SiTime (NASDAQ:SITM) Upgraded to “Buy” at Needham & Company LLC

SiTime (NASDAQ:SITM) was upgraded by equities research analysts at Needham & Company LLC from a “hold” rating to a “buy” rating in a research report issued on Thursday, Benzinga reports. The brokerage currently has a $130.00 target price on the stock. Needham & Company LLC’s target price points to a potential upside of 34.13% from the company’s previous close.

Separately, Barclays increased their price objective on SiTime from $110.00 to $130.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 16th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $140.00.

SiTime Price Performance

Shares of SiTime stock opened at $96.92 on Thursday. The business has a 50-day moving average of $88.06 and a 200 day moving average of $104.18. SiTime has a 12 month low of $72.39 and a 12 month high of $141.99. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of -26.70 and a beta of 1.78.

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

Insider Activity

In related news, insider Fariborz Assaderaghi sold 1,026 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $92.33, for a total value of $94,730.58. Following the transaction, the insider now owns 90,887 shares of the company’s stock, valued at $8,391,596.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders have sold 3,602 shares of company stock worth $319,899. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SiTime

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pineridge Advisors LLC acquired a new position in shares of SiTime in the 4th quarter valued at $25,000. Quadrant Capital Group LLC increased its stake in SiTime by 78.2% in the fourth quarter. Quadrant Capital Group LLC now owns 335 shares of the company’s stock valued at $41,000 after purchasing an additional 147 shares during the period. Nemes Rush Group LLC raised its holdings in shares of SiTime by 26.9% in the fourth quarter. Nemes Rush Group LLC now owns 542 shares of the company’s stock valued at $66,000 after buying an additional 115 shares during the last quarter. Amica Retiree Medical Trust boosted its stake in shares of SiTime by 479.5% during the third quarter. Amica Retiree Medical Trust now owns 649 shares of the company’s stock worth $74,000 after buying an additional 537 shares during the period. Finally, PNC Financial Services Group Inc. grew its holdings in shares of SiTime by 35.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 689 shares of the company’s stock worth $84,000 after buying an additional 180 shares during the last quarter. 84.31% of the stock is owned by institutional investors and hedge funds.

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.