Needham & Company LLC Reaffirms Buy Rating for SiTime (NASDAQ:SITM)

SiTime (NASDAQ:SITM)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $130.00 target price on the stock. Needham & Company LLC’s price target indicates a potential upside of 12.22% from the stock’s previous close.

SiTime Stock Down 2.3 %

NASDAQ SITM opened at $115.84 on Tuesday. SiTime has a 52-week low of $72.39 and a 52-week high of $141.99. The stock has a market capitalization of $2.65 billion, a P/E ratio of -28.05 and a beta of 1.83. The firm has a 50-day moving average price of $110.49 and a 200 day moving average price of $107.69.

SiTime (NASDAQ:SITM) last released its earnings results on Wednesday, May 8th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.87) by ($0.17). SiTime had a negative net margin of 66.88% and a negative return on equity of 11.29%. The firm had revenue of $33.02 million during the quarter, compared to analysts’ expectations of $32.02 million. On average, equities research analysts expect that SiTime will post -2.66 earnings per share for the current fiscal year.

Insider Transactions at SiTime

In related news, insider Fariborz Assaderaghi sold 1,288 shares of the company’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $90.57, for a total transaction of $116,654.16. Following the completion of the sale, the insider now directly owns 111,491 shares of the company’s stock, valued at approximately $10,097,739.87. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other SiTime news, insider Vincent P. Pangrazio sold 3,465 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $126.65, for a total value of $438,842.25. Following the sale, the insider now directly owns 73,099 shares of the company’s stock, valued at $9,257,988.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Fariborz Assaderaghi sold 1,288 shares of the company’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $90.57, for a total transaction of $116,654.16. Following the transaction, the insider now owns 111,491 shares of the company’s stock, valued at approximately $10,097,739.87. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,356 shares of company stock worth $4,830,642. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SiTime

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in SiTime by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 2,203,286 shares of the company’s stock valued at $205,412,000 after acquiring an additional 85,800 shares in the last quarter. Wasatch Advisors LP lifted its holdings in SiTime by 2.9% in the fourth quarter. Wasatch Advisors LP now owns 892,102 shares of the company’s stock worth $108,908,000 after purchasing an additional 25,324 shares during the period. Ameriprise Financial Inc. grew its position in SiTime by 8.2% in the 3rd quarter. Ameriprise Financial Inc. now owns 613,583 shares of the company’s stock valued at $70,102,000 after buying an additional 46,672 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of SiTime by 0.5% during the 4th quarter. Principal Financial Group Inc. now owns 359,929 shares of the company’s stock worth $43,940,000 after buying an additional 1,912 shares in the last quarter. Finally, Bamco Inc. NY raised its position in shares of SiTime by 1.4% during the 3rd quarter. Bamco Inc. NY now owns 257,445 shares of the company’s stock worth $29,413,000 after buying an additional 3,600 shares in the last quarter. Institutional investors and hedge funds own 84.31% of the company’s stock.

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.