Needham & Company LLC Increases SiTime (NASDAQ:SITM) Price Target to $225.00

SiTime (NASDAQ:SITM) had its price objective upped by investment analysts at Needham & Company LLC from $140.00 to $225.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential downside of 0.20% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Barclays cut SiTime from an “equal weight” rating to an “underweight” rating and set a $90.00 price target for the company. in a report on Tuesday, August 27th. Stifel Nicolaus boosted their price objective on SiTime from $175.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th.

SiTime Stock Performance

NASDAQ:SITM traded down $0.06 during mid-day trading on Thursday, hitting $225.45. 337,459 shares of the stock were exchanged, compared to its average volume of 205,572. The stock has a market capitalization of $5.21 billion, a price-to-earnings ratio of -54.46 and a beta of 1.83. The firm’s 50-day simple moving average is $169.16 and its 200 day simple moving average is $141.31. SiTime has a fifty-two week low of $72.39 and a fifty-two week high of $228.12.

SiTime (NASDAQ:SITM) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.14. SiTime had a negative return on equity of 9.88% and a negative net margin of 53.55%. The company had revenue of $57.70 million during the quarter, compared to analysts’ expectations of $55.10 million. During the same quarter in the previous year, the firm earned ($0.81) EPS. SiTime’s revenue was up 62.4% on a year-over-year basis. On average, analysts predict that SiTime will post -3.03 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Piyush B. Sevalia sold 807 shares of the business’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $160.00, for a total transaction of $129,120.00. Following the sale, the insider now owns 87,534 shares in the company, valued at $14,005,440. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other SiTime news, insider Fariborz Assaderaghi sold 1,083 shares of the company’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $139.05, for a total value of $150,591.15. Following the sale, the insider now owns 112,584 shares in the company, valued at approximately $15,654,805.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Piyush B. Sevalia sold 807 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $160.00, for a total value of $129,120.00. Following the sale, the insider now owns 87,534 shares in the company, valued at approximately $14,005,440. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,464 shares of company stock worth $5,372,893 in the last 90 days. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On SiTime

Institutional investors and hedge funds have recently made changes to their positions in the business. Signaturefd LLC raised its stake in SiTime by 67.4% during the 3rd quarter. Signaturefd LLC now owns 149 shares of the company’s stock worth $26,000 after buying an additional 60 shares during the period. Nisa Investment Advisors LLC raised its stake in SiTime by 59.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 236 shares of the company’s stock worth $29,000 after buying an additional 88 shares during the period. GAMMA Investing LLC raised its stake in SiTime by 281.0% during the 2nd quarter. GAMMA Investing LLC now owns 381 shares of the company’s stock worth $47,000 after buying an additional 281 shares during the period. Migdal Insurance & Financial Holdings Ltd. acquired a new position in SiTime during the 2nd quarter worth approximately $49,000. Finally, Van ECK Associates Corp acquired a new position in SiTime during the 3rd quarter worth approximately $123,000. Institutional investors own 84.31% of the company’s stock.

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.