Needham & Company LLC Issues Positive Forecast for SiTime (NASDAQ:SITM) Stock Price

SiTime (NASDAQ:SITM) had its price objective lifted by equities research analysts at Needham & Company LLC from $225.00 to $250.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 12.11% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Stifel Nicolaus raised their target price on shares of SiTime from $230.00 to $250.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Barclays upped their price objective on shares of SiTime from $130.00 to $160.00 and gave the company an “underweight” rating in a research note on Friday, January 17th. Finally, Roth Mkm raised their target price on SiTime from $205.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th.

SiTime Stock Up 3.9 %

NASDAQ SITM opened at $222.99 on Thursday. The company has a 50-day simple moving average of $228.20 and a two-hundred day simple moving average of $186.20. SiTime has a 12-month low of $72.39 and a 12-month high of $268.18. The firm has a market cap of $5.21 billion, a price-to-earnings ratio of -53.86 and a beta of 1.80.

SiTime (NASDAQ:SITM) last issued its earnings results on Wednesday, November 6th. The company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.14. SiTime had a negative return on equity of 9.89% and a negative net margin of 53.55%. The company had revenue of $57.70 million during the quarter, compared to analysts’ expectations of $55.10 million. During the same period in the prior year, the business posted ($0.81) EPS. SiTime’s quarterly revenue was up 62.4% compared to the same quarter last year. Equities analysts expect that SiTime will post -2.98 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Torsten Kreindl sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $220.86, for a total value of $1,325,160.00. Following the sale, the director now directly owns 13,511 shares of the company’s stock, valued at $2,984,039.46. The trade was a 30.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Rajesh Vashist sold 12,000 shares of SiTime stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $259.25, for a total value of $3,111,000.00. Following the transaction, the chief executive officer now owns 24,781 shares of the company’s stock, valued at $6,424,474.25. The trade was a 32.63 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,934 shares of company stock valued at $6,531,758. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of SiTime

Several institutional investors have recently bought and sold shares of SITM. Barclays PLC lifted its stake in shares of SiTime by 80.7% in the third quarter. Barclays PLC now owns 37,982 shares of the company’s stock worth $6,515,000 after buying an additional 16,964 shares in the last quarter. LMR Partners LLP boosted its stake in SiTime by 705.0% during the 3rd quarter. LMR Partners LLP now owns 80,500 shares of the company’s stock valued at $13,807,000 after purchasing an additional 70,500 shares during the last quarter. Creative Planning purchased a new stake in SiTime during the 3rd quarter valued at $842,000. FMR LLC increased its holdings in shares of SiTime by 1.1% in the 3rd quarter. FMR LLC now owns 3,469,843 shares of the company’s stock worth $595,113,000 after purchasing an additional 39,119 shares in the last quarter. Finally, Swedbank AB raised its stake in shares of SiTime by 21.7% in the third quarter. Swedbank AB now owns 28,000 shares of the company’s stock worth $4,802,000 after purchasing an additional 5,000 shares during the last quarter. 84.31% of the stock is owned by hedge funds and other institutional investors.

About SiTime

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.