SiTime (NASDAQ:SITM) Coverage Initiated at The Goldman Sachs Group

Analysts at The Goldman Sachs Group assumed coverage on shares of SiTime (NASDAQ:SITM) in a note issued to investors on Monday, MarketBeat reports. The brokerage set a “buy” rating and a $420.00 price target on the stock. The Goldman Sachs Group’s price objective suggests a potential upside of 15.51% from the stock’s previous close.

Several other research firms have also commented on SITM. UBS Group upped their price target on shares of SiTime from $355.00 to $375.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Raymond James Financial reaffirmed an “outperform” rating on shares of SiTime in a report on Tuesday, December 2nd. Stifel Nicolaus set a $360.00 price objective on SiTime in a report on Thursday, November 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a research note on Wednesday, October 8th. Finally, Loop Capital began coverage on shares of SiTime in a report on Friday, November 21st. They issued a “buy” rating and a $350.00 price objective for the company. Seven research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $343.13.

SiTime Price Performance

SiTime stock opened at $363.60 on Monday. SiTime has a 12 month low of $105.40 and a 12 month high of $387.52. The company has a fifty day moving average price of $302.36 and a two-hundred day moving average price of $256.68. The company has a market cap of $9.49 billion, a PE ratio of -122.84 and a beta of 2.55.

SiTime (NASDAQ:SITM) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.71 by $0.16. The business had revenue of $83.57 million during the quarter, compared to analyst estimates of $78.08 million. SiTime had a negative net margin of 25.18% and a negative return on equity of 5.69%. The company’s quarterly revenue was up 44.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.40 EPS. Equities research analysts anticipate that SiTime will post -2.44 earnings per share for the current year.

Insider Transactions at SiTime

In other news, insider Fariborz Assaderaghi sold 1,500 shares of the stock in a transaction on Monday, December 1st. The shares were sold at an average price of $291.58, for a total transaction of $437,370.00. Following the transaction, the insider owned 84,815 shares in the company, valued at $24,730,357.70. This represents a 1.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Elizabeth A. Howe sold 5,099 shares of the firm’s stock in a transaction on Monday, October 6th. The shares were sold at an average price of $319.00, for a total transaction of $1,626,581.00. Following the transaction, the executive vice president owned 59,070 shares in the company, valued at $18,843,330. This represents a 7.95% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 28,500 shares of company stock worth $8,853,310. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SiTime

Several institutional investors have recently bought and sold shares of the stock. Alliancebernstein L.P. boosted its stake in SiTime by 2,016.8% during the 1st quarter. Alliancebernstein L.P. now owns 443,227 shares of the company’s stock valued at $67,756,000 after purchasing an additional 422,288 shares during the period. American Century Companies Inc. bought a new position in SiTime during the second quarter worth $64,873,000. Eventide Asset Management LLC raised its stake in SiTime by 5,015.9% during the 1st quarter. Eventide Asset Management LLC now owns 166,214 shares of the company’s stock valued at $25,408,000 after purchasing an additional 162,965 shares during the last quarter. Wellington Management Group LLP boosted its holdings in SiTime by 36.8% in the 3rd quarter. Wellington Management Group LLP now owns 537,741 shares of the company’s stock valued at $162,027,000 after purchasing an additional 144,671 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in SiTime by 22.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock valued at $156,887,000 after purchasing an additional 132,948 shares during the period. 84.31% of the stock is currently owned by institutional investors.

SiTime Company Profile

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.