SiTime (NASDAQ:SITM) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of SiTime (NASDAQ:SITM) from a strong sell rating to a hold rating in a research note published on Wednesday morning, Zacks.com reports.

According to Zacks, “SiTime Corporation offers MEMS-based silicon timing system solutions, through a wholly-owned subsidiary of MegaChips Corporation. SiTime Corporation is based in SANTA CLARA, Calif. “

Other analysts have also recently issued reports about the company. Roth Capital upped their target price on SiTime from $130.00 to $150.00 and gave the company a buy rating in a research report on Thursday, February 4th. Needham & Company LLC upped their target price on SiTime from $105.00 to $150.00 and gave the company a buy rating in a research report on Thursday, February 4th. Raymond James upped their price objective on SiTime from $110.00 to $150.00 and gave the company an outperform rating in a research note on Thursday, February 4th. Finally, Barclays upped their price objective on SiTime from $100.00 to $150.00 and gave the company an overweight rating in a research note on Tuesday, January 26th. They noted that the move was a valuation call. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has an average rating of Buy and an average price target of $107.71.

NASDAQ:SITM opened at $102.18 on Wednesday. The stock has a 50-day simple moving average of $104.91 and a 200-day simple moving average of $104.65. The stock has a market cap of $1.75 billion, a P/E ratio of -148.09 and a beta of 0.75. SiTime has a 1 year low of $17.50 and a 1 year high of $151.78.

SiTime (NASDAQ:SITM) last announced its earnings results on Tuesday, February 2nd. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.06. The firm had revenue of $40.30 million during the quarter, compared to analyst estimates of $39.22 million. SiTime’s revenue was up 43.4% on a year-over-year basis. As a group, research analysts forecast that SiTime will post -0.49 EPS for the current fiscal year.

In other news, insider Fariborz Assaderaghi sold 1,140 shares of the stock in a transaction that occurred on Thursday, March 25th. The stock was sold at an average price of $97.95, for a total transaction of $111,663.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Rajesh Vashist sold 3,000 shares of the stock in a transaction that occurred on Wednesday, February 17th. The stock was sold at an average price of $135.24, for a total value of $405,720.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,138 shares of company stock valued at $1,801,733. Company insiders own 0.80% of the company’s stock.

Hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company purchased a new position in shares of SiTime during the 3rd quarter worth approximately $423,000. Ziegler Capital Management LLC grew its holdings in shares of SiTime by 42.5% in the 4th quarter. Ziegler Capital Management LLC now owns 89,315 shares of the company’s stock worth $9,997,000 after acquiring an additional 26,653 shares during the period. Barometer Capital Management Inc. grew its holdings in shares of SiTime by 133.1% in the 4th quarter. Barometer Capital Management Inc. now owns 64,500 shares of the company’s stock worth $7,219,000 after acquiring an additional 36,830 shares during the period. Blair William & Co. IL grew its holdings in shares of SiTime by 4.7% in the 4th quarter. Blair William & Co. IL now owns 4,449 shares of the company’s stock worth $498,000 after acquiring an additional 200 shares during the period. Finally, Paloma Partners Management Co acquired a new stake in shares of SiTime in the 4th quarter worth approximately $458,000. 56.10% of the stock is owned by institutional investors and hedge funds.

SiTime Company Profile

SiTime Corporation provides silicon timing systems in Taiwan, Hong Kong, the United States, and internationally. It provides resonators and clock integrated circuits, and various types of oscillators. The company's solutions are used in various markets, including enterprise and telecommunications infrastructure, automotive, industrial, Internet of Things, mobile, and aerospace and defense.

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Analyst Recommendations for SiTime (NASDAQ:SITM)

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