SiTime (NASDAQ:SITM) Insider Sells 4,984 Shares

SiTime Corporation (NASDAQ:SITM) insider Fariborz Assaderaghi sold 4,984 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $406.45, for a total transaction of $2,025,746.80. Following the completion of the transaction, the insider owned 89,194 shares of the company’s stock, valued at $36,252,901.30. This trade represents a 5.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

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

• On Wednesday, February 11th, Fariborz Assaderaghi sold 2,112 shares of SiTime stock. The shares were sold at an average price of $428.08, for a total value of $904,104.96.
• On Tuesday, February 10th, Fariborz Assaderaghi sold 500 shares of SiTime stock. The stock was sold at an average price of $416.06, for a total value of $208,030.00.
• On Monday, December 1st, Fariborz Assaderaghi sold 1,500 shares of SiTime stock. The shares were sold at an average price of $291.58, for a total value of $437,370.00.

SiTime Stock Up 2.2%

Shares of NASDAQ SITM traded up $8.78 during trading hours on Tuesday, reaching $404.79. 247,412 shares of the stock traded hands, compared to its average volume of 329,017. The company’s 50-day simple moving average is $373.60 and its two-hundred day simple moving average is $313.72. The company has a market capitalization of $10.65 billion, a P/E ratio of -222.41 and a beta of 2.51. SiTime Corporation has a 52-week low of $105.40 and a 52-week high of $446.95.

SiTime (NASDAQ:SITM) last issued its earnings results on Wednesday, February 4th. The company reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.33. The business had revenue of $113.29 million during the quarter, compared to analyst estimates of $101.91 million. SiTime had a negative return on equity of 2.06% and a negative net margin of 13.13%.SiTime’s revenue for the quarter was up 66.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.48 earnings per share. As a group, sell-side analysts forecast that SiTime Corporation will post -2.44 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Wall Street Zen raised shares of SiTime from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. UBS Group lifted their price objective on SiTime from $430.00 to $485.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Stifel Nicolaus set a $450.00 target price on SiTime in a report on Thursday, February 5th. Needham & Company LLC lifted their price target on SiTime from $400.00 to $450.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Finally, The Goldman Sachs Group assumed coverage on SiTime in a research report on Monday, December 15th. They issued a “buy” rating and a $420.00 price objective for the company. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $409.38.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada lifted its holdings in SiTime by 12.5% in the 1st quarter. Royal Bank of Canada now owns 4,411 shares of the company’s stock worth $675,000 after buying an additional 491 shares during the period. Advisors Asset Management Inc. raised its holdings in shares of SiTime by 33.6% during the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock valued at $54,000 after acquiring an additional 88 shares in the last quarter. AQR Capital Management LLC lifted its stake in SiTime by 310.8% in the first quarter. AQR Capital Management LLC now owns 10,754 shares of the company’s stock worth $1,557,000 after acquiring an additional 8,136 shares during the period. Intech Investment Management LLC boosted its holdings in SiTime by 21.6% in the first quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock valued at $1,272,000 after acquiring an additional 1,477 shares in the last quarter. Finally, CWM LLC increased its position in SiTime by 36.2% during the 2nd quarter. CWM LLC now owns 617 shares of the company’s stock valued at $131,000 after purchasing an additional 164 shares during the period. Institutional investors own 84.31% of the company’s stock.

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.