Insider Selling: SiTime (NASDAQ:SITM) Insider Sells $1,250,116.41 in Stock

SiTime Corporation (NASDAQ:SITM) insider Fariborz Assaderaghi sold 1,709 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $731.49, for a total transaction of $1,250,116.41. Following the completion of the sale, the insider owned 81,436 shares in the company, valued at $59,569,619.64. The trade was a 2.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

SiTime Trading Down 2.6%

Shares of NASDAQ:SITM opened at $710.20 on Friday. The firm’s 50 day moving average is $549.22 and its two-hundred day moving average is $423.37. SiTime Corporation has a 52 week low of $186.49 and a 52 week high of $901.81. The firm has a market capitalization of $18.75 billion, a P/E ratio of -703.17 and a beta of 2.91.

SiTime (NASDAQ:SITM) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, beating 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 analyst estimates of $103.51 million. During the same quarter last year, the business earned $0.26 earnings per share. SiTime’s revenue was up 88.3% compared to the same quarter last year. Analysts predict that SiTime Corporation will post 3.23 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Wall Street Zen upgraded shares of SiTime from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. The Goldman Sachs Group reiterated a “buy” rating and set a $800.00 price objective on shares of SiTime in a research note on Thursday, May 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a research note on Tuesday, April 21st. Stifel Nicolaus raised their price objective on shares of SiTime from $450.00 to $500.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Finally, Barclays upgraded shares of SiTime from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $400.00 to $850.00 in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, SiTime has a consensus rating of “Moderate Buy” and an average target price of $661.88.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Rakuten Securities Inc. boosted its holdings in SiTime by 188.5% during the fourth quarter. Rakuten Securities Inc. now owns 75 shares of the company’s stock worth $26,000 after buying an additional 49 shares in the last quarter. Hantz Financial Services Inc. boosted its holdings in SiTime by 190.3% during the third quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock worth $27,000 after buying an additional 59 shares in the last quarter. Optiver Holding B.V. boosted its holdings in SiTime by 56.1% during the third quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock worth $27,000 after buying an additional 32 shares in the last quarter. Parallel Advisors LLC boosted its holdings in SiTime by 26.2% during the first quarter. Parallel Advisors LLC now owns 77 shares of the company’s stock worth $27,000 after buying an additional 16 shares in the last quarter. Finally, Larson Financial Group LLC boosted its holdings in SiTime by 3,200.0% during the third quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock worth $30,000 after buying an additional 96 shares in the last quarter. Institutional investors and hedge funds own 84.31% of the company’s stock.

About SiTime

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.