SiTime (NASDAQ:SITM) Shares Gap Up to $130.66

SiTime Co. (NASDAQ:SITM) gapped up prior to trading on Thursday . The stock had previously closed at $130.66, but opened at $134.00. SiTime shares last traded at $129.59, with a volume of 305 shares changing hands.

Several brokerages have commented on SITM. Zacks Investment Research downgraded shares of SiTime from a “buy” rating to a “hold” rating in a research note on Thursday, July 8th. Needham & Company LLC lowered their target price on shares of SiTime from $150.00 to $125.00 and set a “buy” rating for the company in a research note on Wednesday, May 5th. Barclays lowered their target price on shares of SiTime from $150.00 to $125.00 in a research note on Wednesday, May 5th. Finally, Roth Capital lowered their target price on shares of SiTime from $150.00 to $130.00 and set a “buy” rating for the company in a research note on Wednesday, May 5th. They noted that the move was a valuation call. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. SiTime presently has an average rating of “Buy” and a consensus price target of $123.83.

The company has a 50-day simple moving average of $110.84. The company has a market capitalization of $2.41 billion, a P/E ratio of -261.32 and a beta of 0.56.

SiTime (NASDAQ:SITM) last issued its quarterly earnings data on Monday, May 3rd. The company reported $0.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.07. SiTime had a negative net margin of 6.04% and a negative return on equity of 5.16%. The company had revenue of $35.54 million during the quarter, compared to the consensus estimate of $33.00 million. During the same quarter in the prior year, the firm earned $0.42 earnings per share. The firm’s revenue was down 11.7% compared to the same quarter last year. Research analysts anticipate that SiTime Co. will post -0.31 EPS for the current fiscal year.

In related news, insider Lionel Bonnot sold 361 shares of the stock in a transaction on Thursday, May 27th. The shares were sold at an average price of $100.00, for a total transaction of $36,100.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Akira Takata sold 4,000 shares of the stock in a transaction on Friday, May 14th. The stock was sold at an average price of $84.37, for a total transaction of $337,480.00. The disclosure for this sale can be found here. Insiders have sold 63,386 shares of company stock valued at $6,061,819 in the last three months. 0.80% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in the business. State Board of Administration of Florida Retirement System lifted its stake in SiTime by 5.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 2,321 shares of the company’s stock valued at $229,000 after acquiring an additional 130 shares during the last quarter. Stifel Financial Corp lifted its stake in shares of SiTime by 4.6% during the 1st quarter. Stifel Financial Corp now owns 8,112 shares of the company’s stock worth $799,000 after buying an additional 360 shares during the last quarter. Captrust Financial Advisors acquired a new stake in shares of SiTime during the 1st quarter worth about $41,000. The Manufacturers Life Insurance Company lifted its stake in shares of SiTime by 9.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 5,518 shares of the company’s stock worth $618,000 after buying an additional 489 shares during the last quarter. Finally, Swiss National Bank lifted its stake in shares of SiTime by 2.6% during the 1st quarter. Swiss National Bank now owns 19,400 shares of the company’s stock worth $1,913,000 after buying an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 62.03% of the company’s stock.

About SiTime (NASDAQ:SITM)

SiTime Corporation provides silicon timing systems in Taiwan, Hong Kong, the United States, and internationally. It provides resonators and clock integrated circuits, and various types of oscillators. The company's solutions are used in various markets, including enterprise and telecommunications infrastructure, automotive, industrial, Internet of Things, mobile, and aerospace and defense.

Further Reading: Outstanding Shares

Receive News & Ratings for SiTime Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SiTime and related companies with MarketBeat.com's FREE daily email newsletter.