SiTime (NASDAQ:SITM) Shares Up 5.6% – Here’s What Happened

SiTime Corporation (NASDAQ:SITM)’s stock price traded up 5.6% on Friday . The company traded as high as $575.00 and last traded at $557.39. 171,812 shares were traded during mid-day trading, a decline of 64% from the average session volume of 477,894 shares. The stock had previously closed at $527.87.

Wall Street Analysts Forecast Growth

SITM has been the subject of several recent research reports. Stifel Nicolaus raised their target price on shares of SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Wall Street Zen raised shares of SiTime from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Needham & Company LLC increased their price target on SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. UBS Group lifted their price objective on SiTime from $675.00 to $775.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $800.00 price objective on shares of SiTime in a report on Thursday, May 7th. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $661.88.

SiTime Stock Up 3.6%

The company’s 50-day moving average is $651.36 and its 200 day moving average is $519.56. The company has a market cap of $14.44 billion, a price-to-earnings ratio of -540.50 and a beta of 2.91.

SiTime (NASDAQ:SITM) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.30. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The business had revenue of $113.57 million during the quarter, compared to the consensus estimate of $103.51 million. During the same quarter in the prior year, the firm posted $0.26 earnings per share. The company’s revenue was up 88.3% compared to the same quarter last year. Analysts predict that SiTime Corporation will post 3.23 EPS for the current fiscal year.

Insider Transactions at SiTime

In other SiTime news, Director Akira Takata sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $860.86, for a total value of $1,291,290.00. Following the sale, the director directly owned 12,234 shares of the company’s stock, valued at approximately $10,531,761.24. This trade represents a 10.92% 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 hyperlink. Also, Director Raman Chitkara sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $727.38, for a total value of $1,454,760.00. Following the completion of the sale, the director owned 19,898 shares of the company’s stock, valued at $14,473,407.24. This trade represents a 9.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 69,709 shares of company stock worth $50,230,546 over the last quarter. Company insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in SiTime by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 2,825,402 shares of the company’s stock worth $997,904,000 after acquiring an additional 61,336 shares in the last quarter. Invesco Ltd. raised its position in SiTime by 1.8% during the third quarter. Invesco Ltd. now owns 1,037,305 shares of the company’s stock worth $312,550,000 after acquiring an additional 18,165 shares during the period. State Street Corp lifted its holdings in SiTime by 3.7% during the second quarter. State Street Corp now owns 911,280 shares of the company’s stock valued at $194,176,000 after purchasing an additional 32,178 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in SiTime by 22.0% during the second quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock valued at $156,887,000 after purchasing an additional 132,948 shares in the last quarter. Finally, Whale Rock Capital Management LLC grew its position in shares of SiTime by 45.4% in the fourth quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock valued at $246,717,000 after purchasing an additional 218,038 shares during the period. Hedge funds and other institutional investors own 84.31% of the company’s stock.

SiTime Company Profile

SiTime Corporation is a fabless semiconductor company specializing in silicon timing solutions that leverage micro-electromechanical systems (MEMS) technology as an alternative to traditional quartz crystals. Its portfolio of programmable oscillators, resonators, clock generators, jitter attenuators and network synchronizers addresses precision timekeeping requirements across a wide range of electronic systems. By integrating MEMS resonators with advanced mixed-signal control circuitry, SiTime’s products offer enhanced reliability, resistance to shock and vibration, and a smaller footprint compared with conventional quartz devices.

The company’s timing devices serve diverse end markets, including telecommunications infrastructure, data center and enterprise networking, consumer electronics, automotive systems, industrial automation, and aerospace and defense applications.