SiTime (NASDAQ:SITM) EVP Sells $298,000.00 in Stock

Key Points

• SiTime EVP Elizabeth Howe sold 1,000 shares of the company's stock for a total of $298,000, representing a 1.51% decrease in her position, leaving her with 65,070 shares valued at about $19.39 million.
• The company's stock rose 2.4% during midday trading, reaching $312.85, significantly above its 52-week low of $105.40.
• SiTime's latest quarterly earnings report showed a profit of $0.47 EPS, exceeding analysts' expectations, with revenue up 58.3% year-over-year.

SiTime Corporation (NASDAQ:SITM - Get Free Report) EVP Elizabeth Howe sold 1,000 shares of the firm's stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $298.00, for a total value of $298,000.00. Following the completion of the transaction, the executive vice president owned 65,070 shares of the company's stock, valued at $19,390,860. The trade was a 1.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

SiTime Trading Up 2.4%

SiTime stock traded up $7.48 during midday trading on Friday, reaching $312.85. 770,871 shares of the company's stock were exchanged, compared to its average volume of 359,592. SiTime Corporation has a 52 week low of $105.40 and a 52 week high of $313.93. The stock's 50-day simple moving average is $226.30 and its 200 day simple moving average is $196.29.

SiTime (NASDAQ:SITM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.47 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.18. SiTime had a negative return on equity of 7.54% and a negative net margin of 32.15%.The business had revenue of $69.49 million during the quarter, compared to analysts' expectations of $64.66 million. During the same quarter last year, the company posted $0.12 earnings per share. SiTime's quarterly revenue was up 58.3% on a year-over-year basis. Analysts expect that SiTime Corporation will post -2.44 earnings per share for the current year.

Institutional Investors Weigh In On SiTime

Several institutional investors and hedge funds have recently bought and sold shares of SITM. Invesco Ltd. boosted its position in shares of SiTime by 4.8% during the 2nd quarter. Invesco Ltd. now owns 1,019,140 shares of the company's stock worth $217,158,000 after acquiring an additional 46,721 shares in the last quarter. State Street Corp lifted its stake in SiTime by 3.7% during the second quarter. State Street Corp now owns 911,280 shares of the company's stock worth $194,176,000 after purchasing an additional 32,178 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of SiTime by 22.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company's stock valued at $156,887,000 after purchasing an additional 132,948 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of SiTime by 11.2% in the 2nd quarter. Geode Capital Management LLC now owns 506,400 shares of the company's stock valued at $107,918,000 after purchasing an additional 51,063 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of SiTime by 1.1% in the 2nd quarter. Alliancebernstein L.P. now owns 448,036 shares of the company's stock valued at $95,468,000 after purchasing an additional 4,809 shares during the last quarter. Institutional investors own 84.31% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SITM. Barclays lifted their price target on SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a report on Thursday, August 7th. Stifel Nicolaus upped their target price on SiTime from $230.00 to $320.00 and gave the company a "buy" rating in a research report on Thursday. Raymond James Financial reissued an "outperform" rating and set a $270.00 price target (up from $250.00) on shares of SiTime in a report on Friday, August 29th. Finally, UBS Group began coverage on SiTime in a report on Thursday, August 14th. They issued a "buy" rating and a $260.00 price objective on the stock. Five analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $258.33.

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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