Insider Selling: SiTime (NASDAQ:SITM) Insider Sells $1,069,080.00 in Stock

SiTime Corporation (NASDAQ:SITM) insider Fariborz Assaderaghi sold 1,500 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $712.72, for a total value of $1,069,080.00. Following the sale, the insider owned 79,936 shares of the company’s stock, valued at approximately $56,971,985.92. This trade represents a 1.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Fariborz Assaderaghi also recently made the following trade(s):

• On Friday, May 22nd, Fariborz Assaderaghi sold 1,709 shares of SiTime stock. The shares were sold at an average price of $731.49, for a total value of $1,250,116.41.

SiTime Stock Performance

SiTime stock opened at $706.98 on Friday. The stock has a market cap of $18.66 billion, a PE ratio of -699.98 and a beta of 2.94. SiTime Corporation has a one year low of $186.49 and a one year high of $901.81. The stock has a fifty day moving average of $577.29 and a 200 day moving average of $435.37.

SiTime (NASDAQ:SITM) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.30. The company had revenue of $113.57 million during the quarter, compared to analysts’ expectations of $103.51 million. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.SiTime’s revenue for the quarter was up 88.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.26 earnings per share. As a group, sell-side analysts predict that SiTime Corporation will post 3.23 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently commented on SITM. Stifel Nicolaus upped their price objective on SiTime from $450.00 to $500.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Wall Street Zen upgraded SiTime from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Barclays raised SiTime from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $400.00 to $850.00 in a report on Thursday, May 7th. Needham & Company LLC boosted their price target on SiTime from $450.00 to $850.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $800.00 price target on shares of SiTime in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, SiTime currently has an average rating of “Moderate Buy” and a consensus price target of $661.88.

Institutional Trading of SiTime

Several hedge funds have recently bought and sold shares of SITM. Norges Bank bought a new stake in SiTime during the fourth quarter valued at about $83,977,000. Whale Rock Capital Management LLC grew its holdings in SiTime by 45.4% during the fourth quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock valued at $246,717,000 after purchasing an additional 218,038 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in SiTime by 61.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 562,892 shares of the company’s stock valued at $198,808,000 after purchasing an additional 213,242 shares during the period. Fuller & Thaler Asset Management Inc. bought a new position in shares of SiTime in the fourth quarter worth about $59,452,000. Finally, Wellington Management Group LLP boosted its stake in shares of SiTime by 36.8% in the third quarter. Wellington Management Group LLP now owns 537,741 shares of the company’s stock worth $162,027,000 after acquiring an additional 144,671 shares during the period. Institutional investors 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.