SiTime (NASDAQ:SITM) Rating Lowered to “Hold” at Zacks Research

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

Other equities research analysts also recently issued reports about the company. Wall Street Zen downgraded SiTime from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Barclays upgraded shares of SiTime from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $400.00 to $850.00 in a research report on Thursday, May 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a research report on Tuesday, April 21st. UBS Group lifted their target price on shares of SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Finally, Needham & Company LLC upped their price target on SiTime from $450.00 to $850.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $661.88.

SiTime Stock Performance

SITM opened at $592.19 on Monday. The business has a 50 day moving average price of $697.19 and a 200 day moving average price of $494.23. The firm has a market cap of $15.63 billion, a P/E ratio of -586.33 and a beta of 2.91. SiTime has a twelve month low of $186.49 and a twelve month high of $901.81.

SiTime (NASDAQ:SITM) last announced its earnings results on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.14 by $0.30. The firm had revenue of $113.57 million for the quarter, compared to the consensus estimate of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The business’s quarterly revenue was up 88.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.26 EPS. As a group, analysts anticipate that SiTime will post 3.23 earnings per share for the current fiscal year.

Insider Buying and Selling at SiTime

In related news, CEO Rajesh Vashist sold 30,000 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $701.13, for a total value of $21,033,900.00. Following the completion of the transaction, the chief executive officer owned 402,898 shares of the company’s stock, valued at approximately $282,483,874.74. This trade represents a 6.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Fariborz Assaderaghi sold 1,709 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $731.49, for a total transaction of $1,250,116.41. Following the transaction, the insider owned 81,436 shares of the company’s stock, valued at approximately $59,569,619.64. This represents a 2.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 73,375 shares of company stock valued at $51,931,438 in the last three months. 1.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SiTime

A number of institutional investors have recently bought and sold shares of SITM. Parallel Advisors LLC increased its holdings in shares of SiTime by 26.2% during the 1st quarter. Parallel Advisors LLC now owns 77 shares of the company’s stock worth $27,000 after acquiring an additional 16 shares during the last quarter. Los Angeles Capital Management LLC grew its stake in SiTime by 0.3% during the fourth quarter. Los Angeles Capital Management LLC now owns 9,023 shares of the company’s stock worth $3,187,000 after buying an additional 25 shares in the last quarter. Atlas Brown Inc. increased its stake in shares of SiTime by 1.6% in the 4th quarter. Atlas Brown Inc. now owns 2,292 shares of the company’s stock valued at $810,000 after purchasing an additional 37 shares during the last quarter. CWM LLC raised its stake in SiTime by 4.2% during the fourth quarter. CWM LLC now owns 951 shares of the company’s stock worth $336,000 after acquiring an additional 38 shares in the last quarter. Finally, Corient Private Wealth LLC increased its position in SiTime by 5.9% during the 4th quarter. Corient Private Wealth LLC now owns 703 shares of the company’s stock worth $249,000 after purchasing an additional 39 shares in the last quarter. Institutional investors and hedge funds own 84.31% of the company’s stock.

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.