SiTime (NASDAQ:SITM) Releases Earnings Results, Beats Estimates By $0.16 EPS

SiTime (NASDAQ:SITM) posted its quarterly earnings results on Wednesday. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.16, FiscalAI reports. SiTime had a negative return on equity of 6.16% and a negative net margin of 25.18%.The business had revenue of $83.57 million for the quarter, compared to analyst estimates of $78.08 million. During the same period last year, the company earned $0.40 EPS. SiTime’s revenue for the quarter was up 44.8% compared to the same quarter last year.

SiTime Stock Down 11.1%

SITM traded down $37.58 during trading on Friday, hitting $302.23. The company’s stock had a trading volume of 187,873 shares, compared to its average volume of 335,682. The business’s 50 day simple moving average is $280.90 and its 200-day simple moving average is $229.15. The firm has a market cap of $7.86 billion, a PE ratio of -102.15 and a beta of 2.36. SiTime has a one year low of $105.40 and a one year high of $386.00.

Insider Buying and Selling

In other news, insider Samsheer Ahamad sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $250.00, for a total value of $1,500,000.00. Following the transaction, the insider owned 61,888 shares of the company’s stock, valued at $15,472,000. This trade represents a 8.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Piyush B. Sevalia sold 2,056 shares of SiTime stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $251.50, for a total value of $517,084.00. Following the transaction, the insider directly owned 78,757 shares in the company, valued at approximately $19,807,385.50. The trade was a 2.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 34,867 shares of company stock worth $9,168,213 in the last quarter. Company insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On SiTime

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its position 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 during the period. Advisors Asset Management Inc. lifted its stake in shares of SiTime by 33.6% during the 1st quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock valued at $54,000 after buying an additional 88 shares in the last quarter. AQR Capital Management LLC boosted its holdings in SiTime by 310.8% in the 1st quarter. AQR Capital Management LLC now owns 10,754 shares of the company’s stock worth $1,557,000 after buying an additional 8,136 shares during the period. Intech Investment Management LLC increased its stake in SiTime by 21.6% in the 1st quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock worth $1,272,000 after buying an additional 1,477 shares in the last quarter. Finally, M&T Bank Corp bought a new stake in SiTime during the second quarter valued at about $240,000. Institutional investors own 84.31% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Roth Capital restated a “buy” rating and issued a $350.00 price objective on shares of SiTime in a research report on Thursday. UBS Group lifted their price target on SiTime from $355.00 to $375.00 and gave the company a “buy” rating in a research report on Thursday. Stifel Nicolaus set a $360.00 target price on shares of SiTime in a research note on Thursday. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a research note on Wednesday, October 8th. Finally, Needham & Company LLC increased their target price on SiTime from $250.00 to $360.00 and gave the stock a “buy” rating in a research note on Thursday. Five research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $329.17.

SiTime Company Profile

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.