Raman Chitkara Sells 501 Shares of SiTime (NASDAQ:SITM) Stock

SiTime Corporation (NASDAQ:SITM) Director Raman Chitkara sold 501 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $425.03, for a total transaction of $212,940.03. Following the sale, the director owned 21,508 shares of the company’s stock, valued at approximately $9,141,545.24. This trade represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

SiTime Stock Down 7.1%

SITM stock opened at $356.09 on Friday. The firm has a market cap of $9.37 billion, a price-to-earnings ratio of -195.65 and a beta of 2.53. The company’s fifty day simple moving average is $378.53 and its 200 day simple moving average is $322.70. SiTime Corporation has a 12-month low of $105.40 and a 12-month high of $446.95.

SiTime (NASDAQ:SITM) last posted its quarterly earnings data on Wednesday, February 4th. The company reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.33. SiTime had a negative return on equity of 2.06% and a negative net margin of 13.13%.The firm had revenue of $113.29 million during the quarter, compared to analyst estimates of $101.91 million. During the same period last year, the company posted $0.48 EPS. The business’s quarterly revenue was up 66.3% on a year-over-year basis. Research analysts expect that SiTime Corporation will post -2.44 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SITM shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a research note on Thursday, January 22nd. Stifel Nicolaus set a $450.00 price target on shares of SiTime in a report on Thursday, February 5th. Needham & Company LLC upped their price objective on shares of SiTime from $400.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Roth Mkm reissued a “buy” rating and set a $450.00 price objective on shares of SiTime in a research report on Thursday, February 5th. Finally, UBS Group boosted their target price on SiTime from $430.00 to $485.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, SiTime currently has an average rating of “Moderate Buy” and a consensus price target of $409.38.

Hedge Funds Weigh In On SiTime

A number of hedge funds have recently added to or reduced their stakes in the stock. Rakuten Securities Inc. raised its stake in shares of SiTime by 188.5% in the fourth quarter. Rakuten Securities Inc. now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 49 shares during the last quarter. Optiver Holding B.V. raised its position in SiTime by 56.1% in the 3rd quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock valued at $27,000 after buying an additional 32 shares during the last quarter. Hantz Financial Services Inc. raised its position in SiTime by 190.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock valued at $27,000 after buying an additional 59 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in SiTime during the 4th quarter valued at $33,000. Finally, Larson Financial Group LLC boosted its holdings in SiTime by 3,200.0% during the 3rd quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock worth $30,000 after acquiring an additional 96 shares during the last quarter. Institutional investors and hedge funds own 84.31% of the company’s stock.

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.