SiTime (NASDAQ:SITM) Downgraded by Wall Street Zen to “Hold”

SiTime (NASDAQ:SITM) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday.

SITM has been the subject of several other reports. Barclays upgraded shares of SiTime from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $400.00 to $850.00 in a research report on Thursday, May 7th. Stifel Nicolaus upped 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. Weiss Ratings reissued a “sell (d-)” rating on shares of SiTime in a research report on Tuesday, April 21st. UBS Group boosted their price objective on SiTime from $675.00 to $775.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Finally, Zacks Research upgraded SiTime from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, SiTime currently has an average rating of “Moderate Buy” and an average target price of $661.88.

SiTime Price Performance

Shares of SITM stock opened at $672.19 on Friday. The stock has a market capitalization of $17.75 billion, a PE ratio of -665.53 and a beta of 2.94. The business’s 50 day simple moving average is $679.31 and its 200 day simple moving average is $479.34. SiTime has a one year low of $186.49 and a one year high of $901.81.

SiTime (NASDAQ:SITM) last released its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.30. The firm had revenue of $113.57 million during the quarter, compared to analyst estimates of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The company’s revenue was up 88.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.26 EPS. As a group, research analysts expect that SiTime will post 3.23 earnings per share for the current year.

Insider Activity at SiTime

In related news, insider Piyush B. Sevalia sold 2,419 shares of the business’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $484.05, for a total transaction of $1,170,916.95. Following the transaction, the insider owned 84,250 shares in the company, valued at $40,781,212.50. The trade was a 2.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Rajesh Vashist sold 30,000 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $701.13, for a total transaction of $21,033,900.00. Following the transaction, the chief executive officer directly owned 402,898 shares in the company, valued at approximately $282,483,874.74. This represents a 6.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 73,375 shares of company stock worth $51,931,438 over the last ninety days. 1.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SiTime

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of SiTime by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 2,825,402 shares of the company’s stock valued at $997,904,000 after buying an additional 61,336 shares during the period. Invesco Ltd. increased its position in SiTime by 1.8% in the 3rd quarter. Invesco Ltd. now owns 1,037,305 shares of the company’s stock valued at $312,550,000 after buying an additional 18,165 shares in the last quarter. State Street Corp raised its stake in SiTime by 3.7% during the 2nd quarter. State Street Corp now owns 911,280 shares of the company’s stock worth $194,176,000 after buying an additional 32,178 shares during the period. Ameriprise Financial Inc. raised its stake in SiTime by 22.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock worth $156,887,000 after buying an additional 132,948 shares during the period. Finally, Whale Rock Capital Management LLC boosted its holdings in SiTime by 45.4% in the fourth quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock worth $246,717,000 after acquiring an additional 218,038 shares in the last quarter. 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.