SiTime Corporation (NASDAQ:SITM) Stock Now Rated “Moderate Buy” by Wall Street Analysts

Shares of SiTime Corporation (NASDAQ:SITM) have received an average recommendation of “Moderate Buy” from the sixteen ratings firms that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, two have given a hold recommendation, ten have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $687.00.

SITM has been the topic of several research analyst reports. Raymond James Financial upgraded SiTime from an “outperform” rating to a “strong-buy” rating in a research note on Friday, November 6th. Morgan Stanley started coverage on SiTime in a research note on Thursday, September 17th. They set an “overweight” rating and a $370.00 target price for the company. Benchmark assumed coverage on SiTime in a report on Wednesday, August 19th. They set a “buy” rating and a $850.00 target price on the stock. Guggenheim assumed coverage on SiTime in a research note on Friday, November 6th. They issued a “buy” rating on the stock. Finally, Rosenblatt Securities raised their price target on SiTime from $750.00 to $900.00 and gave the company a “buy” rating in a report on Tuesday, November 3rd.

SiTime Stock Performance

Shares of SITM stock traded down $26.01 on Friday, reaching $444.54. The stock had a trading volume of 568,475 shares, compared to its average volume of 836,768. The company has a quick ratio of 4.62, a current ratio of 5.56 and a debt-to-equity ratio of 0.38. The firm’s 50-day moving average is $551.61 and its two-hundred day moving average is $548.78. The firm has a market capitalization of $13.43 billion, a price-to-earnings ratio of 472.91 and a beta of 2.88. SiTime has a 12 month low of $243.68 and a 12 month high of $901.81.

Shares of SiTime are scheduled to split on the morning of Monday, December 7th. The 3-1 split was recently announced. The newly minted shares will be issued to shareholders after the market closes on Sunday, December 6th.

SiTime (NASDAQ:SITM) last issued its earnings results on Wednesday, November 4th. The company reported $4.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.62 by $0.39. SiTime had a net margin of 3.87% and a return on equity of 9.07%. The business had revenue of $298.67 million during the quarter, compared to the consensus estimate of $292.65 million. During the same period last year, the business posted $0.87 EPS. SiTime’s revenue was up 257.4% on a year-over-year basis. On average, research analysts expect that SiTime will post 6.37 EPS for the current fiscal year.

Insider Buying and Selling at SiTime

In other SiTime news, CEO Rajesh Vashist sold 12,000 shares of the company’s stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $603.47, for a total value of $7,241,640.00. Following the transaction, the chief executive officer directly owned 345,544 shares in the company, valued at $208,525,437.68. The trade was a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Edward Frank sold 1,000 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $745.00, for a total transaction of $745,000.00. Following the completion of the transaction, the director directly owned 10,999 shares in the company, valued at $8,194,255. The trade was a 8.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 14,374 shares of company stock worth $8,949,883 over the last ninety days. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SITM. Meeder Advisory Services Inc. lifted its position in SiTime by 17.6% during the third quarter. Meeder Advisory Services Inc. now owns 320 shares of the company’s stock worth $209,000 after acquiring an additional 48 shares during the last quarter. First Trust Advisors LP grew its position in shares of SiTime by 297.9% in the third quarter. First Trust Advisors LP now owns 83,135 shares of the company’s stock valued at $54,206,000 after purchasing an additional 62,243 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new position in shares of SiTime in the third quarter valued at approximately $45,000. Advisors Asset Management Inc. bought a new position in shares of SiTime during the third quarter worth approximately $4,022,000. Finally, USS Investment Management Ltd increased its stake in shares of SiTime by 49.1% during the third quarter. USS Investment Management Ltd now owns 26,566 shares of the company’s stock worth $17,336,000 after purchasing an additional 8,743 shares during the period. Institutional investors and hedge funds own 84.31% of the company’s stock.

About SiTime

SiTime Corporation develops silicon-based timing solutions using microelectromechanical systems (MEMS) technology. Its products include MEMS resonators, oscillators and clock generators, which provide timing signals used to synchronize electronic systems. The company’s components serve applications across communications, data centers, automotive, industrial, aerospace and defense, and consumer electronics. SiTime sells its products to customers and partners worldwide. Founded in 2005, SiTime became part of Japan’s MegaChips in 2014 and later became a publicly traded company.