Needham & Company LLC Forecasts Strong Price Appreciation for SiTime (NASDAQ:SITM) Stock

SiTime (NASDAQ:SITM) had its target price raised by analysts at Needham & Company LLC from $225.00 to $250.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 38.98% from the company’s previous close.

Several other research analysts have also recently issued reports on the stock. Stifel Nicolaus increased their price target on shares of SiTime from $230.00 to $250.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Barclays increased their target price on SiTime from $130.00 to $160.00 and gave the stock an “underweight” rating in a research note on Friday, January 17th. Finally, Roth Mkm lifted their price target on SiTime from $205.00 to $230.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $232.00.

SiTime Trading Up 2.0 %

NASDAQ:SITM opened at $179.88 on Thursday. SiTime has a 12-month low of $72.39 and a 12-month high of $268.18. The stock’s 50 day simple moving average is $227.99 and its 200-day simple moving average is $186.39. The firm has a market cap of $4.20 billion, a P/E ratio of -43.45 and a beta of 1.80.

SiTime (NASDAQ:SITM) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.14. SiTime had a negative net margin of 53.55% and a negative return on equity of 9.89%. The company had revenue of $57.70 million for the quarter, compared to analysts’ expectations of $55.10 million. During the same period in the previous year, the company posted ($0.81) EPS. SiTime’s revenue was up 62.4% compared to the same quarter last year. Research analysts forecast that SiTime will post -2.98 EPS for the current fiscal year.

Insider Buying and Selling at SiTime

In related news, insider Vincent P. Pangrazio sold 3,064 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $255.00, for a total value of $781,320.00. Following the sale, the insider now directly owns 65,978 shares in the company, valued at $16,824,390. The trade was a 4.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Fariborz Assaderaghi sold 1,003 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $204.42, for a total transaction of $205,033.26. Following the transaction, the insider now owns 99,678 shares of the company’s stock, valued at $20,376,176.76. This trade represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,934 shares of company stock valued at $5,206,598. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On SiTime

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Barclays PLC lifted its position in shares of SiTime by 80.7% in the third quarter. Barclays PLC now owns 37,982 shares of the company’s stock valued at $6,515,000 after acquiring an additional 16,964 shares in the last quarter. LMR Partners LLP raised its stake in SiTime by 705.0% in the 3rd quarter. LMR Partners LLP now owns 80,500 shares of the company’s stock valued at $13,807,000 after purchasing an additional 70,500 shares during the last quarter. Creative Planning purchased a new position in SiTime in the 3rd quarter valued at about $842,000. FMR LLC boosted its stake in shares of SiTime by 1.1% during the 3rd quarter. FMR LLC now owns 3,469,843 shares of the company’s stock worth $595,113,000 after purchasing an additional 39,119 shares during the last quarter. Finally, Swedbank AB grew its holdings in shares of SiTime by 21.7% during the third quarter. Swedbank AB now owns 28,000 shares of the company’s stock worth $4,802,000 after buying an additional 5,000 shares in the last quarter. Hedge funds and other institutional investors 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.