SiTime (NASDAQ:SITM) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of SiTime (NASDAQ:SITM) from a buy rating to a hold rating in a research report report published on Saturday.

Several other analysts have also issued reports on SITM. Needham & Company LLC upped their target price on SiTime from $400.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Stifel Nicolaus set a $450.00 price target on SiTime in a research note on Thursday, February 5th. Roth Mkm reaffirmed a “buy” rating and set a $450.00 price target on shares of SiTime in a research report on Thursday, February 5th. The Goldman Sachs Group assumed coverage on SiTime in a research note on Monday, December 15th. They set a “buy” rating and a $420.00 price objective on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of SiTime in a report on Thursday, January 22nd. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $409.38.

SiTime Trading Up 4.8%

SiTime stock opened at $341.69 on Friday. SiTime has a 1-year low of $105.40 and a 1-year high of $446.95. The company has a fifty day simple moving average of $375.75 and a 200 day simple moving average of $329.32. The company has a market cap of $8.99 billion, a P/E ratio of -187.74 and a beta of 2.53.

SiTime (NASDAQ:SITM) last issued its quarterly earnings results on Wednesday, February 4th. The company reported $1.53 EPS for the quarter, topping the consensus estimate of $1.20 by $0.33. The firm had revenue of $113.29 million for the quarter, compared to analysts’ expectations of $101.91 million. SiTime had a negative net margin of 13.13% and a negative return on equity of 2.06%. The company’s revenue for the quarter was up 66.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.48 EPS. On average, equities research analysts forecast that SiTime will post -2.44 EPS for the current year.

Insiders Place Their Bets

In other SiTime news, Director Raman Chitkara sold 501 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $425.03, for a total value of $212,940.03. Following the sale, the director owned 21,508 shares in the company, valued at $9,141,545.24. This represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Akira Takata sold 3,500 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $431.73, for a total value of $1,511,055.00. Following the completion of the sale, the director directly owned 13,734 shares of the company’s stock, valued at approximately $5,929,379.82. The trade was a 20.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 23,263 shares of company stock worth $9,851,457 in the last three months. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SITM. Vanguard Group Inc. lifted its holdings in SiTime by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 2,825,402 shares of the company’s stock valued at $997,904,000 after purchasing an additional 61,336 shares during the last quarter. Invesco Ltd. boosted its position in SiTime by 1.8% during the third quarter. Invesco Ltd. now owns 1,037,305 shares of the company’s stock worth $312,550,000 after purchasing an additional 18,165 shares during the period. State Street Corp increased its holdings in shares of SiTime by 3.7% in the second quarter. State Street Corp now owns 911,280 shares of the company’s stock valued at $194,176,000 after purchasing an additional 32,178 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of SiTime by 22.0% in the second quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock valued at $156,887,000 after purchasing an additional 132,948 shares during the last quarter. Finally, Whale Rock Capital Management LLC raised its position in shares of SiTime by 45.4% in the fourth quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock valued at $246,717,000 after purchasing an additional 218,038 shares during the period. 84.31% of the stock is owned by institutional investors and hedge funds.

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.