SiTime Corporation (NASDAQ:SITM) CEO Sells $430,000.00 in Stock

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 SiTime stock in a transaction 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 transaction, the chief executive officer owned 470,763 shares in the company, valued at $101,214,045. This represents a 0.42% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

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

• On Friday, July 18th, Rajesh Vashist sold 2,000 shares of SiTime stock. The shares were 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 shares were 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 shares were sold at an average price of $210.65, for a total value of $4,213,000.00.

SiTime Stock Performance

NASDAQ:SITM traded down $11.90 on Thursday, reaching $198.80. The company's stock had a trading volume of 1,112,908 shares, compared to its average volume of 325,024. SiTime Corporation has a 1-year low of $105.40 and a 1-year high of $268.18. The firm has a market cap of $4.72 billion, a PE ratio of -52.32 and a beta of 2.20. The business's 50-day moving average price is $207.90 and its two-hundred day moving average price is $185.18.

SiTime (NASDAQ:SITM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.18. SiTime had a negative return on equity of 9.43% and a negative net margin of 38.60%. The company had revenue of $69.49 million for the quarter, compared to analyst estimates of $64.66 million. During the same period in the previous year, the company posted $0.12 earnings per share. The company's quarterly revenue was up 58.3% compared to the same quarter last year. As a group, sell-side analysts expect that SiTime Corporation will post -2.44 EPS for the current year.

Institutional Trading of SiTime

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Alliancebernstein L.P. raised its stake in SiTime by 2,016.8% in the first quarter. Alliancebernstein L.P. now owns 443,227 shares of the company's stock valued at $67,756,000 after buying an additional 422,288 shares during the period. GAMMA Investing LLC raised its stake in SiTime by 27,559.1% in the first quarter. GAMMA Investing LLC now owns 261,102 shares of the company's stock valued at $39,915,000 after buying an additional 260,158 shares during the period. Eventide Asset Management LLC raised its stake in SiTime by 5,015.9% in the first quarter. Eventide Asset Management LLC now owns 166,214 shares of the company's stock valued at $25,408,000 after buying an additional 162,965 shares during the period. Neuberger Berman Group LLC raised its stake in SiTime by 360.8% in the first quarter. Neuberger Berman Group LLC now owns 135,211 shares of the company's stock valued at $20,670,000 after buying an additional 105,868 shares during the period. Finally, Invesco Ltd. grew its position in shares of SiTime by 11.0% in the fourth quarter. Invesco Ltd. now owns 983,175 shares of the company's stock valued at $210,921,000 after purchasing an additional 97,062 shares during the last quarter. Institutional investors own 84.31% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. Barclays boosted their target price on SiTime from $180.00 to $220.00 and gave the company an "underweight" rating in a research note on Thursday. Stifel Nicolaus boosted their price objective on SiTime from $210.00 to $230.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $236.00.

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.

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