SiTime (NASDAQ:SITM) Lowered to “Underweight” at Barclays

Barclays downgraded shares of SiTime (NASDAQ:SITM) from an equal weight rating to an underweight rating in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. They currently have $90.00 target price on the stock.

Several other brokerages have also recently weighed in on SITM. Needham & Company LLC reiterated a buy rating and issued a $130.00 price target on shares of SiTime in a research report on Tuesday, June 25th. Stifel Nicolaus lifted their price target on SiTime from $150.00 to $175.00 and gave the company a buy rating in a research report on Thursday, July 18th.

SiTime Price Performance

Shares of SITM opened at $146.93 on Tuesday. The firm has a market cap of $3.36 billion, a PE ratio of -35.58 and a beta of 1.82. The stock’s fifty day moving average price is $136.66 and its two-hundred day moving average price is $114.21. SiTime has a 1 year low of $72.39 and a 1 year high of $165.11.

SiTime (NASDAQ:SITM) last issued its earnings results on Wednesday, August 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.08. The firm had revenue of $43.90 million for the quarter, compared to analyst estimates of $41.01 million. SiTime had a negative return on equity of 10.53% and a negative net margin of 60.46%. The business’s revenue was up 58.5% on a year-over-year basis. During the same period in the previous year, the company posted ($1.17) earnings per share. Sell-side analysts anticipate that SiTime will post -3.03 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Piyush B. Sevalia sold 827 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $130.00, for a total transaction of $107,510.00. Following the completion of the transaction, the executive vice president now directly owns 89,624 shares in the company, valued at $11,651,120. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, EVP Piyush B. Sevalia sold 827 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $130.00, for a total transaction of $107,510.00. Following the completion of the transaction, the executive vice president now directly owns 89,624 shares in the company, valued at $11,651,120. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Fariborz Assaderaghi sold 1,083 shares of the business’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $121.61, for a total value of $131,703.63. Following the transaction, the insider now owns 104,186 shares of the company’s stock, valued at $12,670,059.46. The disclosure for this sale can be found here. Over the last three months, insiders sold 50,005 shares of company stock worth $6,608,878. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SiTime

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC lifted its stake in SiTime by 12,108.0% during the fourth quarter. International Assets Investment Management LLC now owns 12,208 shares of the company’s stock worth $1,490,000 after purchasing an additional 12,108 shares during the last quarter. New York State Common Retirement Fund lifted its stake in SiTime by 33.6% during the fourth quarter. New York State Common Retirement Fund now owns 9,890 shares of the company’s stock worth $1,207,000 after purchasing an additional 2,489 shares during the last quarter. Yousif Capital Management LLC lifted its stake in SiTime by 1.1% during the fourth quarter. Yousif Capital Management LLC now owns 8,554 shares of the company’s stock worth $1,044,000 after purchasing an additional 95 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its stake in SiTime by 18.6% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 22,444 shares of the company’s stock worth $2,740,000 after purchasing an additional 3,521 shares during the last quarter. Finally, Lisanti Capital Growth LLC bought a new stake in SiTime during the fourth quarter worth about $2,454,000. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

About SiTime

SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, Singapore, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. It serves various markets, including communications, datacenter, enterprise, automotive, industrial, internet of things, mobile, consumer, and aerospace and defense.