Insider Selling: SiTime Co. (NASDAQ:SITM) CEO Sells $3,401,400.00 in Stock

SiTime Co. (NASDAQ:SITM) CEO Rajesh Vashist sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $170.07, for a total value of $3,401,400.00. Following the completion of the sale, the chief executive officer now owns 424,417 shares of the company’s stock, valued at approximately $72,180,599.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

SiTime Stock Down 2.6 %

NASDAQ:SITM opened at $163.57 on Friday. The firm’s fifty day simple moving average is $140.48 and its 200 day simple moving average is $119.05. The stock has a market cap of $3.78 billion, a P/E ratio of -39.61 and a beta of 1.82. SiTime Co. has a twelve month low of $72.39 and a twelve month high of $170.71.

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

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Stifel Nicolaus upped their price target on shares of SiTime from $150.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $130.00 price objective on shares of SiTime in a research note on Tuesday, June 25th. Finally, Barclays cut SiTime from an “equal weight” rating to an “underweight” rating and set a $90.00 target price on the stock. in a research note on Tuesday, August 27th.

Hedge Funds Weigh In On SiTime

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Driehaus Capital Management LLC purchased a new stake in shares of SiTime in the 2nd quarter worth about $16,831,000. Norges Bank bought a new stake in SiTime during the fourth quarter worth about $12,662,000. Vanguard Group Inc. grew its holdings in SiTime by 4.1% in the first quarter. Vanguard Group Inc. now owns 2,203,286 shares of the company’s stock worth $205,412,000 after purchasing an additional 85,800 shares during the period. William Blair Investment Management LLC grew its stake in shares of SiTime by 62.0% in the 2nd quarter. William Blair Investment Management LLC now owns 208,098 shares of the company’s stock worth $25,883,000 after buying an additional 79,648 shares during the last quarter. Finally, F M Investments LLC purchased a new stake in shares of SiTime in the second quarter worth $8,909,000. Hedge funds and other institutional investors own 84.31% of the company’s stock.

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.