Insider Selling: SiTime (NASDAQ:SITM) CEO Sells 15,000 Shares of Stock

SiTime Corporation (NASDAQ:SITM) CEO Rajesh Vashist sold 15,000 shares of SiTime stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $750.20, for a total value of $11,253,000.00. Following the sale, the chief executive officer directly owned 387,898 shares of the company’s stock, valued at approximately $291,001,079.60. The trade was a 3.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rajesh Vashist also recently made the following trade(s):

• On Monday, June 15th, Rajesh Vashist sold 5,000 shares of SiTime stock. The stock was sold at an average price of $750.00, for a total value of $3,750,000.00.
• On Wednesday, June 3rd, Rajesh Vashist sold 10,000 shares of SiTime stock. The stock was sold at an average price of $701.13, for a total value of $7,011,300.00.
• On Wednesday, June 3rd, Rajesh Vashist sold 30,000 shares of SiTime stock. The stock was sold at an average price of $701.13, for a total value of $21,033,900.00.

SiTime Price Performance

SiTime stock traded up $12.57 during mid-day trading on Monday, reaching $742.46. 582,215 shares of the company were exchanged, compared to its average volume of 573,592. The company has a fifty day simple moving average of $625.95 and a 200-day simple moving average of $455.98. SiTime Corporation has a 12 month low of $186.49 and a 12 month high of $901.81. The firm has a market cap of $19.60 billion, a PE ratio of -735.11 and a beta of 2.94.

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

Hedge Funds Weigh In On SiTime

Several hedge funds and other institutional investors have recently modified their holdings of SITM. Royal Bank of Canada increased its stake in shares of SiTime by 12.5% in the 1st quarter. Royal Bank of Canada now owns 4,411 shares of the company’s stock valued at $675,000 after purchasing an additional 491 shares during the last quarter. Advisors Asset Management Inc. increased its stake in shares of SiTime by 33.6% in the 1st quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock valued at $54,000 after purchasing an additional 88 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of SiTime by 310.8% in the 1st quarter. AQR Capital Management LLC now owns 10,754 shares of the company’s stock valued at $1,557,000 after purchasing an additional 8,136 shares during the last quarter. Intech Investment Management LLC increased its stake in shares of SiTime by 21.6% in the 1st quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock valued at $1,272,000 after purchasing an additional 1,477 shares during the last quarter. Finally, M&T Bank Corp bought a new position in shares of SiTime in the 2nd quarter valued at $240,000. Institutional investors own 84.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a research note on Tuesday, April 21st. Barclays upgraded SiTime from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $400.00 to $850.00 in a research note on Thursday, May 7th. Zacks Research upgraded SiTime from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 15th. Wall Street Zen upgraded SiTime from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $800.00 price objective on shares of SiTime in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.