SiTime (NASDAQ:SITM) Director Raman Chitkara Sells 501 Shares of Stock

SiTime Corporation (NASDAQ:SITM) Director Raman Chitkara sold 501 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $425.03, for a total transaction of $212,940.03. Following the transaction, the director directly owned 21,508 shares in the company, valued at $9,141,545.24. The trade was a 2.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

SiTime Stock Up 1.6%

Shares of NASDAQ:SITM traded up $6.18 during trading on Thursday, reaching $389.65. 88,813 shares of the company traded hands, compared to its average volume of 329,445. The firm has a fifty day simple moving average of $378.96 and a 200 day simple moving average of $322.46. SiTime Corporation has a 1-year low of $105.40 and a 1-year high of $446.95. The firm has a market cap of $10.25 billion, a P/E ratio of -214.09 and a beta of 2.53.

SiTime (NASDAQ:SITM) last announced its quarterly earnings data on Wednesday, February 4th. The company reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.33. SiTime had a negative return on equity of 2.06% and a negative net margin of 13.13%.The business had revenue of $113.29 million during the quarter, compared to analyst estimates of $101.91 million. During the same period last year, the company earned $0.48 earnings per share. SiTime’s quarterly revenue was up 66.3% compared to the same quarter last year. As a group, research analysts anticipate that SiTime Corporation will post -2.44 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on SITM. Stifel Nicolaus set a $450.00 price objective on shares of SiTime in a research report on Thursday, February 5th. Raymond James Financial reaffirmed an “outperform” rating on shares of SiTime in a research note on Tuesday, December 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a report on Thursday, January 22nd. The Goldman Sachs Group started coverage on SiTime in a report on Monday, December 15th. They set a “buy” rating and a $420.00 target price on the stock. Finally, Needham & Company LLC upped their price target on SiTime from $400.00 to $450.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $409.38.

Institutional Investors Weigh In On SiTime

Hedge funds have recently bought and sold shares of the company. Rakuten Securities Inc. lifted its position in shares of SiTime by 188.5% during the 4th 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. Hantz Financial Services Inc. increased its position in SiTime by 190.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock worth $27,000 after buying an additional 59 shares during the period. Optiver Holding B.V. increased its position in SiTime by 56.1% in the 3rd quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock worth $27,000 after buying an additional 32 shares during the period. Larson Financial Group LLC lifted its holdings in shares of SiTime by 3,200.0% during the third quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock worth $30,000 after buying an additional 96 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of SiTime in the fourth quarter valued at approximately $33,000. 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.