SiTime (NASDAQ:SITM) Sets New 1-Year High – Still a Buy?

Shares of SiTime Co. (NASDAQ:SITM) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $256.89 and last traded at $252.66, with a volume of 54572 shares traded. The stock had previously closed at $243.88.

Analysts Set New Price Targets

SITM has been the topic of several research reports. Barclays upped their target price on SiTime from $90.00 to $130.00 and gave the company an “underweight” rating in a research report on Friday, November 8th. Stifel Nicolaus boosted their price target on SiTime from $175.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Needham & Company LLC increased their price objective on SiTime from $140.00 to $225.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Roth Mkm lifted their target price on SiTime from $205.00 to $230.00 and gave the stock a “buy” rating in a report on Thursday, November 7th.

SiTime Price Performance

The business’s 50-day moving average price is $199.83 and its two-hundred day moving average price is $159.79.

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

Insider Buying and Selling

In related news, Director Torsten Kreindl sold 6,000 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $220.86, for a total transaction of $1,325,160.00. Following the completion of the sale, the director now directly owns 13,511 shares in the company, valued at $2,984,039.46. This represents a 30.75 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Rajesh Vashist sold 20,000 shares of SiTime stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $170.07, for a total value of $3,401,400.00. Following the completion of the transaction, the chief executive officer now owns 424,417 shares in the company, valued at approximately $72,180,599.19. This represents a 4.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,513 shares of company stock valued at $6,708,428 over the last quarter. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. LMR Partners LLP increased its position in SiTime by 705.0% during the 3rd quarter. LMR Partners LLP now owns 80,500 shares of the company’s stock worth $13,807,000 after purchasing an additional 70,500 shares in the last quarter. Public Sector Pension Investment Board increased its holdings in shares of SiTime by 8.0% during the second quarter. Public Sector Pension Investment Board now owns 38,743 shares of the company’s stock worth $4,819,000 after buying an additional 2,861 shares in the last quarter. Driehaus Capital Management LLC bought a new position in shares of SiTime in the 2nd quarter valued at $16,831,000. Creative Planning acquired a new stake in shares of SiTime during the 3rd quarter valued at $842,000. Finally, Los Angeles Capital Management LLC bought a new stake in SiTime during the 2nd quarter worth $647,000. 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.