SiTime’s (SITM) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of SiTime (NASDAQ:SITM) in a research note released on Tuesday, Benzinga reports. The firm currently has a $130.00 price objective on the stock.

SiTime Trading Up 0.9 %

Shares of NASDAQ SITM opened at $124.38 on Tuesday. SiTime has a 1-year low of $72.39 and a 1-year high of $141.99. The company has a 50-day moving average of $114.26 and a two-hundred day moving average of $108.03. The company has a market cap of $2.84 billion, a PE ratio of -30.12 and a beta of 1.83.

SiTime (NASDAQ:SITM) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($1.04) earnings per share for the quarter, missing the consensus estimate of ($0.87) by ($0.17). The company had revenue of $33.02 million during the quarter, compared to the consensus estimate of $32.02 million. SiTime had a negative return on equity of 11.29% and a negative net margin of 66.88%. As a group, equities research analysts forecast that SiTime will post -2.66 earnings per share for the current year.

Insider Buying and Selling

In other SiTime news, insider Lionel Bonnot sold 781 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $117.08, for a total transaction of $91,439.48. Following the transaction, the insider now directly owns 98,299 shares in the company, valued at approximately $11,508,846.92. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Piyush B. Sevalia sold 1,041 shares of SiTime stock in a transaction on Monday, May 20th. The stock was sold at an average price of $130.00, for a total transaction of $135,330.00. Following the completion of the sale, the executive vice president now directly owns 91,693 shares of the company’s stock, valued at $11,920,090. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Lionel Bonnot sold 781 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $117.08, for a total value of $91,439.48. Following the completion of the sale, the insider now owns 98,299 shares of the company’s stock, valued at approximately $11,508,846.92. The disclosure for this sale can be found here. Insiders sold a total of 39,151 shares of company stock worth $4,845,692 over the last three months. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SiTime

Several institutional investors have recently modified their holdings of the stock. Swedbank AB bought a new position in SiTime during the 1st quarter worth approximately $2,144,000. Grandeur Peak Global Advisors LLC raised its holdings in SiTime by 34.7% in the first quarter. Grandeur Peak Global Advisors LLC now owns 95,281 shares of the company’s stock worth $8,883,000 after purchasing an additional 24,542 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in shares of SiTime during the first quarter worth $346,000. Kennedy Capital Management LLC grew its holdings in shares of SiTime by 5.5% in the 1st quarter. Kennedy Capital Management LLC now owns 39,184 shares of the company’s stock valued at $3,653,000 after buying an additional 2,051 shares during the period. Finally, Bayesian Capital Management LP bought a new stake in shares of SiTime in the 1st quarter valued at $243,000. 84.31% of the stock is currently owned by institutional investors and hedge funds.

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.