Piyush Sevalia Sells 2,419 Shares of SiTime (NASDAQ:SITM) Stock

SiTime Corporation (NASDAQ:SITM) insider Piyush Sevalia sold 2,419 shares of the business’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $484.05, for a total transaction of $1,170,916.95. Following the completion of the sale, the insider owned 84,250 shares in the company, valued at $40,781,212.50. This represents a 2.79% 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 Performance

Shares of SITM opened at $524.51 on Thursday. The company’s fifty day moving average is $390.45 and its 200 day moving average is $351.64. SiTime Corporation has a fifty-two week low of $136.27 and a fifty-two week high of $543.87. The stock has a market capitalization of $13.85 billion, a PE ratio of -288.19 and a beta of 2.57.

SiTime (NASDAQ:SITM) last announced its quarterly earnings results on Wednesday, February 4th. The company reported $1.53 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $101.91 million. During the same quarter in the previous year, the business posted $0.48 earnings per share. SiTime’s quarterly revenue was up 66.3% on a year-over-year basis. As a group, research analysts forecast that SiTime Corporation will post 1.31 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on SITM shares. Roth Mkm reiterated a “buy” rating and set a $450.00 price objective on shares of SiTime in a research report on Thursday, February 5th. Wall Street Zen cut shares of SiTime from a “buy” rating to a “hold” rating in a research report on Saturday, April 11th. UBS Group boosted their price objective on shares of SiTime from $430.00 to $485.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Needham & Company LLC boosted their price objective on shares of SiTime from $400.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a research report on Thursday, January 22nd. Seven 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 company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $415.63.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Rakuten Securities Inc. grew its holdings in shares of SiTime by 188.5% in the fourth 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. Optiver Holding B.V. grew its holdings in shares of SiTime by 56.1% in the third quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock worth $27,000 after purchasing an additional 32 shares during the last quarter. Hantz Financial Services Inc. grew its holdings in shares of SiTime by 190.3% in the third quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock worth $27,000 after purchasing an additional 59 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of SiTime in the fourth quarter worth about $33,000. Finally, Larson Financial Group LLC grew its holdings in shares of SiTime by 3,200.0% in the third quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock worth $30,000 after purchasing an additional 96 shares during the last quarter. 84.31% of the stock is currently owned by 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.