SiTime (NASDAQ:SITM) Reaches New 52-Week High – Here’s Why

SiTime Co. (NASDAQ:SITM)’s share price reached a new 52-week high on Friday . The stock traded as high as $182.28 and last traded at $180.87, with a volume of 6232 shares changing hands. The stock had previously closed at $176.89.

Analyst Ratings Changes

Several research analysts have recently issued reports on SITM shares. Needham & Company LLC reissued a “buy” rating and issued a $130.00 target price on shares of SiTime in a research report on Tuesday, June 25th. Barclays downgraded SiTime from an “equal weight” rating to an “underweight” rating and set a $90.00 price objective for the company. in a report on Tuesday, August 27th. Finally, Stifel Nicolaus raised their price objective on SiTime from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, July 18th.

SiTime Stock Up 1.4 %

The company’s fifty day moving average price is $144.34 and its 200-day moving average price is $124.69. The stock has a market capitalization of $4.15 billion, a PE ratio of -43.44 and a beta of 1.82.

SiTime (NASDAQ:SITM) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.08. SiTime had a negative return on equity of 10.53% and a negative net margin of 60.46%. The business had revenue of $43.90 million during the quarter, compared to analysts’ expectations of $41.01 million. During the same quarter in the previous year, the business earned ($1.17) earnings per share. The firm’s quarterly revenue was up 58.5% compared to the same quarter last year. Equities research analysts anticipate that SiTime Co. will post -3.03 earnings per share for the current year.

Insider Transactions at SiTime

In related news, insider Fariborz Assaderaghi sold 1,003 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $165.13, for a total transaction of $165,625.39. Following the sale, the insider now directly owns 110,578 shares of the company’s stock, valued at approximately $18,259,745.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Lionel Bonnot sold 3,203 shares of the business’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $140.26, for a total value of $449,252.78. Following the completion of the transaction, the insider now owns 86,838 shares in the company, valued at $12,179,897.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Fariborz Assaderaghi sold 1,003 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $165.13, for a total value of $165,625.39. Following the transaction, the insider now directly owns 110,578 shares in the company, valued at approximately $18,259,745.14. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 48,246 shares of company stock valued at $7,441,590 in the last quarter. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On SiTime

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of SiTime by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 2,203,286 shares of the company’s stock valued at $205,412,000 after acquiring an additional 85,800 shares during the last quarter. Wasatch Advisors LP grew its position in SiTime by 2.9% in the 4th 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. Principal Financial Group Inc. raised its stake in SiTime by 15.2% during the 2nd quarter. Principal Financial Group Inc. now owns 388,999 shares of the company’s stock valued at $48,384,000 after buying an additional 51,407 shares during the last quarter. William Blair Investment Management LLC lifted its holdings in shares of SiTime by 62.0% during the 2nd quarter. William Blair Investment Management LLC now owns 208,098 shares of the company’s stock valued at $25,883,000 after buying an additional 79,648 shares during the period. Finally, Jennison Associates LLC boosted its stake in shares of SiTime by 0.9% in the 1st quarter. Jennison Associates LLC now owns 175,272 shares of the company’s stock worth $16,341,000 after buying an additional 1,502 shares during the last quarter. Hedge funds and other institutional investors own 84.31% of the company’s stock.

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.