Insider Selling: SiTime (NASDAQ:SITM) Insider Sells 1,500 Shares of Stock

SiTime Corporation (NASDAQ:SITM) insider Fariborz Assaderaghi sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $712.72, for a total transaction of $1,069,080.00. Following the sale, the insider owned 79,936 shares in the company, valued at $56,971,985.92. The trade was a 1.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Fariborz Assaderaghi also recently made the following trade(s):

• On Friday, May 22nd, Fariborz Assaderaghi sold 1,709 shares of SiTime stock. The stock was sold at an average price of $731.49, for a total transaction of $1,250,116.41.

SiTime Stock Up 5.4%

SITM traded up $36.07 on Tuesday, hitting $701.08. The company’s stock had a trading volume of 469,539 shares, compared to its average volume of 629,322. SiTime Corporation has a 12 month low of $186.49 and a 12 month high of $901.81. The firm has a market cap of $18.51 billion, a P/E ratio of -694.14 and a beta of 2.94. The company’s 50 day simple moving average is $555.39 and its 200-day simple moving average is $426.61.

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

Institutional Investors Weigh In On SiTime

Several institutional investors have recently made changes to their positions in SITM. Royal Bank of Canada increased its stake in SiTime by 12.5% in the 1st quarter. Royal Bank of Canada now owns 4,411 shares of the company’s stock worth $675,000 after buying an additional 491 shares during the period. Advisors Asset Management Inc. increased its position in SiTime by 33.6% during the 1st quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock valued at $54,000 after purchasing an additional 88 shares during the period. AQR Capital Management LLC increased its position in SiTime by 310.8% during the 1st quarter. AQR Capital Management LLC now owns 10,754 shares of the company’s stock valued at $1,557,000 after purchasing an additional 8,136 shares during the period. Intech Investment Management LLC increased its position in SiTime by 21.6% during the 1st quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock valued at $1,272,000 after purchasing an additional 1,477 shares during the period. Finally, M&T Bank Corp purchased a new position in SiTime during the 2nd quarter valued at about $240,000. Institutional investors own 84.31% of the company’s stock.

Wall Street Analysts Forecast Growth

SITM has been the topic of several research reports. Stifel Nicolaus boosted their price objective on shares of SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Barclays upgraded shares of SiTime from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $400.00 to $850.00 in a research report on Thursday, May 7th. Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a research report on Tuesday, April 21st. The Goldman Sachs Group reissued a “buy” rating and issued a $800.00 price objective on shares of SiTime in a research note on Thursday, May 7th. Finally, Roth Mkm reissued a “buy” rating and issued a $900.00 price objective on shares of SiTime in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average 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.