SiTime (NASDAQ:SITM) Insider Sells $1,170,916.95 in Stock

SiTime Corporation (NASDAQ:SITM) insider Piyush Sevalia sold 2,419 shares of SiTime stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $484.05, for a total value of $1,170,916.95. Following the completion of the transaction, the insider owned 84,250 shares in the company, valued at approximately $40,781,212.50. This represents a 2.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

SiTime Trading Down 0.9%

SiTime stock traded down $4.53 during midday trading on Tuesday, reaching $523.57. The company’s stock had a trading volume of 485,294 shares, compared to its average volume of 403,775. SiTime Corporation has a 52 week low of $127.30 and a 52 week high of $539.99. The business has a 50-day moving average price of $386.49 and a 200-day moving average price of $348.91. The stock has a market cap of $13.82 billion, a PE ratio of -287.68 and a beta of 2.57.

SiTime (NASDAQ:SITM) last released its earnings results on Wednesday, February 4th. The company reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 2.06% and a negative net margin of 13.13%.The business’s revenue for the quarter was up 66.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.48 earnings per share. As a group, research analysts predict that SiTime Corporation will post 1.31 EPS for the current fiscal year.

Hedge Funds Weigh In On SiTime

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ariose Capital Management Ltd acquired a new position in shares of SiTime in the third quarter worth approximately $2,974,000. Emerald Mutual Fund Advisers Trust lifted its stake in SiTime by 10.6% in the third quarter. Emerald Mutual Fund Advisers Trust now owns 98,689 shares of the company’s stock valued at $29,736,000 after buying an additional 9,492 shares during the period. Federated Hermes Inc. lifted its stake in SiTime by 25.0% in the third quarter. Federated Hermes Inc. now owns 125,000 shares of the company’s stock valued at $37,664,000 after buying an additional 25,000 shares during the period. Teachers Retirement System of The State of Kentucky lifted its stake in SiTime by 145.9% in 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 buying an additional 7,247 shares during the period. Finally, Cibc World Market Inc. acquired a new position in SiTime in the third quarter valued at approximately $2,259,000. 84.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SITM shares. Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a report on Thursday, January 22nd. UBS Group boosted their price target on SiTime from $430.00 to $485.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Wall Street Zen cut SiTime from a “buy” rating to a “hold” rating in a report on Saturday, April 11th. Barclays set a $400.00 price target on SiTime in a report on Thursday, February 5th. Finally, Needham & Company LLC boosted their price target on SiTime from $400.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $415.63.

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.