SiTime (NASDAQ:SITM) Cut to Hold at Zacks Research

SiTime (NASDAQ:SITM) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

SITM has been the subject of several other reports. Needham & Company LLC increased their price target on SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a research note on Tuesday, April 21st. Stifel Nicolaus increased their price target on shares of SiTime from $450.00 to $500.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Wall Street Zen lowered SiTime from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, UBS Group boosted their price target on SiTime from $675.00 to $775.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Eight research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, SiTime currently has an average rating of “Moderate Buy” and a consensus target price of $661.88.

SiTime Stock Performance

SITM opened at $592.19 on Monday. The stock has a market capitalization of $15.63 billion, a P/E ratio of -586.33 and a beta of 2.91. SiTime has a one year low of $186.49 and a one year high of $901.81. The business’s 50-day simple moving average is $697.19 and its 200-day simple moving average is $494.23.

SiTime (NASDAQ:SITM) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $113.57 million during the quarter, compared to the consensus estimate of $103.51 million. During the same period in the prior year, the company earned $0.26 earnings per share. The company’s revenue was up 88.3% compared to the same quarter last year. On average, equities research analysts forecast that SiTime will post 3.23 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Torsten Kreindl sold 710 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $720.00, for a total transaction of $511,200.00. Following the transaction, the director owned 13,141 shares of the company’s stock, valued at approximately $9,461,520. This trade represents a 5.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Fariborz Assaderaghi sold 1,000 shares of SiTime stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $702.90, for a total value of $702,900.00. Following the completion of the transaction, the insider owned 78,936 shares of the company’s stock, valued at approximately $55,484,114.40. The trade was a 1.25% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 73,375 shares of company stock worth $51,931,438. Company insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rakuten Securities Inc. grew its position in SiTime by 188.5% in the 4th quarter. Rakuten Securities Inc. now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 49 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of SiTime by 26.2% in the 1st quarter. Parallel Advisors LLC now owns 77 shares of the company’s stock worth $27,000 after purchasing an additional 16 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of SiTime during the 4th quarter valued at $33,000. Larson Financial Group LLC lifted its holdings in shares of SiTime by 3,200.0% during the third quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock valued at $30,000 after purchasing an additional 96 shares during the last quarter. Finally, Danske Bank A S purchased a new stake in SiTime during the fourth quarter valued at about $35,000. Institutional investors and hedge funds own 84.31% of the company’s stock.

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.