SiTime (NASDAQ:SITM) Shares Up 7.9% – Here’s What Happened

SiTime Corporation (NASDAQ:SITM) rose 7.9% during mid-day trading on Monday . The company traded as high as $355.00 and last traded at $352.03. Approximately 47,623 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 345,571 shares. The stock had previously closed at $326.13.

Wall Street Analyst Weigh In

SITM has been the topic of several research reports. Loop Capital started coverage on SiTime in a report on Friday, November 21st. They set a “buy” rating and a $350.00 price objective on the stock. Barclays set a $400.00 target price on SiTime in a report on Thursday, February 5th. UBS Group increased their price target on SiTime from $430.00 to $485.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. The Goldman Sachs Group assumed coverage on SiTime in a report on Monday, December 15th. They issued a “buy” rating and a $420.00 price objective for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a research note on Thursday, January 22nd. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, SiTime has a consensus rating of “Moderate Buy” and an average price target of $409.38.

SiTime Price Performance

The company has a market capitalization of $9.10 billion, a PE ratio of -190.11 and a beta of 2.53. The company’s fifty day moving average is $375.77 and its 200-day moving average is $330.06.

SiTime (NASDAQ:SITM) last posted its earnings results on Wednesday, February 4th. The company reported $1.53 earnings per share 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 analyst estimates of $101.91 million. SiTime had a negative return on equity of 2.06% and a negative net margin of 13.13%.SiTime’s revenue was up 66.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.48 earnings per share. Equities research analysts forecast that SiTime Corporation will post -2.44 EPS for the current fiscal year.

Insider Transactions at SiTime

In related news, insider Fariborz Assaderaghi sold 4,984 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $406.45, for a total transaction of $2,025,746.80. Following the completion of the sale, the insider directly owned 89,194 shares in the company, valued at $36,252,901.30. This represents a 5.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Samsheer Ahamad sold 9,100 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $441.47, for a total value of $4,017,377.00. Following the sale, the insider directly owned 52,938 shares in the company, valued at approximately $23,370,538.86. The trade was a 14.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 23,263 shares of company stock worth $9,851,457. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SITM. American Century Companies Inc. bought a new position in shares of SiTime during the 2nd quarter worth approximately $64,873,000. Norges Bank acquired a new stake in SiTime in the fourth quarter valued at approximately $83,977,000. Whale Rock Capital Management LLC grew its holdings in SiTime by 45.4% in the fourth quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock worth $246,717,000 after purchasing an additional 218,038 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in SiTime by 61.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 562,892 shares of the company’s stock worth $198,808,000 after purchasing an additional 213,242 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. acquired a new position in shares of SiTime during the fourth quarter worth $59,452,000. Hedge funds and other 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.