SiTime (NASDAQ:SITM) Insider Fariborz Assaderaghi Sells 1,000 Shares

SiTime Corporation (NASDAQ:SITM) insider Fariborz Assaderaghi sold 1,000 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $702.90, for a total value of $702,900.00. Following the sale, the insider directly owned 78,936 shares of the company’s stock, valued at $55,484,114.40. This represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Fariborz Assaderaghi also recently made the following trade(s):

• On Friday, May 29th, Fariborz Assaderaghi sold 1,500 shares of SiTime stock. The stock was sold at an average price of $712.72, for a total value of $1,069,080.00.
• On Friday, May 22nd, Fariborz Assaderaghi sold 1,709 shares of SiTime stock. The stock was sold at an average price of $731.49, for a total value of $1,250,116.41.

SiTime Trading Down 11.5%

Shares of NASDAQ:SITM opened at $625.68 on Friday. The stock has a market capitalization of $16.52 billion, a P/E ratio of -619.49 and a beta of 2.94. SiTime Corporation has a 1-year low of $186.49 and a 1-year high of $901.81. The business has a 50-day moving average price of $582.71 and a two-hundred day moving average price of $436.70.

SiTime (NASDAQ:SITM) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 earnings per share 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 analysts’ expectations of $103.51 million. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.The company’s quarterly revenue was up 88.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.26 EPS. As a group, equities analysts predict that SiTime Corporation will post 3.23 EPS for the current year.

Hedge Funds Weigh In On SiTime

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position 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 purchasing an additional 61,336 shares during the period. Invesco Ltd. grew its position in shares of 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 purchasing an additional 18,165 shares during the period. State Street Corp grew its position in shares of SiTime by 3.7% in the 2nd quarter. State Street Corp now owns 911,280 shares of the company’s stock valued at $194,176,000 after purchasing an additional 32,178 shares during the period. Ameriprise Financial Inc. grew its position in shares of SiTime by 22.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock valued at $156,887,000 after purchasing an additional 132,948 shares during the period. Finally, Whale Rock Capital Management LLC grew its position in shares of SiTime by 45.4% in the 4th quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock valued at $246,717,000 after purchasing an additional 218,038 shares during the period. 84.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently issued reports on SITM shares. Barclays upgraded SiTime from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $400.00 to $850.00 in a research report on Thursday, May 7th. Needham & Company LLC boosted their target price on SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Wall Street Zen upgraded SiTime from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Roth Mkm restated a “buy” rating and set a $900.00 target price on shares of SiTime in a research report on Thursday, May 7th. Finally, UBS Group boosted their target price on SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, SiTime presently has an average rating of “Moderate Buy” and a consensus price target of $661.88.

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.