SiTime (NASDAQ:SITM) Hits New 52-Week High – Here’s What Happened

SiTime Co. (NASDAQ:SITM)’s stock price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $182.28 and last traded at $180.87, with a volume of 6232 shares changing hands. The stock had previously closed at $176.89.

Analyst Ratings Changes

SITM has been the topic of several recent research reports. Stifel Nicolaus raised their price objective on SiTime from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Needham & Company LLC restated a “buy” rating and set a $130.00 target price on shares of SiTime in a research note on Tuesday, June 25th. Finally, Barclays lowered shares of SiTime from an “equal weight” rating to an “underweight” rating and set a $90.00 price target for the company. in a research report on Tuesday, August 27th.

SiTime Trading Up 2.3 %

The company has a market cap of $4.14 billion, a P/E ratio of -42.83 and a beta of 1.82. The firm has a 50 day moving average of $143.71 and a 200-day moving average of $123.77.

SiTime (NASDAQ:SITM) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.08. The firm had revenue of $43.90 million for the quarter, compared to analysts’ expectations of $41.01 million. SiTime had a negative net margin of 60.46% and a negative return on equity of 10.53%. The company’s revenue for the quarter was up 58.5% compared to the same quarter last year. During the same quarter last year, the business posted ($1.17) earnings per share. Equities analysts predict that SiTime Co. will post -3.03 EPS for the current fiscal year.

Insider Activity

In related news, CEO Rajesh Vashist sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $170.07, for a total value of $3,401,400.00. Following the sale, the chief executive officer now directly owns 424,417 shares in the company, valued at $72,180,599.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other SiTime news, EVP Piyush B. Sevalia sold 6,331 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $140.20, for a total transaction of $887,606.20. Following the sale, the executive vice president now directly owns 83,293 shares of the company’s stock, valued at $11,677,678.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Rajesh Vashist sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $170.07, for a total value of $3,401,400.00. Following the completion of the sale, the chief executive officer now directly owns 424,417 shares of the company’s stock, valued at $72,180,599.19. The disclosure for this sale can be found here. Insiders sold a total of 48,246 shares of company stock worth $7,441,590 over the last 90 days. Corporate insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On SiTime

Large investors have recently modified their holdings of the stock. Driehaus Capital Management LLC purchased a new position in SiTime during the second quarter worth $16,831,000. Vanguard Group Inc. boosted its stake in shares of SiTime by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 2,203,286 shares of the company’s stock worth $205,412,000 after purchasing an additional 85,800 shares during the period. William Blair Investment Management LLC grew its holdings in SiTime by 62.0% during the 2nd quarter. William Blair Investment Management LLC now owns 208,098 shares of the company’s stock valued at $25,883,000 after purchasing an additional 79,648 shares during the last quarter. F M Investments LLC purchased a new stake in SiTime in the 2nd quarter worth about $8,909,000. Finally, Roubaix Capital LLC bought a new stake in SiTime in the first quarter worth about $5,288,000. Institutional investors own 84.31% of the company’s stock.

SiTime Company Profile

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.