SiTime (NASDAQ:SITM) Lowered to Hold Rating by Zacks Research

Zacks Research lowered shares of SiTime (NASDAQ:SITM) from a strong-buy rating to a hold rating in a report issued on Monday morning,Zacks.com reports.

A number of other equities analysts have also recently weighed in on the company. Needham & Company LLC increased their price target on SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Barclays raised shares of SiTime from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $400.00 to $850.00 in a research note on Thursday, May 7th. Roth Capital reiterated a “buy” rating and set a $900.00 price target on shares of SiTime in a research report on Thursday, May 7th. Wall Street Zen downgraded shares of SiTime from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $800.00 price objective on shares of SiTime in a report on Thursday, May 7th. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $661.88.

SiTime Stock Performance

SITM opened at $592.19 on Monday. SiTime has a one year low of $186.49 and a one year high of $901.81. The stock has a market capitalization of $15.63 billion, a PE ratio of -586.33 and a beta of 2.91. The business’s 50 day moving average price is $697.19 and its 200 day moving average price is $494.23.

SiTime (NASDAQ:SITM) last posted its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.30. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.The company had revenue of $113.57 million during the quarter, compared to analysts’ expectations of $103.51 million. During the same quarter last year, the firm earned $0.26 earnings per share. The firm’s quarterly revenue was up 88.3% compared to the same quarter last year. As a group, equities research analysts forecast that SiTime will post 3.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Piyush B. Sevalia sold 2,419 shares of the stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $484.05, for a total transaction of $1,170,916.95. Following the sale, the insider owned 84,250 shares of the company’s stock, valued at approximately $40,781,212.50. This represents a 2.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Akira Takata sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $860.86, for a total transaction of $1,291,290.00. Following the completion of the transaction, the director directly owned 12,234 shares of the company’s stock, valued at approximately $10,531,761.24. The trade was a 10.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 73,375 shares of company stock worth $51,931,438 over the last 90 days. 1.40% of the stock is owned by insiders.

Institutional Investors Weigh In On SiTime

Hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC increased its position in shares of SiTime by 26.2% during the first quarter. Parallel Advisors LLC now owns 77 shares of the company’s stock worth $27,000 after acquiring an additional 16 shares during the period. Los Angeles Capital Management LLC grew its stake in SiTime by 0.3% during the 4th quarter. Los Angeles Capital Management LLC now owns 9,023 shares of the company’s stock worth $3,187,000 after purchasing an additional 25 shares in the last quarter. Atlas Brown Inc. increased its holdings in SiTime by 1.6% during the 4th quarter. Atlas Brown Inc. now owns 2,292 shares of the company’s stock worth $810,000 after purchasing an additional 37 shares during the period. CWM LLC increased its holdings in SiTime by 4.2% during the 4th quarter. CWM LLC now owns 951 shares of the company’s stock worth $336,000 after purchasing an additional 38 shares during the period. Finally, Corient Private Wealth LLC raised its position in SiTime by 5.9% in the 4th quarter. Corient Private Wealth LLC now owns 703 shares of the company’s stock valued at $249,000 after purchasing an additional 39 shares in the last quarter. 84.31% of the stock is currently owned by institutional investors and hedge funds.

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.