SiTime (NASDAQ:SITM) Insider Sells $702,900.00 in Stock

SiTime Corporation (NASDAQ:SITM) insider Fariborz Assaderaghi sold 1,000 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $702.90, for a total transaction of $702,900.00. Following the sale, the insider directly owned 78,936 shares in the company, valued at approximately $55,484,114.40. The trade was a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Fariborz Assaderaghi also recently made the following trade(s):

• On Friday, May 29th, Fariborz Assaderaghi sold 1,500 shares of SiTime stock. The stock was sold at an average price of $712.72, for a total transaction of $1,069,080.00.
• On Friday, May 22nd, Fariborz Assaderaghi sold 1,709 shares of SiTime stock. The stock was sold at an average price of $731.49, for a total transaction of $1,250,116.41.

SiTime Stock Down 11.5%

Shares of SITM stock traded down $81.30 during mid-day trading on Friday, hitting $625.68. 695,542 shares of the stock were exchanged, compared to its average volume of 596,429. The firm has a fifty day moving average of $582.71 and a 200 day moving average of $436.70. SiTime Corporation has a 52-week low of $186.49 and a 52-week high of $901.81. The company has a market cap of $16.52 billion, a PE ratio of -619.49 and a beta of 2.94.

SiTime (NASDAQ:SITM) last posted its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.30. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The business had revenue of $113.57 million for the quarter, compared to analyst estimates of $103.51 million. During the same period in the prior year, the company posted $0.26 EPS. The company’s revenue for the quarter was up 88.3% on a year-over-year basis. Equities analysts predict that SiTime Corporation will post 3.23 EPS for the current year.

Institutional Investors Weigh In On SiTime

Several institutional investors have recently bought and sold shares of SITM. Norges Bank acquired a new stake in SiTime in the 4th quarter worth about $83,977,000. Whale Rock Capital Management LLC boosted its holdings in SiTime by 45.4% in the 4th quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock worth $246,717,000 after buying an additional 218,038 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in SiTime by 61.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 562,892 shares of the company’s stock worth $198,808,000 after buying an additional 213,242 shares during the last quarter. Fuller & Thaler Asset Management Inc. acquired a new stake in SiTime in the 4th quarter worth about $59,452,000. Finally, Wellington Management Group LLP boosted its holdings in SiTime by 36.8% in the 3rd quarter. Wellington Management Group LLP now owns 537,741 shares of the company’s stock worth $162,027,000 after buying an additional 144,671 shares during the last quarter. 84.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SITM. Needham & Company LLC increased their target price on shares of SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. UBS Group increased their target price on shares of SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Wall Street Zen raised shares of SiTime from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. The Goldman Sachs Group reiterated a “buy” rating and issued a $800.00 price objective on shares of SiTime in a report on Thursday, May 7th. Finally, Zacks Research upgraded SiTime from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, SiTime has a consensus rating of “Moderate Buy” and an average price target of $661.88.

SiTime Company Profile

SiTime Corporation is a fabless semiconductor company specializing in silicon timing solutions that leverage micro-electromechanical systems (MEMS) technology as an alternative to traditional quartz crystals. Its portfolio of programmable oscillators, resonators, clock generators, jitter attenuators and network synchronizers addresses precision timekeeping requirements across a wide range of electronic systems. By integrating MEMS resonators with advanced mixed-signal control circuitry, SiTime’s products offer enhanced reliability, resistance to shock and vibration, and a smaller footprint compared with conventional quartz devices.

The company’s timing devices serve diverse end markets, including telecommunications infrastructure, data center and enterprise networking, consumer electronics, automotive systems, industrial automation, and aerospace and defense applications.