Sitime (NASDAQ:SITM) Downgraded by Zacks Investment Research

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Zacks Investment Research cut shares of Sitime (NASDAQ:SITM) from a hold rating to a sell rating in a research note released on Tuesday, Zacks.com reports.

According to Zacks, “SiTime Corporation offers MEMS-based silicon timing system solutions, through a wholly-owned subsidiary of MegaChips Corporation. SiTime Corporation is based in SANTA CLARA, Calif. “

Other analysts have also issued reports about the company. Needham & Company LLC boosted their target price on Sitime from $27.00 to $40.00 and gave the company a buy rating in a research note on Monday, June 15th. Raymond James boosted their price objective on Sitime from $25.00 to $42.00 and gave the company an outperform rating in a research note on Tuesday, June 16th. BTIG Research dropped their price objective on shares of Sitime from $11.00 to $6.00 and set a buy rating on the stock in a report on Thursday, April 9th. William Blair assumed coverage on shares of Sitime in a research note on Tuesday. They issued an outperform rating for the company. Finally, Stifel Nicolaus dropped their price target on shares of Sitime from $28.00 to $26.00 and set a buy rating on the stock in a research note on Thursday, April 16th. One investment analyst has rated the stock with a sell rating and seven have issued a buy rating to the stock. Sitime currently has a consensus rating of Buy and a consensus target price of $35.67.

Shares of Sitime stock opened at $47.41 on Tuesday. The firm has a market cap of $758.00 million and a PE ratio of -75.25. Sitime has a 1 year low of $15.42 and a 1 year high of $50.43. The stock has a fifty day moving average price of $35.42 and a 200-day moving average price of $26.34.

Sitime (NASDAQ:SITM) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.14) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.36) by $0.22. The company had revenue of $21.74 million for the quarter, compared to the consensus estimate of $20.47 million. As a group, equities analysts forecast that Sitime will post -1.02 EPS for the current fiscal year.

In related news, major shareholder Corp Megachips sold 2,500,000 shares of Sitime stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $32.00, for a total transaction of $80,000,000.00. Following the completion of the sale, the insider now owns 7,500,000 shares of the company’s stock, valued at $240,000,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Lionel Bonnot sold 1,678 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $35.00, for a total value of $58,730.00. The disclosure for this sale can be found here. Insiders have sold a total of 2,510,378 shares of company stock valued at $80,319,550 in the last ninety days. Insiders own 0.80% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the business. FMR LLC purchased a new position in shares of Sitime during the fourth quarter worth about $7,902,000. Citigroup Inc. lifted its position in Sitime by 424.5% during the first quarter. Citigroup Inc. now owns 1,390 shares of the company’s stock valued at $30,000 after purchasing an additional 1,125 shares during the last quarter. Millrace Asset Group Inc. purchased a new position in Sitime in the 4th quarter worth approximately $1,660,000. American International Group Inc. bought a new position in shares of Sitime in the 1st quarter worth $63,000. Finally, Franklin Resources Inc. purchased a new stake in shares of Sitime during the 4th quarter valued at $13,632,000. 31.22% of the stock is currently owned by hedge funds and other institutional investors.

About Sitime

There is no company description available for SiTime Corp.

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