Insider Selling: SiTime (NASDAQ:SITM) Director Sells 1,290 Shares of Stock

SiTime Corporation (NASDAQ:SITM) Director Christine Heckart sold 1,290 shares of the business’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $700.00, for a total value of $903,000.00. Following the transaction, the director directly owned 790 shares in the company, valued at $553,000. This trade represents a 62.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

SiTime Trading Down 0.8%

NASDAQ SITM traded down $5.77 on Thursday, reaching $706.98. 455,928 shares of the company were exchanged, compared to its average volume of 636,926. The business’s fifty day moving average price is $577.29 and its 200 day moving average price is $435.37. The stock has a market capitalization of $18.66 billion, a P/E ratio of -699.98 and a beta of 2.94. SiTime Corporation has a fifty-two week low of $186.49 and a fifty-two week high of $901.81.

SiTime (NASDAQ:SITM) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, topping 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 company had revenue of $113.57 million for the quarter, compared to analyst estimates of $103.51 million. During the same quarter in the previous year, the company posted $0.26 earnings per share. The firm’s revenue for the quarter was up 88.3% compared to the same quarter last year. Equities research analysts forecast that SiTime Corporation will post 3.23 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Roth Mkm restated a “buy” rating and issued a $900.00 target price on shares of SiTime in a research report on Thursday, May 7th. Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a research report on Tuesday, April 21st. Zacks Research upgraded SiTime from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. Wall Street Zen upgraded SiTime from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, Needham & Company LLC lifted their target price on SiTime from $450.00 to $850.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $661.88.

Institutional Investors Weigh In On SiTime

Several institutional investors and hedge funds have recently modified their holdings of the company. Parallel Advisors LLC raised its holdings in shares of SiTime by 26.2% in the 1st quarter. Parallel Advisors LLC now owns 77 shares of the company’s stock valued at $27,000 after buying an additional 16 shares during the period. Optiver Holding B.V. raised its holdings in shares of SiTime by 433.3% in the 1st quarter. Optiver Holding B.V. now owns 128 shares of the company’s stock valued at $44,000 after buying an additional 104 shares during the period. Bank of America Corp DE raised its holdings in shares of SiTime by 53.7% in the 1st quarter. Bank of America Corp DE now owns 151,021 shares of the company’s stock valued at $52,155,000 after buying an additional 52,754 shares during the period. Edgestream Partners L.P. purchased a new stake in shares of SiTime in the 1st quarter valued at $758,000. Finally, Janus Henderson Group PLC raised its holdings in shares of SiTime by 13.2% in the 1st quarter. Janus Henderson Group PLC now owns 14,448 shares of the company’s stock valued at $4,994,000 after buying an additional 1,688 shares during the period. Hedge funds and other institutional investors own 84.31% of the company’s stock.

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.