SiTime Co. (NASDAQ:SITM) Receives $120.40 Average Price Target from Brokerages

Shares of SiTime Co. (NASDAQ:SITM) have received a consensus rating of “Buy” from the seven ratings firms that are covering the firm, Marketbeat Ratings reports. Six analysts have rated the stock with a buy rating. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $120.83.

A number of analysts have weighed in on the stock. Roth Capital cut their target price on shares of SiTime from $150.00 to $130.00 and set a “buy” rating on the stock in a research report on Wednesday, May 5th. They noted that the move was a valuation call. Zacks Investment Research raised SiTime from a “hold” rating to a “buy” rating and set a $123.00 price objective on the stock in a report on Friday. Needham & Company LLC reduced their price objective on SiTime from $150.00 to $125.00 and set a “buy” rating on the stock in a research report on Wednesday, May 5th. Finally, Barclays dropped their target price on SiTime from $150.00 to $125.00 in a research report on Wednesday, May 5th.

In related news, CEO Rajesh Vashist sold 20,725 shares of the firm’s stock in a transaction that occurred on Monday, May 24th. The stock was sold at an average price of $93.79, for a total transaction of $1,943,797.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Vincent P. Pangrazio sold 9,084 shares of the business’s stock in a transaction that occurred on Tuesday, June 1st. The shares were sold at an average price of $98.82, for a total value of $897,680.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 64,519 shares of company stock worth $6,027,334. Insiders own 0.80% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in SITM. Arizona State Retirement System acquired a new stake in shares of SiTime in the 4th quarter worth about $271,000. Victory Capital Management Inc. bought a new position in shares of SiTime in the fourth quarter valued at approximately $1,365,000. AE Wealth Management LLC bought a new stake in SiTime during the fourth quarter worth $452,000. First Trust Advisors LP purchased a new stake in SiTime in the 4th quarter valued at $2,963,000. Finally, Steel Peak Wealth Management LLC lifted its stake in SiTime by 2.6% during the 4th quarter. Steel Peak Wealth Management LLC now owns 4,000 shares of the company’s stock valued at $448,000 after acquiring an additional 100 shares in the last quarter. 62.03% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ:SITM opened at $110.56 on Tuesday. SiTime has a twelve month low of $32.65 and a twelve month high of $151.78. The company has a 50-day simple moving average of $96.09. The firm has a market capitalization of $2.08 billion, a price-to-earnings ratio of -221.12 and a beta of 0.54.

SiTime (NASDAQ:SITM) last posted its quarterly earnings results on Monday, May 3rd. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.07. The company had revenue of $35.54 million for the quarter, compared to the consensus estimate of $33.00 million. SiTime had a negative net margin of 6.04% and a negative return on equity of 5.16%. The firm’s quarterly revenue was down 11.7% compared to the same quarter last year. During the same period last year, the company posted $0.42 EPS. Sell-side analysts forecast that SiTime will post -0.31 EPS for the current fiscal year.

About SiTime

SiTime Corporation provides silicon timing systems in Taiwan, Hong Kong, the United States, and internationally. It provides resonators and clock integrated circuits, and various types of oscillators. The company's solutions are used in various markets, including enterprise and telecommunications infrastructure, automotive, industrial, Internet of Things, mobile, and aerospace and defense.

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Analyst Recommendations for SiTime (NASDAQ:SITM)

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