SiTime (NASDAQ:SITM) Director Raman Chitkara Sells 2,000 Shares

SiTime Corporation (NASDAQ:SITM) Director Raman Chitkara sold 2,000 shares of the business’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $727.38, for a total transaction of $1,454,760.00. Following the completion of the sale, the director owned 19,898 shares in the company, valued at $14,473,407.24. This represents a 9.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

SiTime Stock Up 1.7%

SITM stock opened at $742.46 on Tuesday. SiTime Corporation has a twelve month low of $186.49 and a twelve month high of $901.81. The stock has a market capitalization of $19.60 billion, a price-to-earnings ratio of -735.11 and a beta of 2.94. The firm’s fifty day simple moving average is $625.95 and its two-hundred day simple moving average is $455.98.

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 analysts’ consensus estimates of $1.14 by $0.30. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The business had revenue of $113.57 million for the quarter, compared to analysts’ expectations of $103.51 million. During the same quarter in the previous year, the business posted $0.26 earnings per share. The business’s revenue was up 88.3% compared to the same quarter last year. As a group, equities research analysts expect that SiTime Corporation will post 3.23 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SITM. Zacks Research upgraded shares of SiTime from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. Needham & Company LLC boosted their price objective on shares of SiTime from $450.00 to $850.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Barclays upgraded shares of SiTime from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $400.00 to $850.00 in a research report on Thursday, May 7th. UBS Group boosted their price objective on shares of SiTime from $675.00 to $775.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $800.00 target price on shares of SiTime in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $661.88.

Institutional Trading of SiTime

A number of large investors have recently made changes to their positions in SITM. Royal Bank of Canada boosted its stake in shares of SiTime by 12.5% during the first quarter. Royal Bank of Canada now owns 4,411 shares of the company’s stock valued at $675,000 after purchasing an additional 491 shares during the period. Advisors Asset Management Inc. boosted its stake in shares of SiTime by 33.6% during the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock valued at $54,000 after purchasing an additional 88 shares during the period. AQR Capital Management LLC boosted its stake in shares of SiTime by 310.8% during the first quarter. AQR Capital Management LLC now owns 10,754 shares of the company’s stock valued at $1,557,000 after purchasing an additional 8,136 shares during the period. Intech Investment Management LLC boosted its stake in shares of SiTime by 21.6% during the first quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock valued at $1,272,000 after purchasing an additional 1,477 shares during the period. Finally, M&T Bank Corp purchased a new stake in shares of SiTime during the second quarter valued at $240,000. 84.31% of the stock is owned by hedge funds and other institutional investors.

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.