SiTime (NASDAQ:SITM) Trading Up 10.7% – Here’s What Happened

SiTime Co. (NASDAQ:SITM)’s share price was up 10.7% on Wednesday . The company traded as high as $165.72 and last traded at $168.75. Approximately 66,954 shares traded hands during trading, a decline of 69% from the average daily volume of 214,764 shares. The stock had previously closed at $152.42.

Analyst Upgrades and Downgrades

Several brokerages have commented on SITM. Stifel Nicolaus raised their price target on shares of SiTime from $250.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Roth Mkm boosted their target price on SiTime from $205.00 to $230.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Raymond James reaffirmed an “outperform” rating and issued a $250.00 price target (up previously from $215.00) on shares of SiTime in a report on Thursday, February 6th. Barclays upped their price objective on shares of SiTime from $130.00 to $160.00 and gave the stock an “underweight” rating in a research report on Friday, January 17th. Finally, Needham & Company LLC raised their target price on shares of SiTime from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $232.00.

SiTime Price Performance

The company has a 50 day simple moving average of $204.97 and a 200-day simple moving average of $191.67. The stock has a market cap of $4.19 billion, a P/E ratio of -43.77 and a beta of 1.80.

Insider Buying and Selling

In other SiTime news, insider Lionel Bonnot sold 3,501 shares of the business’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $174.25, for a total value of $610,049.25. Following the completion of the sale, the insider now directly owns 87,940 shares of the company’s stock, valued at $15,323,545. The trade was a 3.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Fariborz Assaderaghi sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $249.42, for a total value of $249,420.00. Following the transaction, the insider now directly owns 101,683 shares in the company, valued at $25,361,773.86. This trade represents a 0.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,070 shares of company stock worth $5,310,704 in the last quarter. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On SiTime

Institutional investors have recently added to or reduced their stakes in the company. Fourth Dimension Wealth LLC bought a new position in SiTime during the 4th quarter valued at approximately $25,000. Blue Trust Inc. increased its stake in shares of SiTime by 44.7% during the fourth quarter. Blue Trust Inc. now owns 217 shares of the company’s stock valued at $47,000 after buying an additional 67 shares during the period. Aster Capital Management DIFC Ltd bought a new position in shares of SiTime during the fourth quarter valued at approximately $58,000. Smartleaf Asset Management LLC lifted its stake in SiTime by 278.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 280 shares of the company’s stock worth $60,000 after acquiring an additional 206 shares during the period. Finally, Lazard Asset Management LLC bought a new stake in SiTime in the fourth quarter valued at $81,000. Hedge funds and other institutional investors own 84.31% of the company’s stock.

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.