Needham & Company LLC Forecasts Strong Price Appreciation for SiTime (NASDAQ:SITM) Stock

SiTime (NASDAQ:SITM) had its price objective raised by equities researchers at Needham & Company LLC from $450.00 to $850.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 36.36% from the company’s current price.

A number of other research firms have also commented on SITM. UBS Group lifted their price objective on SiTime from $430.00 to $485.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Wall Street Zen lowered SiTime from a “buy” rating to a “hold” rating in a report on Saturday, April 11th. Roth Mkm reaffirmed a “buy” rating and issued a $450.00 price target on shares of SiTime in a research report on Thursday, February 5th. Stifel Nicolaus upped their price target on SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Finally, Barclays set a $400.00 price objective on shares of SiTime in a research note on Thursday, February 5th. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, SiTime currently has a consensus rating of “Moderate Buy” and a consensus price target of $465.63.

SiTime Trading Up 4.5%

NASDAQ SITM opened at $623.33 on Thursday. The company has a fifty day simple moving average of $414.68 and a 200 day simple moving average of $366.95. The company has a market cap of $16.46 billion, a P/E ratio of -342.49 and a beta of 2.91. SiTime has a 1 year low of $158.63 and a 1 year high of $627.00.

SiTime (NASDAQ:SITM) last announced its earnings results on Wednesday, February 4th. The company reported $1.53 EPS for the quarter, topping the consensus estimate of $1.20 by $0.33. SiTime had a negative net margin of 13.13% and a negative return on equity of 2.06%. The firm had revenue of $113.29 million for the quarter, compared to the consensus estimate of $101.91 million. During the same quarter last year, the firm posted $0.48 EPS. The business’s quarterly revenue was up 66.3% on a year-over-year basis. Equities research analysts forecast that SiTime will post 1.31 EPS for the current fiscal year.

Insider Activity at SiTime

In other news, insider Piyush B. Sevalia sold 2,419 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $484.05, for a total transaction of $1,170,916.95. Following the sale, the insider directly owned 84,250 shares in the company, valued at approximately $40,781,212.50. The trade was a 2.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Samsheer Ahamad sold 9,100 shares of the company’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $441.47, for a total value of $4,017,377.00. Following the completion of the transaction, the insider owned 52,938 shares of the company’s stock, valued at $23,370,538.86. The trade was a 14.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 26,178 shares of company stock worth $11,282,324 in the last three months. Company insiders own 1.40% of the company’s stock.

Institutional Trading of SiTime

Several institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new position in SiTime in the fourth quarter worth about $83,977,000. Whale Rock Capital Management LLC grew its stake in shares of SiTime by 45.4% in the 4th quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock valued at $246,717,000 after purchasing an additional 218,038 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of SiTime by 61.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 562,892 shares of the company’s stock valued at $198,808,000 after purchasing an additional 213,242 shares during the period. Fuller & Thaler Asset Management Inc. acquired a new position in shares of SiTime in the 4th quarter worth approximately $59,452,000. Finally, Wellington Management Group LLP lifted its position in shares of SiTime by 36.8% during the 3rd quarter. Wellington Management Group LLP now owns 537,741 shares of the company’s stock worth $162,027,000 after buying an additional 144,671 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.