SiTime (NASDAQ:SITM) Shares Gap Down - Here's Why

SiTime Co. (NASDAQ:SITM - Get Free Report)'s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $138.24, but opened at $131.82. SiTime shares last traded at $131.32, with a volume of 18,859 shares changing hands.

Analysts Set New Price Targets

Several research firms have issued reports on SITM. Needham & Company LLC raised their price target on shares of SiTime from $225.00 to $250.00 and gave the stock a "buy" rating in a research report on Thursday, February 6th. Raymond James reissued an "outperform" rating and set a $250.00 target price (up from $215.00) on shares of SiTime in a research report on Thursday, February 6th. Barclays upped their price target on SiTime from $130.00 to $160.00 and gave the company an "underweight" rating in a report on Friday, January 17th. Finally, Stifel Nicolaus reduced their price objective on SiTime from $270.00 to $180.00 and set a "buy" rating for the company in a research report on Thursday. One analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $214.00.

SiTime Stock Performance

The company has a 50-day moving average of $158.11 and a 200 day moving average of $192.15. The firm has a market cap of $2.99 billion, a P/E ratio of -31.25 and a beta of 1.98.

Insider Transactions at SiTime

In other news, insider Fariborz Assaderaghi sold 1,003 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $204.42, for a total transaction of $205,033.26. Following the sale, the insider now owns 99,678 shares in the company, valued at approximately $20,376,176.76. This represents a 1.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Piyush B. Sevalia sold 1,038 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $157.64, for a total transaction of $163,630.32. Following the transaction, the insider now owns 92,847 shares in the company, valued at approximately $14,636,401.08. This trade represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,542 shares of company stock valued at $978,713. 2.30% of the stock is owned by insiders.

Institutional Trading of SiTime

Hedge funds have recently modified their holdings of the stock. Mutual of America Capital Management LLC boosted its position in SiTime by 1.7% in the 4th quarter. Mutual of America Capital Management LLC now owns 2,866 shares of the company's stock valued at $615,000 after buying an additional 48 shares during the last quarter. State of Alaska Department of Revenue increased its position in SiTime by 0.5% in the fourth quarter. State of Alaska Department of Revenue now owns 10,755 shares of the company's stock worth $2,307,000 after purchasing an additional 57 shares during the period. Blue Trust Inc. raised its holdings in SiTime by 44.7% during the 4th quarter. Blue Trust Inc. now owns 217 shares of the company's stock worth $47,000 after purchasing an additional 67 shares during the last quarter. Summit Investment Advisors Inc. lifted its position in SiTime by 4.5% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,945 shares of the company's stock valued at $417,000 after purchasing an additional 83 shares during the period. Finally, Arizona State Retirement System boosted its stake in shares of SiTime by 1.9% in the 4th quarter. Arizona State Retirement System now owns 5,368 shares of the company's stock valued at $1,152,000 after purchasing an additional 99 shares during 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.