Raymond James Reiterates “Outperform” Rating for SiTime (NASDAQ:SITM)

SiTime (NASDAQ:SITM)‘s stock had its “outperform” rating reissued by Raymond James in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $250.00 price objective on the stock, up from their previous price objective of $215.00. Raymond James’ price objective suggests a potential upside of 34.54% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. Roth Mkm upped their target price 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 increased their price objective on shares of SiTime from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday. Barclays increased their price objective on shares of SiTime from $130.00 to $160.00 and gave the company an “underweight” rating in a research note on Friday, January 17th. Finally, Stifel Nicolaus increased their price objective on shares of SiTime from $250.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, SiTime has a consensus rating of “Moderate Buy” and a consensus price target of $232.00.

SiTime Price Performance

SITM stock traded down $37.17 during mid-day trading on Thursday, reaching $185.82. The company had a trading volume of 378,495 shares, compared to its average volume of 226,227. The company has a market capitalization of $4.34 billion, a PE ratio of -44.89 and a beta of 1.80. The firm has a 50 day moving average of $228.56 and a 200 day moving average of $186.46. SiTime has a 12 month low of $72.39 and a 12 month high of $268.18.

SiTime (NASDAQ:SITM) last issued its 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. The business had revenue of $57.70 million for the quarter, compared to the consensus estimate of $55.10 million. SiTime had a negative net margin of 53.55% and a negative return on equity of 9.89%. The company’s revenue for the quarter was up 62.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.81) EPS. Analysts anticipate that SiTime will post -2.98 EPS for the current year.

Insider Buying and Selling at SiTime

In other SiTime news, Director Torsten Kreindl sold 6,000 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $220.86, for a total value of $1,325,160.00. Following the completion of the transaction, the director now owns 13,511 shares of the company’s stock, valued at approximately $2,984,039.46. This trade represents a 30.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Rajesh Vashist sold 12,000 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $259.25, for a total transaction of $3,111,000.00. Following the completion of the transaction, the chief executive officer now directly owns 24,781 shares of the company’s stock, valued at approximately $6,424,474.25. This represents a 32.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,934 shares of company stock worth $6,531,758 over the last three months. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SITM. Barclays PLC raised its holdings in shares of SiTime by 80.7% during the third quarter. Barclays PLC now owns 37,982 shares of the company’s stock worth $6,515,000 after purchasing an additional 16,964 shares during the last quarter. LMR Partners LLP raised its holdings in shares of SiTime by 705.0% during the third quarter. LMR Partners LLP now owns 80,500 shares of the company’s stock worth $13,807,000 after purchasing an additional 70,500 shares during the last quarter. Creative Planning purchased a new position in shares of SiTime during the third quarter worth $842,000. FMR LLC raised its holdings in shares of SiTime by 1.1% during the third quarter. FMR LLC now owns 3,469,843 shares of the company’s stock worth $595,113,000 after purchasing an additional 39,119 shares during the last quarter. Finally, Swedbank AB raised its holdings in shares of SiTime by 21.7% during the third quarter. Swedbank AB now owns 28,000 shares of the company’s stock worth $4,802,000 after purchasing an additional 5,000 shares during the last quarter. Hedge funds and other institutional investors own 84.31% of the company’s stock.

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.