SiTime (NASDAQ:SITM) Shares Down 9.3% on Insider Selling

SiTime Co. (NASDAQ:SITM) shares dropped 9.3% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $195.39 and last traded at $202.33. Approximately 38,579 shares were traded during trading, a decline of 82% from the average daily volume of 211,915 shares. The stock had previously closed at $222.99.

Specifically, insider Fariborz Assaderaghi sold 1,003 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $204.42, for a total transaction of $205,033.26. Following the transaction, the insider now owns 99,678 shares in the company, valued at $20,376,176.76. The trade was a 1.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SITM. Barclays raised their target price on SiTime from $130.00 to $160.00 and gave the company an “underweight” rating in a research note on Friday, January 17th. Needham & Company LLC upped their price objective on shares of SiTime from $225.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday. Stifel Nicolaus lifted their price objective on shares of SiTime from $230.00 to $250.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, Roth Mkm upped their target price on shares of SiTime from $205.00 to $230.00 and gave the stock a “buy” rating in a report on Thursday, November 7th.

SiTime Trading Down 8.1 %

The stock has a market capitalization of $4.79 billion, a PE ratio of -49.98 and a beta of 1.80. The stock’s fifty day simple moving average is $228.20 and its 200-day simple moving average is $186.20.

SiTime (NASDAQ:SITM) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.14. The business had revenue of $57.70 million during the quarter, compared to the consensus estimate of $55.10 million. SiTime had a negative net margin of 53.55% and a negative return on equity of 9.89%. The firm’s quarterly revenue was up 62.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.81) EPS. As a group, analysts anticipate that SiTime Co. will post -2.98 earnings per share for the current fiscal year.

Institutional Trading of SiTime

A number of hedge funds have recently bought and sold shares of SITM. The Manufacturers Life Insurance Company increased its stake in shares of SiTime by 9.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,200 shares of the company’s stock worth $1,269,000 after purchasing an additional 898 shares during the last quarter. SG Americas Securities LLC bought a new stake in SiTime in the 3rd quarter valued at about $878,000. Handelsbanken Fonder AB raised its position in shares of SiTime by 17.7% in the third quarter. Handelsbanken Fonder AB now owns 5,984 shares of the company’s stock valued at $1,026,000 after purchasing an additional 900 shares during the period. GAMMA Investing LLC raised its holdings in SiTime by 95.0% during the 3rd quarter. GAMMA Investing LLC now owns 743 shares of the company’s stock valued at $127,000 after acquiring an additional 362 shares during the period. Finally, Creative Planning purchased a new stake in SiTime during the 3rd quarter worth about $842,000. 84.31% of the stock is currently owned by institutional investors.

SiTime Company Profile

SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, Singapore, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. It serves various markets, including communications, datacenter, enterprise, automotive, industrial, internet of things, mobile, consumer, and aerospace and defense.