SiTime (NASDAQ:SITM) Upgraded by Needham & Company LLC to Buy

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

Separately, Barclays increased their price objective on shares of 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 issued a buy rating to the stock. According to data from MarketBeat.com, SiTime has an average rating of “Moderate Buy” and an average target price of $140.00.

SiTime Stock Performance

NASDAQ:SITM opened at $96.92 on Thursday. The firm’s 50-day moving average is $88.06 and its 200-day moving average is $104.18. SiTime has a 52-week low of $72.39 and a 52-week high of $141.99. The company has a market cap of $2.22 billion, a price-to-earnings ratio of -26.70 and a beta of 1.78.

SiTime (NASDAQ:SITM) last issued its quarterly earnings results 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). SiTime had a negative net margin of 55.93% and a negative return on equity of 10.21%. The firm had revenue of $42.40 million for the quarter, compared to the consensus estimate of $41.65 million. Equities analysts predict that SiTime will post -2.3 EPS for the current year.

Insider Buying and Selling at SiTime

In related news, insider Fariborz Assaderaghi sold 1,288 shares of SiTime stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $90.57, for a total transaction of $116,654.16. Following the completion of the transaction, the insider now directly owns 111,491 shares of the company’s stock, valued at approximately $10,097,739.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 3,602 shares of company stock worth $319,899 over the last three months. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On SiTime

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