SiTime (NASDAQ:SITM) Stock Price Up 12.2% – Here’s Why

SiTime Corporation (NASDAQ:SITM) shares traded up 12.2% on Tuesday . The stock traded as high as $349.89 and last traded at $349.0950. 270,072 shares changed hands during trading, a decline of 34% from the average session volume of 409,453 shares. The stock had previously closed at $311.23.

Wall Street Analyst Weigh In

Several research firms have commented on SITM. Wall Street Zen raised shares of SiTime from a “hold” rating to a “buy” rating in a research report on Sunday, March 22nd. Barclays set a $400.00 price objective on shares of SiTime in a research note on Thursday, February 5th. Roth Mkm reiterated a “buy” rating and issued a $450.00 price objective on shares of SiTime in a report on Thursday, February 5th. Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a report on Thursday, January 22nd. Finally, Stifel Nicolaus set a $450.00 price target on SiTime in a research report on Thursday, February 5th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $409.38.

SiTime Trading Up 9.7%

The stock has a market cap of $8.98 billion, a P/E ratio of -189.14 and a beta of 2.53. The firm’s fifty day moving average is $373.67 and its 200 day moving average is $336.35.

SiTime (NASDAQ:SITM) last released its quarterly earnings results on Wednesday, February 4th. The company reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.33. The company had revenue of $113.29 million during the quarter, compared to analysts’ expectations of $101.91 million. SiTime had a negative net margin of 13.13% and a negative return on equity of 2.06%. The business’s quarterly revenue was up 66.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.48 earnings per share. Research analysts forecast that SiTime Corporation will post -2.44 earnings per share for the current fiscal year.

Insider Activity

In other SiTime news, insider Fariborz Assaderaghi sold 4,984 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $406.45, for a total value of $2,025,746.80. Following the sale, the insider owned 89,194 shares of the company’s stock, valued at $36,252,901.30. This trade represents a 5.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Piyush B. Sevalia sold 1,249 shares of SiTime stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $375.00, for a total value of $468,375.00. Following the completion of the transaction, the insider directly owned 87,916 shares in the company, valued at approximately $32,968,500. This represents a 1.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 24,512 shares of company stock worth $10,319,832 over the last 90 days. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On SiTime

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in SiTime by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 2,825,402 shares of the company’s stock valued at $997,904,000 after purchasing an additional 61,336 shares during the period. Invesco Ltd. lifted its stake in shares of SiTime by 1.8% in the third quarter. Invesco Ltd. now owns 1,037,305 shares of the company’s stock valued at $312,550,000 after buying an additional 18,165 shares during the period. State Street Corp lifted its stake in shares of SiTime by 3.7% in the second quarter. State Street Corp now owns 911,280 shares of the company’s stock valued at $194,176,000 after buying an additional 32,178 shares during the period. Ameriprise Financial Inc. grew its position in SiTime by 22.0% during the second quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock worth $156,887,000 after buying an additional 132,948 shares in the last quarter. Finally, Whale Rock Capital Management LLC increased its stake in SiTime by 45.4% during the fourth quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock valued at $246,717,000 after acquiring an additional 218,038 shares during the period. 84.31% of the stock is currently owned by institutional investors and hedge funds.

SiTime Company Profile

SiTime Corporation is a fabless semiconductor company specializing in silicon timing solutions that leverage micro-electromechanical systems (MEMS) technology as an alternative to traditional quartz crystals. Its portfolio of programmable oscillators, resonators, clock generators, jitter attenuators and network synchronizers addresses precision timekeeping requirements across a wide range of electronic systems. By integrating MEMS resonators with advanced mixed-signal control circuitry, SiTime’s products offer enhanced reliability, resistance to shock and vibration, and a smaller footprint compared with conventional quartz devices.

The company’s timing devices serve diverse end markets, including telecommunications infrastructure, data center and enterprise networking, consumer electronics, automotive systems, industrial automation, and aerospace and defense applications.