SiTime (NASDAQ:SITM) Insider Sells $695,250.00 in Stock

Key Points

• Fariborz Assaderaghi, an insider at SiTime Corporation, sold 3,000 shares for a total of $695,250, resulting in a 3.21% decrease in his position, leaving him with 90,433 shares valued at approximately $20.96 million.
• SiTime's stock performance has been strong, with shares trading up to $244.57, and the company reported a revenue of $69.49 million for the last quarter, exceeding estimates by 7.05%.
• Analysts have given SiTime a consensus rating of "Moderate Buy" with a price target averaging $243.33, reflecting positive sentiment despite recent insider selling activity.

SiTime Corporation (NASDAQ:SITM - Get Free Report) insider Fariborz Assaderaghi sold 3,000 shares of SiTime stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $231.75, for a total value of $695,250.00. Following the completion of the transaction, the insider directly owned 90,433 shares of the company's stock, valued at $20,957,847.75. This represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Fariborz Assaderaghi also recently made the following trade(s):

• On Tuesday, September 2nd, Fariborz Assaderaghi sold 3,000 shares of SiTime stock. The shares were sold at an average price of $234.00, for a total value of $702,000.00.

SiTime Trading Up 0.6%

NASDAQ SITM traded up $1.43 during midday trading on Friday, hitting $260.00. The company had a trading volume of 257,427 shares, compared to its average volume of 332,581. The company has a market capitalization of $6.76 billion, a PE ratio of -74.71 and a beta of 2.18. The firm has a 50-day moving average price of $217.76 and a 200-day moving average price of $191.74. SiTime Corporation has a twelve month low of $105.40 and a twelve month high of $268.18.

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

Hedge Funds Weigh In On SiTime

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

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Barclays lifted their price objective on SiTime from $180.00 to $220.00 and gave the company an "underweight" rating in a report on Thursday, August 7th. UBS Group began coverage on SiTime in a report on Thursday, August 14th. They set a "buy" rating and a $260.00 price target for the company. Raymond James Financial reissued an "outperform" rating and set a $270.00 price target (up previously from $250.00) on shares of SiTime in a report on Friday, August 29th. Finally, Stifel Nicolaus boosted their price target on SiTime from $210.00 to $230.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Five equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, SiTime presently has an average rating of "Moderate Buy" and an average price target of $243.33.

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.