SiTime (NASDAQ:SITM) Shares Gap Down After Insider Selling

SiTime Co. (NASDAQ:SITM - Get Free Report) gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $215.60, but opened at $209.25. SiTime shares last traded at $215.36, with a volume of 9,010 shares trading hands.

Specifically, insider Piyush B. Sevalia sold 1,039 shares of the company's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $220.00, for a total value of $228,580.00. Following the completion of the transaction, the insider now owns 85,516 shares in the company, valued at approximately $18,813,520. This represents a 1.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Rajesh Vashist sold 10,000 shares of the business's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $215.00, for a total transaction of $2,150,000.00. Following the completion of the sale, the chief executive officer now directly owns 474,763 shares of the company's stock, valued at approximately $102,074,045. This trade represents a 2.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other SiTime news, insider Fariborz Assaderaghi sold 1,000 shares of the company's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $201.36, for a total value of $201,360.00. Following the completion of the transaction, the insider now owns 101,319 shares in the company, valued at $20,401,593.84. This represents a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on SITM shares. Barclays boosted their target price on SiTime from $135.00 to $180.00 and gave the company an "underweight" rating in a report on Wednesday. Stifel Nicolaus boosted their price objective on SiTime from $180.00 to $210.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. 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, SiTime currently has an average rating of "Moderate Buy" and a consensus target price of $224.00.

SiTime Price Performance

The firm's 50 day moving average price is $175.79 and its two-hundred day moving average price is $190.72. The firm has a market cap of $4.99 billion, a price-to-earnings ratio of -51.92 and a beta of 2.24.

SiTime (NASDAQ:SITM - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.15. SiTime had a negative return on equity of 10.12% and a negative net margin of 46.18%. The company had revenue of $60.31 million for the quarter, compared to the consensus estimate of $54.01 million. During the same period last year, the business posted ($0.08) EPS. The company's revenue was up 82.7% on a year-over-year basis. On average, analysts anticipate that SiTime Co. will post -2.44 earnings per share for the current year.

Hedge Funds Weigh In On SiTime

Hedge funds and other institutional investors have recently bought and sold shares of the company. Fourth Dimension Wealth LLC acquired a new stake in shares of SiTime in the 4th quarter worth $25,000. Opal Wealth Advisors LLC acquired a new stake in SiTime in the first quarter valued at about $32,000. Blue Trust Inc. lifted its position in SiTime by 44.7% in the fourth quarter. Blue Trust Inc. now owns 217 shares of the company's stock valued at $47,000 after purchasing an additional 67 shares during the period. Advisors Asset Management Inc. boosted its holdings in SiTime by 33.6% in the 1st quarter. Advisors Asset Management Inc. now owns 350 shares of the company's stock valued at $54,000 after purchasing an additional 88 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new position in SiTime during the 4th quarter worth approximately $58,000. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

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.