Key Points
- SiTime director Akira Takata sold 1,500 shares on May 12 at an average price of $860.86, totaling about $1.29 million. After the sale, he still owned 12,234 shares, a 10.92% reduction in his stake.
- The company recently reported strong quarterly results, with earnings of $1.44 per share beating estimates by $0.30 and revenue rising 88.3% year over year to $113.57 million.
- Wall Street remains largely bullish on SiTime, with eight analysts rating it a Buy and a consensus price target of $661.88. Several firms also raised their price targets following the earnings report.
SiTime Corporation (NASDAQ:SITM - Get Free Report) Director Akira Takata sold 1,500 shares of the firm's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $860.86, for a total transaction of $1,291,290.00. Following the transaction, the director directly owned 12,234 shares in the company, valued at $10,531,761.24. The trade was a 10.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
SiTime Price Performance
SITM opened at $820.21 on Friday. The company's 50-day moving average is $466.05 and its 200 day moving average is $390.70. SiTime Corporation has a fifty-two week low of $186.49 and a fifty-two week high of $901.81. The firm has a market capitalization of $21.65 billion, a P/E ratio of -812.09 and a beta of 2.91.
SiTime (NASDAQ:SITM - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, beating analysts' consensus estimates of $1.14 by $0.30. The company had revenue of $113.57 million for the quarter, compared to analyst estimates of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The firm's revenue was up 88.3% on a year-over-year basis. During the same period last year, the firm earned $0.26 earnings per share. On average, equities research analysts expect that SiTime Corporation will post 1.31 earnings per share for the current year.
Wall Street Analysts Forecast Growth
SITM has been the topic of several research reports. Barclays raised shares of SiTime from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $400.00 to $850.00 in a research report on Thursday, May 7th. Stifel Nicolaus lifted their price objective on shares of SiTime from $450.00 to $500.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. UBS Group lifted their price objective on shares of SiTime from $675.00 to $775.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $800.00 price objective on shares of SiTime in a research report on Thursday, May 7th. Finally, Roth Mkm reaffirmed a "buy" rating and issued a $900.00 price objective on shares of SiTime in a research report on Thursday, May 7th. Eight equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $661.88.
Check Out Our Latest Analysis on SITM
Hedge Funds Weigh In On SiTime
Several large investors have recently modified their holdings of SITM. Royal Bank of Canada increased its stake in shares of SiTime by 12.5% in the first quarter. Royal Bank of Canada now owns 4,411 shares of the company's stock worth $675,000 after purchasing an additional 491 shares in the last quarter. Advisors Asset Management Inc. increased its stake in shares of SiTime by 33.6% in the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company's stock worth $54,000 after purchasing an additional 88 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of SiTime by 310.8% in the first quarter. AQR Capital Management LLC now owns 10,754 shares of the company's stock worth $1,557,000 after purchasing an additional 8,136 shares in the last quarter. Intech Investment Management LLC increased its stake in shares of SiTime by 21.6% in the first quarter. Intech Investment Management LLC now owns 8,322 shares of the company's stock worth $1,272,000 after purchasing an additional 1,477 shares in the last quarter. Finally, M&T Bank Corp purchased a new position in shares of SiTime in the second quarter worth about $240,000. Hedge funds and other institutional investors own 84.31% of the company's stock.
SiTime Company Profile
(
Get Free Report)
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.
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