SiTime Corporation (NASDAQ:SITM) CEO Rajesh Vashist Sells 2,000 Shares

Key Points

• SiTime Corporation CEO Rajesh Vashist sold 2,000 shares of the company's stock for a total of $430,000, reducing his ownership to 470,763 shares valued at over $101 million.
• SiTime's stock price fell by $11.90 to $198.80 on the day of the CEO's sale, with an average trading volume significantly higher than usual.
• The company reported a significant quarterly earnings increase, with a net revenue of $69.49 million, surpassing analyst expectations and showing a 58.3% year-over-year growth.

SiTime Corporation (NASDAQ:SITM - Get Free Report) CEO Rajesh Vashist sold 2,000 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $215.00, for a total value of $430,000.00. Following the sale, the chief executive officer directly owned 470,763 shares of the company's stock, valued at approximately $101,214,045. This represents a 0.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Rajesh Vashist also recently made the following trade(s):

• On Friday, July 18th, Rajesh Vashist sold 2,000 shares of SiTime stock. The stock was sold at an average price of $215.00, for a total value of $430,000.00.
• On Monday, June 9th, Rajesh Vashist sold 10,000 shares of SiTime stock. The stock was sold at an average price of $215.00, for a total value of $2,150,000.00.
• On Friday, May 16th, Rajesh Vashist sold 20,000 shares of SiTime stock. The stock was sold at an average price of $210.65, for a total value of $4,213,000.00.

SiTime Stock Performance

SiTime stock traded up $2.67 during trading hours on Monday, hitting $202.24. 22,571 shares of the stock were exchanged, compared to its average volume of 323,796. SiTime Corporation has a 12 month low of $105.40 and a 12 month high of $268.18. The business's 50-day moving average is $208.30 and its two-hundred day moving average is $183.61. The stock has a market capitalization of $5.26 billion, a P/E ratio of -58.69 and a beta of 2.20.

SiTime (NASDAQ:SITM - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.18. The company had revenue of $69.49 million during the quarter, compared to the consensus estimate of $64.66 million. SiTime had a negative net margin of 32.15% and a negative return on equity of 7.54%. The firm's revenue was up 58.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.12 earnings per share. On average, equities analysts predict that SiTime Corporation will post -2.44 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SITM. Stifel Nicolaus raised their target price on SiTime from $210.00 to $230.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Barclays raised their target price on shares of SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $236.00.

Hedge Funds Weigh In On SiTime

Hedge funds have recently bought and sold shares of the company. Summit Investment Advisors Inc. grew its stake in shares of SiTime by 4.5% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,945 shares of the company's stock worth $417,000 after acquiring an additional 83 shares in the last quarter. Advisors Asset Management Inc. boosted its position in SiTime by 33.6% during the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company's stock worth $54,000 after purchasing an additional 88 shares during the period. Xponance Inc. lifted its holdings in shares of SiTime by 7.2% in the first quarter. Xponance Inc. now owns 1,419 shares of the company's stock worth $217,000 after buying an additional 95 shares in the last quarter. Vident Advisory LLC lifted its holdings in shares of SiTime by 5.0% in the fourth quarter. Vident Advisory LLC now owns 2,199 shares of the company's stock worth $472,000 after buying an additional 104 shares in the last quarter. Finally, Ellevest Inc. raised its stake in SiTime by 2.2% in the fourth quarter. Ellevest Inc. now owns 5,254 shares of the company's stock valued at $1,127,000 after purchasing an additional 113 shares in the last quarter. 84.31% of the stock is owned by institutional investors.

SiTime Company Profile

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.