NEW YORK ( TheStreet) -- Hittite Microwave Corporation (Nasdaq: HITT) hit a new 52-week high Friday as it traded at $63.70 compared with its previous 52-Week high of $63.62. Hittite Microwave is changing hands at $63.73 with 34,611 shares traded as of 10:56 a.m. ET. Average volume has been 158,700 shares over the past 30 days. Hittite Microwave has a market cap of $1.9 billion and is part of the technology sector and electronics industry. Shares are up 3.4% year to date as of the close of trading on Thursday.

Hittite Microwave Corporation designs and develops integrated circuits (ICs), modules, and subsystems for technically demanding radio frequency (RF), microwave, and millimeterwave applications in the United States and internationally. The company has a P/E ratio of 26.8, equal to the average electronics industry P/E ratio and above the S&P 500 P/E ratio of 23.5.

TheStreet Ratings rates Hittite Microwave as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins, good cash flow from operations and compelling growth in net income. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value. You can view the full Hittite Microwave Ratings Report.