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

SiTime Co. (NASDAQ:SITM) shares were down 4% during mid-day trading on Monday after an insider sold shares in the company. 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 firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 24,781 shares of the company’s stock, valued at $6,424,474.25. This trade represents a 32.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Vincent P. Pangrazio sold 3,064 shares of the company’s stock in a transaction that occurred on 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 sale, the insider now directly owns 65,978 shares in the company, valued at approximately $16,824,390. The trade was a 4.44 % decrease in their position. The disclosure for this sale can be found here. In related news, Director Raman Chitkara sold 500 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $265.00, for a total transaction of $132,500.00. Following the sale, the director now owns 20,719 shares in the company, valued at approximately $5,490,535. This trade represents a 2.36 % 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 this hyperlink.

Analyst Ratings Changes

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

SiTime Stock Up 0.5 %

The firm has a market cap of $5.80 billion, a price-to-earnings ratio of -60.01 and a beta of 1.86. The company has a 50 day moving average of $203.99 and a 200 day moving average of $162.88.

SiTime (NASDAQ:SITM) last announced its earnings results on Wednesday, November 6th. The company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 9.89% and a negative net margin of 53.55%. During the same period in the prior year, the company posted ($0.81) EPS. SiTime’s quarterly revenue was up 62.4% on a year-over-year basis. As a group, equities research analysts expect that SiTime Co. will post -2.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SITM. Signaturefd LLC increased its position in shares of SiTime by 67.4% in the 3rd quarter. Signaturefd LLC now owns 149 shares of the company’s stock worth $26,000 after purchasing an additional 60 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of 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. acquired a new position in SiTime in the second quarter worth about $49,000. Van ECK Associates Corp bought a new stake in SiTime in the third quarter valued at about $123,000. Finally, nVerses Capital LLC bought a new stake in SiTime in the second quarter valued at about $124,000. 84.31% of the stock is currently owned by institutional investors.

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.