SiTime (NASDAQ:SITM) CEO Rajesh Vashist Sells 30,000 Shares

SiTime Corporation (NASDAQ:SITM) CEO Rajesh Vashist sold 30,000 shares of SiTime stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $701.13, for a total transaction of $21,033,900.00. Following the completion of the sale, the chief executive officer directly owned 402,898 shares in the company, valued at $282,483,874.74. This represents a 6.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rajesh Vashist also recently made the following trade(s):

• On Wednesday, June 3rd, Rajesh Vashist sold 10,000 shares of SiTime stock. The shares were sold at an average price of $701.13, for a total transaction of $7,011,300.00.

SiTime Trading Down 11.5%

SITM stock traded down $81.30 during midday trading on Friday, reaching $625.68. The stock had a trading volume of 695,542 shares, compared to its average volume of 596,429. The company’s fifty day simple moving average is $582.71 and its 200 day simple moving average is $436.70. The company has a market cap of $16.52 billion, a price-to-earnings ratio of -619.49 and a beta of 2.94. SiTime Corporation has a 52-week low of $186.49 and a 52-week high of $901.81.

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

Hedge Funds Weigh In On SiTime

Institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. lifted its stake in SiTime by 3.9% during the fourth quarter. Principal Financial Group Inc. now owns 363,953 shares of the company’s stock worth $128,545,000 after purchasing an additional 13,577 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its stake in SiTime by 145.9% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 12,215 shares of the company’s stock worth $3,681,000 after purchasing an additional 7,247 shares during the last quarter. Cibc World Market Inc. purchased a new stake in SiTime during the third quarter worth approximately $2,259,000. Royce & Associates LP lifted its stake in SiTime by 95.0% during the third quarter. Royce & Associates LP now owns 54,476 shares of the company’s stock worth $16,414,000 after purchasing an additional 26,538 shares during the last quarter. Finally, HighTower Advisors LLC lifted its stake in SiTime by 95.8% in the third quarter. HighTower Advisors LLC now owns 30,368 shares of the company’s stock valued at $9,151,000 after buying an additional 14,859 shares during the last quarter. 84.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SITM has been the topic of several analyst reports. Wall Street Zen upgraded shares of SiTime from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Zacks Research upgraded shares of SiTime from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. Needham & Company LLC boosted their price objective on shares of SiTime from $450.00 to $850.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Roth Mkm restated a “buy” rating and issued a $900.00 price objective on shares of SiTime in a report on Thursday, May 7th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, SiTime presently has an average rating of “Moderate Buy” and a consensus price target of $661.88.

SiTime Company Profile

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.