SiTime (NASDAQ:SITM) Price Target Raised to $225.00 at Needham & Company LLC

SiTime (NASDAQ:SITM - Free Report) had its price target upped by Needham & Company LLC from $140.00 to $225.00 in a research note published on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also recently commented on the stock. Stifel Nicolaus upped their target price on shares of SiTime from $175.00 to $200.00 and gave the stock a "buy" rating in a research report on Thursday, October 17th. Barclays cut shares of SiTime from an "equal weight" rating to an "underweight" rating and set a $90.00 price target for the company. in a report on Tuesday, August 27th.

SiTime Price Performance

Shares of SiTime stock traded up $29.13 during trading on Thursday, hitting $218.65. 342,132 shares of the stock were exchanged, compared to its average volume of 203,932. The stock has a market cap of $5.06 billion, a price-to-earnings ratio of -52.27 and a beta of 1.83. SiTime has a 12-month low of $72.39 and a 12-month high of $224.10. The firm's 50-day moving average price is $165.97 and its 200 day moving average price is $139.66.

SiTime (NASDAQ:SITM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.04 by $0.08. The firm had revenue of $43.90 million for the quarter, compared to analyst estimates of $41.01 million. SiTime had a negative return on equity of 10.53% and a negative net margin of 60.46%. The firm's quarterly revenue was up 58.5% on a year-over-year basis. During the same period last year, the company earned ($1.17) EPS. As a group, research analysts forecast that SiTime will post -3.03 earnings per share for the current year.

Insiders Place Their Bets

In other SiTime news, insider Fariborz Assaderaghi sold 1,083 shares of the company's stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $139.05, for a total value of $150,591.15. Following the completion of the transaction, the insider now directly owns 112,584 shares in the company, valued at approximately $15,654,805.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Lionel Bonnot sold 3,230 shares of SiTime stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $140.55, for a total value of $453,976.50. Following the transaction, the insider now directly owns 87,525 shares of the company's stock, valued at $12,301,638.75. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Fariborz Assaderaghi sold 1,083 shares of the business's stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $139.05, for a total transaction of $150,591.15. Following the transaction, the insider now directly owns 112,584 shares in the company, valued at approximately $15,654,805.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,464 shares of company stock valued at $5,372,893 in the last three months. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SiTime

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SITM. Signaturefd LLC boosted its stake in SiTime by 67.4% during the third quarter. Signaturefd LLC now owns 149 shares of the company's stock worth $26,000 after buying an additional 60 shares during the period. Nisa Investment Advisors LLC grew its holdings in shares of SiTime by 59.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 236 shares of the company's stock worth $29,000 after purchasing an additional 88 shares during the period. Thrivent Financial for Lutherans lifted its position in shares of SiTime by 0.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 14,714 shares of the company's stock worth $2,524,000 after buying an additional 94 shares during the last quarter. American International Group Inc. boosted its stake in SiTime by 1.2% during the 1st quarter. American International Group Inc. now owns 9,566 shares of the company's stock worth $892,000 after purchasing an additional 110 shares during the period. Finally, Amalgamated Bank grew its holdings in SiTime by 2.3% during the third quarter. Amalgamated Bank now owns 5,509 shares of the company's stock worth $945,000 after acquiring an additional 122 shares during the period. 84.31% of the stock is 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.