Torsten Kreindl Sells 710 Shares of SiTime (NASDAQ:SITM) Stock

SiTime Corporation (NASDAQ:SITM) Director Torsten Kreindl sold 710 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $720.00, for a total value of $511,200.00. Following the completion of the sale, the director owned 13,141 shares of the company’s stock, valued at $9,461,520. This represents a 5.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

SiTime Trading Up 2.1%

Shares of SITM opened at $711.79 on Friday. The stock has a market cap of $18.79 billion, a P/E ratio of -704.74 and a beta of 2.91. The stock’s 50-day moving average price is $502.52 and its two-hundred day moving average price is $406.26. SiTime Corporation has a 1 year low of $186.49 and a 1 year high of $901.81.

SiTime (NASDAQ:SITM) last announced 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. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The business had revenue of $113.57 million for the quarter, compared to the consensus estimate of $103.51 million. During the same period last year, the company posted $0.26 EPS. SiTime’s revenue for the quarter was up 88.3% on a year-over-year basis. As a group, equities analysts forecast that SiTime Corporation will post 3.23 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SITM. Vanguard Group Inc. boosted its stake in SiTime by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 2,825,402 shares of the company’s stock worth $997,904,000 after purchasing an additional 61,336 shares during the period. Invesco Ltd. boosted its position in shares of SiTime by 1.8% during the third quarter. Invesco Ltd. now owns 1,037,305 shares of the company’s stock worth $312,550,000 after buying an additional 18,165 shares during the period. State Street Corp raised its position in SiTime by 3.7% in the 2nd quarter. State Street Corp now owns 911,280 shares of the company’s stock valued at $194,176,000 after buying an additional 32,178 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in SiTime by 22.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock valued at $156,887,000 after acquiring an additional 132,948 shares in the last quarter. Finally, Whale Rock Capital Management LLC lifted its stake in SiTime by 45.4% in the 4th quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock valued at $246,717,000 after acquiring an additional 218,038 shares in the last quarter. Institutional investors and hedge funds own 84.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Zacks Research raised shares of SiTime from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. Roth Mkm restated a “buy” rating and issued a $900.00 price objective on shares of SiTime in a research report on Thursday, May 7th. Needham & Company LLC lifted their target price on SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Barclays raised SiTime from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $400.00 to $850.00 in a research note on Thursday, May 7th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $800.00 price target on shares of SiTime in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $661.88.

SiTime Company Profile

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.