SiTime (NASDAQ:SITM) Stock Price Up 5.6% – Here’s What Happened

SiTime Corporation (NASDAQ:SITM)’s share price rose 5.6% during mid-day trading on Friday . The company traded as high as $575.00 and last traded at $557.39. Approximately 171,812 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 477,894 shares. The stock had previously closed at $527.87.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Wall Street Zen upgraded shares of SiTime from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Roth Capital restated a “buy” rating and issued a $900.00 target price on shares of SiTime in a research note on Thursday, May 7th. Stifel Nicolaus lifted their price target on shares of SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $800.00 price target on shares of SiTime in a research report on Thursday, May 7th. Finally, Zacks Research lowered SiTime from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $661.88.

SiTime Stock Performance

The business’s 50 day moving average is $651.36 and its 200 day moving average is $519.56. The company has a market capitalization of $14.44 billion, a price-to-earnings ratio of -540.50 and a beta of 2.91.

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

Insider Activity

In related news, Director Torsten Kreindl sold 710 shares of the company’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $720.00, for a total value of $511,200.00. Following the transaction, the director directly owned 13,141 shares of the company’s stock, valued at $9,461,520. This represents a 5.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Raman Chitkara sold 2,000 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $727.38, for a total value of $1,454,760.00. Following the completion of the transaction, the director owned 19,898 shares of the company’s stock, valued at $14,473,407.24. This trade represents a 9.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 69,709 shares of company stock valued at $50,230,546. 1.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Norges Bank acquired a new stake in shares of SiTime during the fourth quarter worth about $83,977,000. Whale Rock Capital Management LLC increased its holdings in SiTime by 45.4% in the 4th quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock worth $246,717,000 after buying an additional 218,038 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in SiTime by 61.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 562,892 shares of the company’s stock worth $198,808,000 after buying an additional 213,242 shares during the period. Fuller & Thaler Asset Management Inc. purchased a new position in SiTime during the 4th quarter worth approximately $59,452,000. Finally, Wellington Management Group LLP raised its position in SiTime by 36.8% during the 3rd quarter. Wellington Management Group LLP now owns 537,741 shares of the company’s stock worth $162,027,000 after buying an additional 144,671 shares during the last quarter. 84.31% of the stock is owned by institutional investors and hedge funds.

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.