Stifel Nicolaus Forecasts Strong Price Appreciation for SiTime (NASDAQ:SITM) Stock

SiTime (NASDAQ:SITM) had its price target upped by investment analysts at Stifel Nicolaus from $230.00 to $250.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ price target would suggest a potential upside of 8.25% from the stock’s current price.

A number of other research firms have also recently commented on SITM. Roth Mkm boosted their price target on shares of SiTime from $205.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Needham & Company LLC lifted their price objective on shares of SiTime from $140.00 to $225.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Barclays increased their target price on SiTime from $90.00 to $130.00 and gave the company an “underweight” rating in a research note on Friday, November 8th.

SiTime Price Performance

SITM opened at $230.94 on Monday. The firm has a market capitalization of $5.40 billion, a P/E ratio of -55.78 and a beta of 1.82. SiTime has a one year low of $72.39 and a one year high of $268.18. The company has a fifty day moving average price of $215.96 and a 200-day moving average price of $172.79.

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

Insider Activity

In related news, insider Vincent P. Pangrazio sold 3,064 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $255.00, for a total transaction of $781,320.00. Following the transaction, the insider now directly owns 65,978 shares in the company, valued at $16,824,390. This trade represents a 4.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Fariborz Assaderaghi sold 363 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $216.25, for a total value of $78,498.75. Following the completion of the sale, the insider now owns 104,322 shares of the company’s stock, valued at $22,559,632.50. The trade was a 0.35 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,931 shares of company stock valued at $7,017,644. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in SiTime by 27.1% during the 4th quarter. GAMMA Investing LLC now owns 944 shares of the company’s stock valued at $203,000 after buying an additional 201 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of SiTime by 15.4% during the third quarter. Principal Financial Group Inc. now owns 448,930 shares of the company’s stock worth $76,996,000 after purchasing an additional 59,931 shares during the period. Sanctuary Advisors LLC bought a new stake in shares of SiTime in the third quarter worth about $166,000. Virtu Financial LLC purchased a new position in SiTime during the 3rd quarter valued at about $204,000. Finally, Geode Capital Management LLC raised its position in SiTime by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 440,922 shares of the company’s stock valued at $75,637,000 after purchasing an additional 15,759 shares during the last quarter. 84.31% of the stock is owned by hedge funds and other institutional investors.

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.