Insider Selling: SiTime (NASDAQ:SITM) Director Sells 501 Shares of Stock

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

SiTime Price Performance

Shares of SITM traded down $22.94 during mid-day trading on Wednesday, hitting $383.47. The company’s stock had a trading volume of 414,018 shares, compared to its average volume of 382,621. The company’s 50-day moving average is $378.96 and its 200-day moving average is $322.46. SiTime Corporation has a 52-week low of $105.40 and a 52-week high of $446.95.

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

Institutional Trading of SiTime

Several institutional investors and hedge funds have recently bought and sold shares of the business. Royal Bank of Canada increased its stake in shares of SiTime by 12.5% in the first quarter. Royal Bank of Canada now owns 4,411 shares of the company’s stock worth $675,000 after acquiring an additional 491 shares during the period. Advisors Asset Management Inc. grew its position in 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 period. AQR Capital Management LLC raised its stake 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 valued at $1,557,000 after buying an additional 8,136 shares during the last quarter. Intech Investment Management LLC lifted its holdings in shares of SiTime by 21.6% in the 1st quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock valued at $1,272,000 after buying an additional 1,477 shares during the period. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of SiTime by 183.0% in the 2nd quarter. Nisa Investment Advisors LLC now owns 600 shares of the company’s stock valued at $128,000 after buying an additional 388 shares during the period. 84.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SITM has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a research report on Thursday, January 22nd. The Goldman Sachs Group initiated coverage on SiTime in a research note on Monday, December 15th. They set a “buy” rating and a $420.00 target price on the stock. Stifel Nicolaus set a $450.00 price target on SiTime in a research note on Thursday, February 5th. Loop Capital assumed coverage on SiTime in a research note on Friday, November 21st. They set a “buy” rating and a $350.00 price target on the stock. Finally, Wall Street Zen upgraded shares of SiTime from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $409.38.

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.