SiTime (NASDAQ:SITM) Stock Rating Lowered by Zacks Research

SiTime (NASDAQ:SITM) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Several other equities research analysts have also weighed in on SITM. Wall Street Zen lowered shares of SiTime from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. UBS Group boosted their target price on SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Needham & Company LLC raised their price target on SiTime from $450.00 to $850.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Barclays raised SiTime from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $400.00 to $850.00 in a research note on Thursday, May 7th. Finally, Stifel Nicolaus lifted their price target on SiTime from $450.00 to $500.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Eight 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’s stock. According to data from MarketBeat.com, SiTime has an average rating of “Moderate Buy” and an average target price of $661.88.

SiTime Price Performance

SiTime stock opened at $592.19 on Monday. The business has a 50 day simple moving average of $697.19 and a 200 day simple moving average of $494.23. The company has a market capitalization of $15.63 billion, a PE ratio of -586.33 and a beta of 2.91. SiTime has a one year low of $186.49 and a one year high of $901.81.

SiTime (NASDAQ:SITM) last announced its quarterly earnings results 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 positive return on equity of 0.53% and a negative net margin of 6.38%.The firm had revenue of $113.57 million for the quarter, compared to analysts’ expectations of $103.51 million. During the same period in the prior year, the business posted $0.26 earnings per share. The business’s revenue was up 88.3% compared to the same quarter last year. Equities analysts anticipate that SiTime will post 3.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Raman Chitkara sold 2,000 shares of the stock in a transaction on Friday, June 12th. The shares were 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 of the company’s stock, valued at $14,473,407.24. This represents a 9.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Torsten Kreindl sold 710 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $720.00, for a total transaction of $511,200.00. Following the completion of the sale, the director directly owned 13,141 shares in the company, valued at $9,461,520. This represents a 5.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 73,375 shares of company stock worth $51,931,438 over the last 90 days. 1.40% of the stock is currently owned by corporate insiders.

Institutional Trading of SiTime

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in 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 last quarter. Invesco Ltd. boosted its position in SiTime by 1.8% during the 3rd quarter. Invesco Ltd. now owns 1,037,305 shares of the company’s stock worth $312,550,000 after acquiring an additional 18,165 shares during the last quarter. State Street Corp grew its stake in shares of 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 acquiring an additional 32,178 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of 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 acquiring an additional 132,948 shares in the last quarter. Finally, Whale Rock Capital Management LLC raised its holdings in shares of SiTime by 45.4% in the fourth 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 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.