SiTime (NASDAQ:SITM) Hits New 1-Year High – Here’s Why

SiTime Corporation (NASDAQ:SITM)’s stock price hit a new 52-week high on Monday . The company traded as high as $515.40 and last traded at $515.1150, with a volume of 25839 shares traded. The stock had previously closed at $503.63.

Wall Street Analyst Weigh In

SITM has been the subject of several analyst reports. Barclays set a $400.00 price objective on shares of SiTime in a report on Thursday, February 5th. Roth Mkm reaffirmed a “buy” rating and issued a $450.00 price objective on shares of SiTime in a report on Thursday, February 5th. UBS Group raised their price objective on shares of SiTime from $430.00 to $485.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a report on Thursday, January 22nd. Finally, Stifel Nicolaus raised their price objective on shares of SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a report on Thursday. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $415.63.

SiTime Trading Up 3.9%

The company’s fifty day simple moving average is $384.27 and its 200 day simple moving average is $347.30. The stock has a market capitalization of $13.82 billion, a P/E ratio of -287.71 and a beta of 2.57.

SiTime (NASDAQ:SITM) last announced its quarterly earnings results on Wednesday, February 4th. The company reported $1.53 EPS for the quarter, beating the consensus estimate of $1.20 by $0.33. SiTime had a negative net margin of 13.13% and a negative return on equity of 2.06%. The firm had revenue of $113.29 million during the quarter, compared to the consensus estimate of $101.91 million. During the same period last year, the firm earned $0.48 EPS. The business’s quarterly revenue was up 66.3% compared to the same quarter last year. Equities research analysts predict that SiTime Corporation will post -2.44 earnings per share for the current year.

Insider Transactions at SiTime

In other SiTime news, Director Akira Takata sold 3,500 shares of the firm’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $431.73, for a total value of $1,511,055.00. Following the completion of the transaction, the director directly owned 13,734 shares of the company’s stock, valued at $5,929,379.82. This trade represents a 20.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Fariborz Assaderaghi sold 4,984 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $406.45, for a total transaction of $2,025,746.80. Following the completion of the transaction, the insider directly owned 89,194 shares of the company’s stock, valued at approximately $36,252,901.30. The trade was a 5.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 23,759 shares of company stock worth $10,111,407. 2.10% of the stock is owned by corporate insiders.

Institutional Trading of SiTime

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Atlas Brown Inc. raised its position in shares of SiTime by 2.2% during the 1st quarter. Atlas Brown Inc. now owns 2,342 shares of the company’s stock valued at $809,000 after buying an additional 50 shares in the last quarter. Diversified Trust Co purchased a new stake in shares of SiTime during the 1st quarter valued at $327,000. Rockefeller Capital Management L.P. raised its position in shares of SiTime by 1,368.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 3,259 shares of the company’s stock valued at $1,151,000 after buying an additional 3,037 shares in the last quarter. Corient Private Wealth LLC raised its position in shares of SiTime by 5.9% during the 4th quarter. Corient Private Wealth LLC now owns 703 shares of the company’s stock valued at $249,000 after buying an additional 39 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of SiTime during the 4th quarter valued at $63,000. Hedge funds and other institutional investors own 84.31% of the company’s stock.

About SiTime

SiTime Corporation is a fabless semiconductor company specializing in silicon timing solutions that leverage micro-electromechanical systems (MEMS) technology as an alternative to traditional quartz crystals. Its portfolio of programmable oscillators, resonators, clock generators, jitter attenuators and network synchronizers addresses precision timekeeping requirements across a wide range of electronic systems. By integrating MEMS resonators with advanced mixed-signal control circuitry, SiTime’s products offer enhanced reliability, resistance to shock and vibration, and a smaller footprint compared with conventional quartz devices.

The company’s timing devices serve diverse end markets, including telecommunications infrastructure, data center and enterprise networking, consumer electronics, automotive systems, industrial automation, and aerospace and defense applications.