SiTime (NASDAQ:SITM) Shares Gap Up Following Analyst Upgrade

SiTime Co. (NASDAQ:SITM) gapped up before the market opened on Thursday after Stifel Nicolaus raised their price target on the stock from $175.00 to $200.00. The stock had previously closed at $172.34, but opened at $178.38. Stifel Nicolaus currently has a buy rating on the stock. SiTime shares last traded at $175.00, with a volume of 9,308 shares trading hands.

Other equities research analysts also recently issued research reports about the company. Barclays downgraded SiTime from an “equal weight” rating to an “underweight” rating and set a $90.00 price target on the stock. in a research report on Tuesday, August 27th. Needham & Company LLC reiterated a “buy” rating and issued a $130.00 price objective on shares of SiTime in a report on Tuesday, June 25th.

Insider Activity at SiTime

In related news, insider Fariborz Assaderaghi sold 1,083 shares of the business’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $143.31, for a total transaction of $155,204.73. Following the transaction, the insider now owns 103,103 shares in the company, valued at $14,775,690.93. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other SiTime news, insider Piyush B. Sevalia sold 1,338 shares of SiTime stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $180.00, for a total transaction of $240,840.00. Following the sale, the insider now directly owns 86,196 shares of the company’s stock, valued at approximately $15,515,280. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Fariborz Assaderaghi sold 1,083 shares of SiTime stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $143.31, for a total value of $155,204.73. Following the sale, the insider now directly owns 103,103 shares in the company, valued at approximately $14,775,690.93. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,547 shares of company stock worth $5,361,178 in the last 90 days. Company insiders own 2.30% of the company’s stock.

Institutional Trading of SiTime

Large investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC boosted its position in SiTime by 59.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 236 shares of the company’s stock valued at $29,000 after acquiring an additional 88 shares in the last quarter. GAMMA Investing LLC boosted its position in SiTime by 281.0% during the 2nd quarter. GAMMA Investing LLC now owns 381 shares of the company’s stock valued at $47,000 after acquiring an additional 281 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of SiTime in the 2nd quarter worth approximately $49,000. PNC Financial Services Group Inc. boosted its position in shares of SiTime by 35.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 689 shares of the company’s stock worth $84,000 after purchasing an additional 180 shares in the last quarter. Finally, nVerses Capital LLC bought a new stake in shares of SiTime in the 2nd quarter worth approximately $124,000. 84.31% of the stock is owned by institutional investors.

SiTime Stock Performance

The business has a 50-day moving average price of $155.16 and a 200 day moving average price of $130.46. The stock has a market capitalization of $4.00 billion, a P/E ratio of -42.37 and a beta of 1.82.

SiTime (NASDAQ:SITM) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.08. SiTime had a negative return on equity of 10.53% and a negative net margin of 60.46%. The firm had revenue of $43.90 million for the quarter, compared to analysts’ expectations of $41.01 million. During the same period in the previous year, the firm posted ($1.17) EPS. The business’s revenue for the quarter was up 58.5% compared to the same quarter last year. As a group, research analysts forecast that SiTime Co. will post -3.03 earnings per share for the current fiscal year.

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.