SiTime (NASDAQ:SITM) Shares Down 5.9% After Insider Selling

Shares of SiTime Corporation (NASDAQ:SITM - Get Free Report) were down 5.9% on Tuesday following insider selling activity. The stock traded as low as $197.26 and last traded at $198.23. Approximately 33,196 shares were traded during trading, a decline of 87% from the average daily volume of 263,905 shares. The stock had previously closed at $210.72.

Specifically, CEO Rajesh Vashist sold 2,000 shares of SiTime stock in a transaction on Friday, July 18th. The stock was sold at an average price of $215.00, for a total value of $430,000.00. Following the transaction, the chief executive officer owned 472,763 shares in the company, valued at approximately $101,644,045. This trade represents a 0.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Stifel Nicolaus boosted their target price on SiTime from $210.00 to $230.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Barclays boosted their price objective on shares of SiTime from $135.00 to $180.00 and gave the stock an "underweight" rating in a research note on Wednesday, June 11th. One analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat.com, SiTime currently has an average rating of "Moderate Buy" and a consensus target price of $228.00.

SiTime Stock Down 1.8%

The business has a 50 day moving average price of $209.01 and a 200-day moving average price of $187.74.

SiTime (NASDAQ:SITM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.11 by $0.15. SiTime had a negative net margin of 38.60% and a negative return on equity of 9.43%. The company had revenue of $60.31 million for the quarter, compared to analyst estimates of $54.01 million. During the same quarter last year, the firm posted ($0.08) earnings per share. The business's quarterly revenue was up 82.7% on a year-over-year basis. Analysts expect that SiTime Corporation will post -2.44 EPS for the current year.

Hedge Funds Weigh In On SiTime

A number of institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in shares of SiTime by 80.9% during the first quarter. GAMMA Investing LLC now owns 1,708 shares of the company's stock worth $261,000 after acquiring an additional 764 shares during the last quarter. Wells Fargo & Company MN grew its stake in SiTime by 25.5% during the 4th quarter. Wells Fargo & Company MN now owns 14,788 shares of the company's stock valued at $3,172,000 after purchasing an additional 3,004 shares in the last quarter. Rhumbline Advisers increased its holdings in SiTime by 0.9% during the 1st quarter. Rhumbline Advisers now owns 51,143 shares of the company's stock worth $7,818,000 after purchasing an additional 440 shares during the last quarter. Millennium Management LLC raised its position in shares of SiTime by 205.0% in the 4th quarter. Millennium Management LLC now owns 7,344 shares of the company's stock valued at $1,576,000 after purchasing an additional 4,936 shares in the last quarter. Finally, Tidal Investments LLC purchased a new position in shares of SiTime during the 4th quarter valued at approximately $217,000. Institutional investors and hedge funds own 84.31% of the company's stock.

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.