SiTime (NASDAQ:SITM) Hits New 1-Year High – Time to Buy?

SiTime Co. (NASDAQ:SITM) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $228.94 and last traded at $228.41, with a volume of 69144 shares trading hands. The stock had previously closed at $219.28.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SITM shares. Needham & Company LLC increased their price target on SiTime from $140.00 to $225.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Roth Mkm increased their price target on SiTime from $205.00 to $230.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Barclays increased their price target on SiTime from $90.00 to $130.00 and gave the stock an “underweight” rating in a research report on Friday, November 8th. Finally, Stifel Nicolaus raised their target price on SiTime from $175.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday, October 17th.

SiTime Stock Performance

The business has a 50 day simple moving average of $190.15 and a 200-day simple moving average of $154.55. The stock has a market capitalization of $5.22 billion, a P/E ratio of -52.97 and a beta of 1.86.

SiTime (NASDAQ:SITM) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.14. The firm had revenue of $57.70 million during the quarter, compared to analyst estimates of $55.10 million. SiTime had a negative return on equity of 9.89% and a negative net margin of 53.55%. The firm’s quarterly revenue was up 62.4% on a year-over-year basis. During the same period last year, the company posted ($0.81) EPS. Equities research analysts forecast that SiTime Co. will post -2.98 EPS for the current fiscal year.

Insider Transactions at SiTime

In related news, insider Fariborz Assaderaghi sold 363 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $216.25, for a total transaction of $78,498.75. Following the completion of the sale, the insider now directly owns 104,322 shares in the company, valued at approximately $22,559,632.50. This trade represents a 0.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Rajesh Vashist sold 20,000 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $170.07, for a total value of $3,401,400.00. Following the sale, the chief executive officer now owns 424,417 shares of the company’s stock, valued at approximately $72,180,599.19. This represents a 4.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,514 shares of company stock valued at $6,382,144 in the last three months. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SiTime

Several institutional investors have recently bought and sold shares of the stock. FMR LLC raised its holdings in SiTime by 1.1% during the third quarter. FMR LLC now owns 3,469,843 shares of the company’s stock valued at $595,113,000 after buying an additional 39,119 shares in the last quarter. State Street Corp grew its position in SiTime by 3.1% during the third quarter. State Street Corp now owns 922,974 shares of the company’s stock worth $158,299,000 after buying an additional 27,692 shares in the last quarter. Principal Financial Group Inc. grew its position in SiTime by 15.4% during the third quarter. Principal Financial Group Inc. now owns 448,930 shares of the company’s stock worth $76,996,000 after buying an additional 59,931 shares in the last quarter. Geode Capital Management LLC grew its position in SiTime by 3.7% during the third quarter. Geode Capital Management LLC now owns 440,922 shares of the company’s stock worth $75,637,000 after buying an additional 15,759 shares in the last quarter. Finally, William Blair Investment Management LLC grew its position in SiTime by 62.0% during the second quarter. William Blair Investment Management LLC now owns 208,098 shares of the company’s stock worth $25,883,000 after buying an additional 79,648 shares in the last quarter. 84.31% of the stock is currently owned by institutional investors.

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.