Raman Chitkara Sells 2,000 Shares of SiTime (NASDAQ:SITM) Stock

SiTime Corporation (NASDAQ:SITM) Director Raman Chitkara sold 2,000 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $727.38, for a total value of $1,454,760.00. Following the sale, the director owned 19,898 shares in the company, valued at approximately $14,473,407.24. This represents a 9.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

SiTime Trading Down 7.8%

Shares of SITM opened at $684.86 on Wednesday. The company has a market cap of $18.08 billion, a price-to-earnings ratio of -678.08 and a beta of 2.94. SiTime Corporation has a 12 month low of $186.49 and a 12 month high of $901.81. The business’s fifty day simple moving average is $632.70 and its two-hundred day simple moving average is $458.76.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Principal Financial Group Inc. raised its stake in shares of SiTime by 3.9% during the fourth quarter. Principal Financial Group Inc. now owns 363,953 shares of the company’s stock valued at $128,545,000 after acquiring an additional 13,577 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its stake in shares of SiTime by 145.9% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 12,215 shares of the company’s stock valued at $3,681,000 after acquiring an additional 7,247 shares in the last quarter. Cibc World Market Inc. bought a new stake in shares of SiTime during the third quarter valued at approximately $2,259,000. Royce & Associates LP raised its stake in shares of SiTime by 95.0% during the third quarter. Royce & Associates LP now owns 54,476 shares of the company’s stock valued at $16,414,000 after acquiring an additional 26,538 shares in the last quarter. Finally, HighTower Advisors LLC raised its stake in shares of SiTime by 95.8% during the third quarter. HighTower Advisors LLC now owns 30,368 shares of the company’s stock valued at $9,151,000 after acquiring an additional 14,859 shares in the last quarter. Hedge funds and other institutional investors own 84.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on SITM shares. UBS Group raised their price objective on SiTime from $675.00 to $775.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Wall Street Zen upgraded SiTime from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Roth Mkm reiterated a “buy” rating and issued a $900.00 price target on shares of SiTime in a research report on Thursday, May 7th. Barclays upgraded SiTime from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $400.00 to $850.00 in a research report on Thursday, May 7th. Finally, Needham & Company LLC lifted their price target on SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $661.88.

About SiTime

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.