Sitime (NASDAQ:SITM) Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Sitime (NASDAQ:SITM) 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. “

A number of other research analysts have also commented on SITM. William Blair assumed coverage on shares of Sitime in a research note on Tuesday. They issued an outperform rating on the stock. BTIG Research lowered their target price on Sitime from $11.00 to $6.00 and set a buy rating on the stock in a research note on Thursday, April 9th. Needham & Company LLC lifted their price target on Sitime from $27.00 to $40.00 and gave the stock a buy rating in a report on Monday, June 15th. Stifel Nicolaus decreased their price objective on Sitime from $28.00 to $26.00 and set a buy rating on the stock in a report on Thursday, April 16th. Finally, Raymond James increased their price objective on Sitime from $25.00 to $42.00 and gave the stock an outperform rating in a research report on Tuesday, June 16th. One equities research analyst has rated the stock with a sell rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $35.67.

NASDAQ:SITM opened at $47.41 on Tuesday. Sitime has a 12-month low of $15.42 and a 12-month high of $50.43. The firm has a market capitalization of $758.00 million and a price-to-earnings ratio of -75.25. The stock’s 50 day moving average price is $35.42 and its two-hundred day moving average price is $26.34.

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

In other news, insider Lionel Bonnot sold 1,678 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $35.00, for a total value of $58,730.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Corp Megachips sold 2,500,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $32.00, for a total transaction of $80,000,000.00. Following the completion of the transaction, the insider now owns 7,500,000 shares of the company’s stock, valued at $240,000,000. The disclosure for this sale can be found here. Insiders have sold 2,510,378 shares of company stock worth $80,319,550 in the last three months. 0.80% of the stock is currently owned by company insiders.

Several institutional investors have recently bought and sold shares of SITM. Strs Ohio bought a new stake in shares of Sitime during the 1st quarter worth $28,000. Citigroup Inc. raised its stake in Sitime by 424.5% during the first quarter. Citigroup Inc. now owns 1,390 shares of the company’s stock worth $30,000 after acquiring an additional 1,125 shares in the last quarter. Deutsche Bank AG bought a new position in shares of Sitime in the first quarter worth about $34,000. UBS Group AG acquired a new stake in shares of Sitime in the 1st quarter valued at approximately $61,000. Finally, American International Group Inc. bought a new stake in shares of Sitime during the 1st quarter valued at approximately $63,000. 31.22% of the stock is owned by institutional investors.

About Sitime

There is no company description available for SiTime Corp.

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