SiTime (NASDAQ:SITM) Shares Gap Up to $96.92

SiTime Co. (NASDAQ:SITM) shares gapped up before the market opened on Thursday . The stock had previously closed at $96.92, but opened at $111.23. SiTime shares last traded at $119.10, with a volume of 123,909 shares.

Analysts Set New Price Targets

Several brokerages have commented on SITM. Barclays raised their target price on SiTime from $110.00 to $130.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 16th. Needham & Company LLC upgraded shares of SiTime from a “hold” rating to a “buy” rating and set a $130.00 price objective for the company in a research report on Thursday. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $140.00.

SiTime Stock Performance

The business has a 50 day simple moving average of $88.06 and a two-hundred day simple moving average of $104.18. The firm has a market capitalization of $2.91 billion, a P/E ratio of -32.81 and a beta of 1.78.

SiTime (NASDAQ:SITM) last issued its quarterly earnings data on Tuesday, February 13th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.01). The business had revenue of $42.40 million for the quarter, compared to analysts’ expectations of $41.65 million. SiTime had a negative return on equity of 10.21% and a negative net margin of 55.93%. On average, equities analysts anticipate that SiTime Co. will post -2.3 earnings per share for the current fiscal year.

Insider Transactions at SiTime

In related news, insider Fariborz Assaderaghi sold 1,026 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $92.33, for a total value of $94,730.58. Following the completion of the transaction, the insider now directly owns 90,887 shares in the company, valued at $8,391,596.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 3,602 shares of company stock valued at $319,899 in the last quarter. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. FMR LLC lifted its holdings in shares of SiTime by 7.5% in the 3rd quarter. FMR LLC now owns 3,054,878 shares of the company’s stock worth $349,020,000 after acquiring an additional 212,615 shares during the last quarter. Sandhill Capital Partners LLC bought a new stake in SiTime in the third quarter worth $18,709,000. Invesco Ltd. boosted its position in SiTime by 220.2% during the third quarter. Invesco Ltd. now owns 198,296 shares of the company’s stock valued at $22,655,000 after buying an additional 136,367 shares during the period. Norges Bank bought a new position in shares of SiTime during the fourth quarter valued at about $12,662,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of SiTime in the third quarter worth about $10,035,000. 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.