SiTime (NASDAQ:SITM) Price Target Cut to $195.00

SiTime (NASDAQ:SITM – Get Rating) had its price target reduced by research analysts at Barclays from $230.00 to $195.00 in a research note issued on Thursday, Marketbeat Ratings reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price objective would suggest a potential upside of 39.23% from the stock’s current price.

Separately, TheStreet lowered SiTime from a “c-” rating to a “d” rating in a report on Wednesday, April 27th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $246.00.

SiTime Stock Up 2.7 %

NASDAQ SITM opened at $140.06 on Thursday. SiTime has a 52-week low of $129.44 and a 52-week high of $341.77. The business’s 50-day moving average price is $176.68 and its 200 day moving average price is $192.16. The firm has a market cap of $2.95 billion, a P/E ratio of 58.36, a P/E/G ratio of 8.39 and a beta of 1.61.

SiTime (NASDAQ:SITM – Get Rating) last released its quarterly earnings results on Wednesday, May 4th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.09). SiTime had a return on equity of 9.83% and a net margin of 18.31%. The company had revenue of $70.25 million for the quarter, compared to analysts’ expectations of $65.00 million. During the same period in the prior year, the business earned ($0.20) EPS. The business’s quarterly revenue was up 97.7% compared to the same quarter last year. As a group, analysts anticipate that SiTime will post 1.66 earnings per share for the current year.

Insider Activity

In other news, insider Vincent P. Pangrazio sold 500 shares of SiTime stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $225.00, for a total transaction of $112,500.00. Following the completion of the sale, the insider now directly owns 92,629 shares in the company, valued at approximately $20,841,525. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Vincent P. Pangrazio sold 500 shares of SiTime stock in a transaction that occurred on Thursday, June 2nd. The stock was sold at an average price of $225.00, for a total transaction of $112,500.00. Following the completion of the transaction, the insider now directly owns 92,629 shares in the company, valued at approximately $20,841,525. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Rajesh Vashist sold 5,000 shares of SiTime stock in a transaction that occurred on Wednesday, May 18th. The stock was sold at an average price of $190.71, for a total value of $953,550.00. Following the transaction, the chief executive officer now owns 608,300 shares of the company’s stock, valued at $116,008,893. The disclosure for this sale can be found here. In the last three months, insiders sold 20,924 shares of company stock worth $4,132,098. Company insiders own 1.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Northwestern Mutual Investment Management Company LLC raised its holdings in SiTime by 4.7% in the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 2,607 shares of the company’s stock valued at $425,000 after acquiring an additional 118 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of SiTime by 10.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 14,713 shares of the company’s stock valued at $2,399,000 after buying an additional 1,431 shares during the period. Trigran Investments Inc. grew its stake in shares of SiTime by 15.7% during the 2nd quarter. Trigran Investments Inc. now owns 428,528 shares of the company’s stock valued at $69,864,000 after buying an additional 58,043 shares during the period. Assetmark Inc. grew its stake in shares of SiTime by 26.6% during the 2nd quarter. Assetmark Inc. now owns 2,411 shares of the company’s stock valued at $393,000 after buying an additional 507 shares during the period. Finally, Retirement Systems of Alabama grew its stake in shares of SiTime by 4.3% during the 2nd quarter. Retirement Systems of Alabama now owns 20,512 shares of the company’s stock valued at $3,344,000 after buying an additional 846 shares during the period. 62.79% of the stock is currently owned by institutional investors and hedge funds.

About SiTime

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SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. Its solutions have applications in various markets, including communications and enterprise, automotive, industrial, Internet of Things, mobile, consumer, and aerospace and defense.