Needham & Company LLC Boosts SiTime (NASDAQ:SITM) Price Target to $360.00

SiTime (NASDAQ:SITM) had its target price upped by equities researchers at Needham & Company LLC from $250.00 to $360.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 29.00% from the stock’s previous close.

A number of other research analysts have also weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of SiTime in a report on Wednesday, October 8th. Stifel Nicolaus raised their target price on shares of SiTime from $230.00 to $320.00 and gave the company a “buy” rating in a report on Thursday, September 18th. Barclays raised their target price on shares of SiTime from $180.00 to $220.00 and gave the company an “underweight” rating in a report on Thursday, August 7th. UBS Group lifted their price objective on shares of SiTime from $260.00 to $355.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $270.00 price objective (up from $250.00) on shares of SiTime in a research note on Friday, August 29th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, SiTime presently has an average rating of “Hold” and a consensus price target of $292.50.

SiTime Price Performance

SiTime stock opened at $279.07 on Thursday. The stock has a market cap of $7.26 billion, a P/E ratio of -80.19 and a beta of 2.36. SiTime has a 1 year low of $105.40 and a 1 year high of $323.66. The firm’s 50 day moving average price is $278.97 and its 200-day moving average price is $228.38.

SiTime (NASDAQ:SITM) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.16. The firm had revenue of $83.57 million for the quarter, compared to analysts’ expectations of $78.08 million. SiTime had a negative net margin of 32.15% and a negative return on equity of 7.54%. The company’s revenue for the quarter was up 44.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.40 earnings per share. As a group, equities analysts expect that SiTime will post -2.44 EPS for the current year.

Insider Transactions at SiTime

In related news, insider Fariborz Assaderaghi sold 3,000 shares of SiTime stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $231.75, for a total value of $695,250.00. Following the completion of the sale, the insider directly owned 90,433 shares in the company, valued at $20,957,847.75. The trade was a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Elizabeth A. Howe sold 5,099 shares of SiTime stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $319.00, for a total value of $1,626,581.00. Following the completion of the sale, the executive vice president owned 59,070 shares of the company’s stock, valued at $18,843,330. The trade was a 7.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 34,867 shares of company stock valued at $9,168,213 over the last three months. 2.10% of the stock is currently owned by corporate insiders.

Institutional Trading of SiTime

Institutional investors and hedge funds have recently made changes to their positions in the company. Envestnet Asset Management Inc. raised its holdings in SiTime by 4.5% in the first quarter. Envestnet Asset Management Inc. now owns 15,353 shares of the company’s stock worth $2,347,000 after purchasing an additional 657 shares in the last quarter. Xponance Inc. raised its holdings in SiTime by 7.2% in the first quarter. Xponance Inc. now owns 1,419 shares of the company’s stock worth $217,000 after purchasing an additional 95 shares in the last quarter. Emerald Mutual Fund Advisers Trust raised its holdings in SiTime by 26.8% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 48,461 shares of the company’s stock worth $7,408,000 after purchasing an additional 10,242 shares in the last quarter. Emerald Advisers LLC raised its holdings in SiTime by 32.6% in the first quarter. Emerald Advisers LLC now owns 115,433 shares of the company’s stock worth $17,646,000 after purchasing an additional 28,393 shares in the last quarter. Finally, CWM LLC raised its holdings in SiTime by 69.0% in the first quarter. CWM LLC now owns 453 shares of the company’s stock worth $69,000 after purchasing an additional 185 shares in the last quarter. 84.31% of the stock is currently owned by institutional investors.

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.