SiTime (NASDAQ:SITM) Price Target Raised to $245.00 at Barclays

SiTime (NASDAQ:SITM) had its price objective lifted by Barclays from $175.00 to $245.00 in a research report sent to investors on Tuesday, The Fly reports. They currently have an overweight rating on the stock.

Other research analysts also recently issued reports about the company. Credit Suisse Group started coverage on SiTime in a research note on Monday, August 30th. They set an outperform rating and a $225.00 target price on the stock. Zacks Investment Research upgraded SiTime from a hold rating to a strong-buy rating and set a $236.00 target price on the stock in a research note on Thursday, August 12th. TheStreet upgraded SiTime from a d+ rating to a c- rating in a research note on Thursday, August 5th. Roth Capital boosted their price target on SiTime from $200.00 to $260.00 and gave the company a buy rating in a research note on Wednesday, September 1st. Finally, Raymond James boosted their price target on SiTime from $150.00 to $180.00 and gave the company an outperform rating in a research note on Thursday, August 5th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Buy and an average price target of $221.00.

Shares of NASDAQ:SITM opened at $221.51 on Tuesday. SiTime has a 12-month low of $63.00 and a 12-month high of $232.27. The business’s fifty day simple moving average is $172.91 and its 200-day simple moving average is $127.27. The company has a market capitalization of $4.22 billion, a PE ratio of -5,537.75, a P/E/G ratio of 16.89 and a beta of 0.62.

SiTime (NASDAQ:SITM) last announced its quarterly earnings results on Wednesday, August 4th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.23. SiTime had a negative return on equity of 0.11% and a negative net margin of 0.14%. The business had revenue of $44.50 million for the quarter, compared to the consensus estimate of $40.04 million. SiTime’s quarterly revenue was up 107.0% compared to the same quarter last year. Sell-side analysts forecast that SiTime will post 0.87 EPS for the current fiscal year.

In related news, CFO Arthur D. Chadwick sold 4,889 shares of the company’s stock in a transaction dated Monday, August 23rd. The stock was sold at an average price of $203.08, for a total value of $992,858.12. Following the completion of the transaction, the chief financial officer now owns 88,992 shares of the company’s stock, valued at approximately $18,072,495.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Rajesh Vashist sold 3,000 shares of the stock in a transaction that occurred on Wednesday, July 21st. The shares were sold at an average price of $131.25, for a total value of $393,750.00. The disclosure for this sale can be found here. In the last three months, insiders sold 50,200 shares of company stock valued at $9,554,926. Insiders own 0.80% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Captrust Financial Advisors purchased a new position in SiTime in the first quarter worth approximately $41,000. IFP Advisors Inc purchased a new position in SiTime in the first quarter worth approximately $75,000. First Mercantile Trust Co. purchased a new position in SiTime in the second quarter worth approximately $80,000. Royal Bank of Canada grew its position in SiTime by 548.6% in the second quarter. Royal Bank of Canada now owns 1,135 shares of the company’s stock worth $143,000 after acquiring an additional 960 shares during the period. Finally, Twinbeech Capital LP purchased a new position in SiTime in the first quarter worth approximately $208,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

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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