SiTime Co. (NASDAQ:SITM) Insider Sells $240,840.00 in Stock

SiTime Co. (NASDAQ:SITM) insider Piyush B. Sevalia sold 1,338 shares of the business’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $180.00, for a total value of $240,840.00. Following the transaction, the insider now owns 86,196 shares of the company’s stock, valued at approximately $15,515,280. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

SiTime Stock Performance

SITM stock traded down $3.26 during midday trading on Tuesday, reaching $168.25. The stock had a trading volume of 157,184 shares, compared to its average volume of 210,451. The firm has a fifty day simple moving average of $142.36 and a two-hundred day simple moving average of $122.48. SiTime Co. has a 52-week low of $72.39 and a 52-week high of $181.00.

SiTime (NASDAQ:SITM) last posted its earnings results 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. 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 period in the previous year, the business posted ($1.17) EPS. The business’s revenue was up 58.5% compared to the same quarter last year. As a group, research analysts expect that SiTime Co. will post -3.03 earnings per share for the current year.

Institutional Inflows and Outflows

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

Analysts Set New Price Targets

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

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.