Piyush B. Sevalia Sells 807 Shares of SiTime Co. (NASDAQ:SITM) Stock

SiTime Co. (NASDAQ:SITM) insider Piyush B. Sevalia sold 807 shares of the business’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $160.00, for a total transaction of $129,120.00. Following the transaction, the insider now directly owns 87,534 shares in the company, valued at approximately $14,005,440. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

SiTime Stock Performance

Shares of NASDAQ:SITM traded up $11.04 during midday trading on Thursday, reaching $167.91. 313,188 shares of the company’s stock were exchanged, compared to its average volume of 211,125. The company’s 50 day simple moving average is $140.28 and its two-hundred day simple moving average is $118.38. SiTime Co. has a 12 month low of $72.39 and a 12 month high of $170.71. The firm has a market capitalization of $3.88 billion, a PE ratio of -40.66 and a beta of 1.82.

SiTime (NASDAQ:SITM) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.08. SiTime had a negative net margin of 60.46% and a negative return on equity of 10.53%. The firm had revenue of $43.90 million during the quarter, compared to analysts’ expectations of $41.01 million. During the same quarter last year, the company earned ($1.17) earnings per share. The company’s revenue for the quarter was up 58.5% compared to the same quarter last year. On average, research analysts anticipate that SiTime Co. will post -3.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Barclays downgraded shares of SiTime from an “equal weight” rating to an “underweight” rating and set a $90.00 price objective on the stock. in a report on Tuesday, August 27th. Stifel Nicolaus boosted their price target on SiTime from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $130.00 price objective on shares of SiTime in a research report on Tuesday, June 25th.

Hedge Funds Weigh In On SiTime

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Algert Global LLC acquired a new position in SiTime during the second quarter worth $2,380,000. Driehaus Capital Management LLC bought a new stake in shares of SiTime in the 2nd quarter worth about $16,831,000. The Manufacturers Life Insurance Company increased its position in shares of SiTime by 9.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,200 shares of the company’s stock worth $1,269,000 after purchasing an additional 898 shares in the last quarter. Deerfield Management Company L.P. Series C bought a new position in SiTime during the 2nd quarter valued at about $819,000. Finally, Marshall Wace LLP boosted its position in SiTime by 381.4% in the second quarter. Marshall Wace LLP now owns 60,650 shares of the company’s stock valued at $7,544,000 after buying an additional 48,051 shares in the last quarter. Institutional investors own 84.31% of the company’s stock.

About SiTime

SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, Singapore, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. It serves various markets, including communications, datacenter, enterprise, automotive, industrial, internet of things, mobile, consumer, and aerospace and defense.