SiTime (NASDAQ:SITM) Releases Earnings Results, Beats Expectations By $0.30 EPS

SiTime (NASDAQ:SITM) issued its quarterly earnings results on Wednesday. The company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.30, FiscalAI reports. The business had revenue of $113.57 million during the quarter, compared to the consensus estimate of $103.51 million. SiTime had a negative net margin of 13.13% and a negative return on equity of 2.06%.

SiTime Stock Up 4.5%

Shares of SITM traded up $26.69 during mid-day trading on Wednesday, hitting $623.33. The company had a trading volume of 599,271 shares, compared to its average volume of 396,437. The business’s 50-day simple moving average is $410.13 and its 200-day simple moving average is $364.59. SiTime has a 1-year low of $158.63 and a 1-year high of $627.00. The stock has a market cap of $16.46 billion, a PE ratio of -342.49 and a beta of 2.91.

Insiders Place Their Bets

In related news, insider Samsheer Ahamad sold 9,100 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $441.47, for a total value of $4,017,377.00. Following the sale, the insider directly owned 52,938 shares of the company’s stock, valued at approximately $23,370,538.86. This trade represents a 14.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Fariborz Assaderaghi sold 4,984 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $406.45, for a total transaction of $2,025,746.80. Following the completion of the sale, the insider directly owned 89,194 shares in the company, valued at $36,252,901.30. This represents a 5.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 26,178 shares of company stock valued at $11,282,324. 1.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SiTime

Hedge funds have recently modified their holdings of the stock. Royal Bank of Canada lifted its position in SiTime by 12.5% during the first quarter. Royal Bank of Canada now owns 4,411 shares of the company’s stock valued at $675,000 after buying an additional 491 shares in the last quarter. Advisors Asset Management Inc. lifted its position in SiTime by 33.6% during the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock valued at $54,000 after buying an additional 88 shares in the last quarter. AQR Capital Management LLC lifted its position in SiTime by 310.8% during the first quarter. AQR Capital Management LLC now owns 10,754 shares of the company’s stock valued at $1,557,000 after buying an additional 8,136 shares in the last quarter. Intech Investment Management LLC lifted its position in SiTime by 21.6% during the first quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock valued at $1,272,000 after buying an additional 1,477 shares in the last quarter. Finally, M&T Bank Corp acquired a new position in SiTime during the second quarter valued at approximately $240,000. 84.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SITM has been the subject of a number of recent research reports. Needham & Company LLC lifted their price target on shares of SiTime from $400.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a report on Tuesday, April 21st. Roth Mkm reiterated a “buy” rating and set a $450.00 price target on shares of SiTime in a report on Thursday, February 5th. 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. Finally, Wall Street Zen downgraded shares of SiTime from a “buy” rating to a “hold” rating in a report on Saturday, April 11th. 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’s stock. Based on data from MarketBeat, SiTime currently has a consensus rating of “Moderate Buy” and an average price target of $415.63.

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.