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

SiTime Co. (NASDAQ:SITM) shares 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.

SITM has been the subject of several other research reports. Needham & Company LLC restated a “buy” rating and set a $130.00 target price on shares of SiTime in a research note on Tuesday, June 25th. Barclays downgraded SiTime from an “equal weight” rating to an “underweight” rating and set a $90.00 target price for the company. in a research note on Tuesday, August 27th.

Insider Buying and Selling at SiTime

In other SiTime news, insider Fariborz Assaderaghi sold 1,003 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $165.13, for a total value of $165,625.39. Following the completion of the transaction, the insider now owns 110,578 shares of the company’s stock, valued at $18,259,745.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Samsheer Ahamad sold 4,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $131.00, for a total value of $524,000.00. Following the completion of the transaction, the insider now directly owns 78,856 shares of the company’s stock, valued at approximately $10,330,136. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Fariborz Assaderaghi sold 1,003 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $165.13, for a total value of $165,625.39. Following the sale, the insider now directly owns 110,578 shares of the company’s stock, valued at $18,259,745.14. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,547 shares of company stock valued at $5,361,178 in the last quarter. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On SiTime

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

SiTime Stock Performance

The firm has a market capitalization of $3.98 billion, a P/E ratio of -42.13 and a beta of 1.82. The company has a 50-day moving average price of $153.23 and a 200-day moving average price of $129.61.

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