SiTime (NASDAQ:SITM) Shares Down 5.4% – What’s Next?

SiTime Corporation (NASDAQ:SITM) dropped 5.4% on Wednesday . The stock traded as low as $384.35 and last traded at $384.35. Approximately 232,357 shares traded hands during trading, a decline of 30% from the average daily volume of 331,241 shares. The stock had previously closed at $406.41.

Wall Street Analysts Forecast Growth

SITM has been the topic of a number of research reports. Needham & Company LLC upped 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. Raymond James Financial reaffirmed an “outperform” rating on shares of SiTime in a research report on Tuesday, December 2nd. Loop Capital began coverage on shares of SiTime in a research report on Friday, November 21st. They issued a “buy” rating and a $350.00 price target for the company. Roth Mkm restated a “buy” rating and set a $450.00 price target on shares of SiTime in a research note on Thursday, February 5th. Finally, Stifel Nicolaus set a $450.00 target price on SiTime in a research note on Thursday, February 5th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $409.38.

SiTime Price Performance

The firm has a market capitalization of $10.02 billion, a PE ratio of -209.36 and a beta of 2.53. The business’s 50 day moving average is $378.85 and its two-hundred day moving average is $322.03.

SiTime (NASDAQ:SITM) last posted its quarterly earnings data on Wednesday, February 4th. The company reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.33. SiTime had a negative net margin of 13.13% and a negative return on equity of 2.06%. The company had revenue of $113.29 million during the quarter, compared to the consensus estimate of $101.91 million. During the same period in the previous year, the firm posted $0.48 EPS. The firm’s revenue was up 66.3% compared to the same quarter last year. Analysts expect that SiTime Corporation will post -2.44 EPS for the current fiscal year.

Insider Activity at SiTime

In other news, insider Fariborz Assaderaghi sold 4,984 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $406.45, for a total value of $2,025,746.80. Following the completion of the sale, the insider directly owned 89,194 shares in the company, valued at approximately $36,252,901.30. The trade was a 5.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Rajesh Vashist sold 2,000 shares of the company’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $369.20, for a total transaction of $738,400.00. Following the completion of the sale, the chief executive officer directly owned 431,609 shares of the company’s stock, valued at $159,350,042.80. This trade represents a 0.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 22,762 shares of company stock worth $9,638,517 in the last quarter. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. American Century Companies Inc. purchased a new stake in SiTime during the 2nd quarter valued at $64,873,000. Norges Bank bought a new position in shares of SiTime during the fourth quarter valued at about $83,977,000. Whale Rock Capital Management LLC raised its stake in shares of SiTime by 45.4% during the fourth quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock valued at $246,717,000 after acquiring an additional 218,038 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of SiTime by 61.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 562,892 shares of the company’s stock worth $198,808,000 after purchasing an additional 213,242 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. bought a new stake in shares of SiTime in the fourth quarter worth about $59,452,000. Institutional investors 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.