SiTime (NASDAQ:SITM) Shares Down 4% on Insider Selling

SiTime Co. (NASDAQ:SITM)’s share price was down 4% on Monday following insider selling activity. The stock traded as low as $241.87 and last traded at $242.42. Approximately 29,146 shares traded hands during trading, a decline of 86% from the average daily volume of 204,928 shares. The stock had previously closed at $252.61.

Specifically, CEO Rajesh Vashist sold 12,000 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $259.25, for a total transaction of $3,111,000.00. Following the completion of the sale, the chief executive officer now owns 24,781 shares in the company, valued at approximately $6,424,474.25. This represents a 32.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Vincent P. Pangrazio sold 3,064 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $255.00, for a total value of $781,320.00. Following the completion of the transaction, the insider now owns 65,978 shares in the company, valued at $16,824,390. This trade represents a 4.44 % decrease in their position. The disclosure for this sale can be found here. In other SiTime news, Director Raman Chitkara sold 500 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $265.00, for a total transaction of $132,500.00. Following the completion of the sale, the director now directly owns 20,719 shares of the company’s stock, valued at approximately $5,490,535. This trade represents a 2.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Roth Mkm upped their price target on SiTime from $205.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Stifel Nicolaus upped their price objective on shares of SiTime from $175.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Barclays raised their target price on shares of SiTime from $90.00 to $130.00 and gave the stock an “underweight” rating in a research note on Friday, November 8th. Finally, Needham & Company LLC boosted their price target on shares of SiTime from $140.00 to $225.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th.

SiTime Price Performance

The stock has a 50 day moving average of $203.99 and a two-hundred day moving average of $162.88. The stock has a market capitalization of $5.80 billion, a PE ratio of -60.01 and a beta of 1.86.

SiTime (NASDAQ:SITM) last issued its earnings results on Wednesday, November 6th. The company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.26 by $0.14. The company had revenue of $57.70 million for the quarter, compared to analyst estimates of $55.10 million. SiTime had a negative net margin of 53.55% and a negative return on equity of 9.89%. The business’s revenue was up 62.4% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.81) EPS. As a group, research analysts predict that SiTime Co. will post -2.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Signaturefd LLC boosted its stake in shares of SiTime by 67.4% during the 3rd quarter. Signaturefd LLC now owns 149 shares of the company’s stock worth $26,000 after acquiring an additional 60 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in SiTime by 59.5% during the second quarter. Nisa Investment Advisors LLC now owns 236 shares of the company’s stock worth $29,000 after purchasing an additional 88 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in SiTime during the second quarter worth $49,000. Van ECK Associates Corp acquired a new stake in SiTime in the third quarter valued at $123,000. Finally, nVerses Capital LLC purchased a new position in shares of SiTime in the second quarter valued at $124,000. 84.31% of the stock is currently owned by institutional investors and hedge funds.

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.