Rajesh Vashist Sells 20,000 Shares of SiTime Co. (NASDAQ:SITM) Stock

by · The Markets Daily

SiTime Co. (NASDAQ:SITM – Get Free Report) CEO Rajesh Vashist sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $170.07, for a total transaction of $3,401,400.00. Following the sale, the chief executive officer now directly owns 424,417 shares of the company’s stock, valued at $72,180,599.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

SiTime Stock Performance

Shares of NASDAQ SITM opened at $163.57 on Friday. The company has a market cap of $3.78 billion, a P/E ratio of -39.61 and a beta of 1.82. SiTime Co. has a 52-week low of $72.39 and a 52-week high of $170.71. The firm’s fifty day moving average is $140.48 and its two-hundred day moving average is $119.05.

SiTime (NASDAQ:SITM – Get Free Report) last posted its earnings results on Wednesday, August 7th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.08. The company had revenue of $43.90 million for the quarter, compared to the consensus estimate of $41.01 million. SiTime had a negative return on equity of 10.53% and a negative net margin of 60.46%. The firm’s revenue for the quarter was up 58.5% on a year-over-year basis. During the same period in the previous year, the business earned ($1.17) earnings per share. As a group, analysts forecast that SiTime Co. will post -3.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SITM. Stifel Nicolaus upped their target price on shares of SiTime from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Barclays lowered SiTime from an “equal weight” rating to an “underweight” rating and set a $90.00 price objective for the company. in a research note on Tuesday, August 27th. Finally, Needham & Company LLC reissued a “buy” rating and set a $130.00 target price on shares of SiTime in a research note on Tuesday, June 25th.

Read Our Latest Report on SiTime

Institutional Investors Weigh In On SiTime

Several large investors have recently bought and sold shares of the business. Algert Global LLC bought a new position in SiTime during the second quarter valued at $2,380,000. Driehaus Capital Management LLC bought a new position in shares of SiTime in the 2nd quarter valued at about $16,831,000. The Manufacturers Life Insurance Company grew its position in SiTime by 9.7% in the second quarter. The Manufacturers Life Insurance Company now owns 10,200 shares of the company’s stock worth $1,269,000 after acquiring an additional 898 shares in the last quarter. Deerfield Management Company L.P. Series C bought a new stake in SiTime during the second quarter worth approximately $819,000. Finally, Marshall Wace LLP raised its position in SiTime by 381.4% during the second quarter. Marshall Wace LLP now owns 60,650 shares of the company’s stock valued at $7,544,000 after purchasing an additional 48,051 shares during the period. Institutional investors own 84.31% of the company’s stock.

SiTime Company Profile

(Get Free Report)

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.

Further Reading