Raymond James Reaffirms Outperform Rating for SiTime (NASDAQ:SITM)

SiTime (NASDAQ:SITM)‘s stock had its “outperform” rating reissued by stock analysts at Raymond James in a note issued to investors on Thursday,Benzinga reports. They currently have a $250.00 price objective on the stock, up from their previous price objective of $215.00. Raymond James’ target price indicates a potential upside of 38.98% from the company’s current price.

Several other analysts also recently issued reports on SITM. Needham & Company LLC lifted their price target on SiTime from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday. Stifel Nicolaus lifted their target price on SiTime from $250.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday. Roth Mkm upped their price target on SiTime from $205.00 to $230.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Barclays lifted their price objective on shares of SiTime from $130.00 to $160.00 and gave the company an “underweight” rating in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $232.00.

SiTime Stock Performance

Shares of SITM opened at $179.88 on Thursday. The firm has a market cap of $4.20 billion, a P/E ratio of -43.45 and a beta of 1.80. SiTime has a twelve month low of $72.39 and a twelve month high of $268.18. The firm’s 50 day moving average price is $227.99 and its two-hundred day moving average price is $186.39.

SiTime (NASDAQ:SITM) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.14. The business had revenue of $57.70 million for the quarter, compared to analyst estimates of $55.10 million. SiTime had a negative net margin of 53.55% and a negative return on equity of 9.89%. The firm’s quarterly revenue was up 62.4% on a year-over-year basis. During the same period last year, the business posted ($0.81) earnings per share. On average, sell-side analysts anticipate that SiTime will post -2.98 earnings per share for the current fiscal year.

Insider Buying and Selling at SiTime

In other news, insider Fariborz Assaderaghi sold 1,003 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $204.42, for a total value of $205,033.26. Following the sale, the insider now directly owns 99,678 shares of the company’s stock, valued at approximately $20,376,176.76. This represents a 1.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Vincent P. Pangrazio sold 3,064 shares of SiTime stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $255.00, for a total value of $781,320.00. Following the transaction, the insider now owns 65,978 shares of the company’s stock, valued at $16,824,390. The trade was a 4.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,934 shares of company stock worth $5,206,598 over the last ninety days. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SiTime

A number of large investors have recently added to or reduced their stakes in the business. LMR Partners LLP boosted its position in SiTime by 705.0% during the third quarter. LMR Partners LLP now owns 80,500 shares of the company’s stock worth $13,807,000 after purchasing an additional 70,500 shares during the period. Principal Financial Group Inc. lifted its stake in shares of SiTime by 15.4% during the 3rd quarter. Principal Financial Group Inc. now owns 448,930 shares of the company’s stock worth $76,996,000 after buying an additional 59,931 shares during the last quarter. FMR LLC boosted its holdings 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 buying an additional 39,119 shares during the period. Peregrine Investment Management Inc. acquired a new position in SiTime in the 4th quarter valued at about $7,779,000. Finally, Raymond James Financial Inc. bought a new position in SiTime in the 4th quarter valued at about $7,312,000. Institutional investors own 84.31% of the company’s stock.

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.