Sitime (NASDAQ:SITM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “SiTime Corporation offers MEMS-based silicon timing system solutions, through a wholly-owned subsidiary of MegaChips Corporation. SiTime Corporation is based in SANTA CLARA, Calif. “

Other equities analysts have also recently issued research reports about the stock. Roth Capital increased their price objective on shares of Sitime from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. William Blair initiated coverage on Sitime in a report on Tuesday. They set an “outperform” rating for the company. Stifel Nicolaus dropped their target price on Sitime from $28.00 to $26.00 and set a “buy” rating for the company in a research report on Thursday, April 16th. Needham & Company LLC increased their price target on shares of Sitime from $27.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. Finally, BTIG Research dropped their price objective on shares of Sitime from $11.00 to $6.00 and set a “buy” rating for the company in a report on Thursday, April 9th. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $35.67.

NASDAQ:SITM traded up $0.07 during trading hours on Tuesday, reaching $44.85. The company had a trading volume of 338 shares, compared to its average volume of 214,085. The firm has a market cap of $758.00 million and a PE ratio of -71.19. The business’s 50 day moving average price is $35.02 and its 200-day moving average price is $26.21. Sitime has a 1-year low of $15.42 and a 1-year high of $50.43.

Sitime (NASDAQ:SITM) last announced its earnings results on Wednesday, May 6th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.22. The firm had revenue of $21.74 million for the quarter, compared to analyst estimates of $20.47 million. On average, equities analysts anticipate that Sitime will post -1.02 earnings per share for the current year.

In other Sitime news, major shareholder Corp Megachips sold 2,500,000 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $32.00, for a total value of $80,000,000.00. Following the completion of the transaction, the insider now directly owns 7,500,000 shares of the company’s stock, valued at $240,000,000. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Piyush B. Sevalia sold 3,000 shares of Sitime stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $29.40, for a total transaction of $88,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,510,378 shares of company stock worth $80,319,550. Company insiders own 0.80% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. FMR LLC acquired a new stake in Sitime in the fourth quarter valued at $7,902,000. Citigroup Inc. grew its stake in Sitime by 424.5% in the 1st quarter. Citigroup Inc. now owns 1,390 shares of the company’s stock valued at $30,000 after acquiring an additional 1,125 shares during the last quarter. Millrace Asset Group Inc. acquired a new stake in Sitime in the 4th quarter valued at about $1,660,000. American International Group Inc. purchased a new position in Sitime during the 1st quarter valued at about $63,000. Finally, Franklin Resources Inc. acquired a new position in Sitime during the fourth quarter worth about $13,632,000. 31.22% of the stock is owned by hedge funds and other institutional investors.

About Sitime

There is no company description available for SiTime Corp.

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