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

Shares of SiTime Co. (NASDAQ:SITM) 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 trading hands.

Analyst Ratings Changes

A number of research firms have commented on SITM. Needham & Company LLC upgraded shares of SiTime from a “hold” rating to a “buy” rating and set a $130.00 price target on the stock in a research report on Thursday. Barclays boosted their target price on SiTime from $110.00 to $130.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 16th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $140.00.

SiTime Price Performance

The stock’s 50 day simple moving average is $88.06 and its two-hundred day simple moving average is $104.18. The company 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 posted its quarterly earnings data on Tuesday, February 13th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.01). The firm had revenue of $42.40 million for the quarter, compared to analyst estimates of $41.65 million. SiTime had a negative return on equity of 10.21% and a negative net margin of 55.93%. As a group, equities research analysts expect that SiTime Co. will post -2.3 earnings per share for the current year.

Insider Buying and Selling at SiTime

In other SiTime 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 transaction of $94,730.58. Following the completion of the sale, the insider now owns 90,887 shares in the company, valued at approximately $8,391,596.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders have sold 3,602 shares of company stock worth $319,899. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On SiTime

Several institutional investors have recently modified their holdings of SITM. FMR LLC increased its position in shares of SiTime by 7.5% in the 3rd quarter. FMR LLC now owns 3,054,878 shares of the company’s stock valued at $349,020,000 after buying an additional 212,615 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of SiTime by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 2,117,486 shares of the company’s stock worth $258,503,000 after acquiring an additional 50,876 shares in the last quarter. Wasatch Advisors LP raised its position in shares of SiTime by 2.9% during the fourth quarter. Wasatch Advisors LP now owns 892,102 shares of the company’s stock worth $108,908,000 after purchasing an additional 25,324 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of SiTime by 8.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 613,583 shares of the company’s stock valued at $70,102,000 after purchasing an additional 46,672 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of SiTime by 0.5% in the 4th quarter. Principal Financial Group Inc. now owns 359,929 shares of the company’s stock valued at $43,940,000 after purchasing an additional 1,912 shares during the period. 84.31% of the stock is currently owned by institutional investors and hedge funds.

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.