional 46,721 shares during the last quarter. State Street Corp grew its holdings in shares of SiTime by 3.7% in the second quarter. State Street Corp now owns 911,280 shares of the company's stock worth $194,176,000 after purchasing an additional 32,178 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of SiTime by 22.0% in the second quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company's stock worth $156,887,000 after purchasing an additional 132,948 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of SiTime by 11.2% in the second quarter. Geode Capital Management LLC now owns 506,400 shares of the company's stock worth $107,918,000 after purchasing an additional 51,063 shares during the last quarter. Finally, Alliancebernstein L.P. grew its holdings in shares of SiTime by 1.1% in the second quarter. Alliancebernstein L.P. now owns 448,036 shares of the company's stock worth $95,468,000 after purchasing an additional 4,809 shares during the last quarter. 84.31% of the stock is owned by institutional investors.

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.