SiTime (NASDAQ:SITM) Director Raman Chitkara Sells 2,000 Shares

SiTime Corporation (NASDAQ:SITM) Director Raman Chitkara sold 2,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $727.38, for a total value of $1,454,760.00. Following the transaction, the director owned 19,898 shares in the company, valued at approximately $14,473,407.24. This trade represents a 9.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

SiTime Trading Up 1.7%

NASDAQ SITM traded up $12.57 during trading on Monday, hitting $742.46. 582,215 shares of the company traded hands, compared to its average volume of 573,592. SiTime Corporation has a 12 month low of $186.49 and a 12 month high of $901.81. The business has a fifty day simple moving average of $625.95 and a 200 day simple moving average of $455.98. The company has a market capitalization of $19.60 billion, a P/E ratio of -735.11 and a beta of 2.94.

SiTime (NASDAQ:SITM) last posted its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $113.57 million for the quarter, compared to analyst estimates of $103.51 million. During the same period last year, the company earned $0.26 earnings per share. The business’s revenue was up 88.3% compared to the same quarter last year. Equities research analysts predict that SiTime Corporation will post 3.23 EPS for the current fiscal year.

Hedge Funds Weigh In On SiTime

Several large investors have recently made changes to their positions in SITM. Royal Bank of Canada lifted its position in shares of SiTime by 12.5% during the 1st quarter. Royal Bank of Canada now owns 4,411 shares of the company’s stock worth $675,000 after purchasing an additional 491 shares during the last quarter. Advisors Asset Management Inc. lifted its position in shares of SiTime by 33.6% during the 1st quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock worth $54,000 after purchasing an additional 88 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of SiTime by 310.8% during the 1st quarter. AQR Capital Management LLC now owns 10,754 shares of the company’s stock worth $1,557,000 after purchasing an additional 8,136 shares during the last quarter. Intech Investment Management LLC lifted its position in shares of SiTime by 21.6% during the 1st quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock worth $1,272,000 after purchasing an additional 1,477 shares during the last quarter. Finally, M&T Bank Corp bought a new position in SiTime during the second quarter valued at about $240,000. Institutional investors and hedge funds own 84.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. The Goldman Sachs Group restated a “buy” rating and set a $800.00 target price on shares of SiTime in a report on Thursday, May 7th. UBS Group lifted their price objective on SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Roth Mkm reissued a “buy” rating and set a $900.00 price objective on shares of SiTime in a research report on Thursday, May 7th. Needham & Company LLC boosted their price objective on SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Finally, Wall Street Zen raised SiTime from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $661.88.

About SiTime

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.