SiTime (NASDAQ:SITM) Shares Down 5.4% – Here’s Why

Shares of SiTime Co. (NASDAQ:SITM) dropped 5.4% on Thursday . The company traded as low as $168.80 and last traded at $168.50. Approximately 61,939 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 227,357 shares. The stock had previously closed at $178.11.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SITM. Raymond James reissued an “outperform” rating and set a $250.00 target price (up from $215.00) on shares of SiTime in a research note on Thursday, February 6th. Stifel Nicolaus boosted their price objective on SiTime from $250.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. Needham & Company LLC raised their target price on SiTime from $225.00 to $250.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Finally, Barclays boosted their price target on SiTime from $130.00 to $160.00 and gave the stock an “underweight” rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $232.00.

SiTime Price Performance

The firm has a market capitalization of $3.98 billion, a P/E ratio of -41.43 and a beta of 1.85. The firm’s fifty day moving average price is $187.51 and its 200-day moving average price is $195.00.

Insider Buying and Selling at SiTime

In other SiTime news, insider Piyush B. Sevalia sold 1,038 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $157.64, for a total value of $163,630.32. Following the completion of the sale, the insider now directly owns 92,847 shares of the company’s stock, valued at approximately $14,636,401.08. This represents a 1.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Fariborz Assaderaghi sold 1,002 shares of SiTime stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $220.94, for a total transaction of $221,381.88. Following the completion of the transaction, the insider now directly owns 100,681 shares in the company, valued at $22,244,460.14. This represents a 0.99 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,544 shares of company stock valued at $1,200,095. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of SiTime

A number of large investors have recently added to or reduced their stakes in SITM. Invesco Ltd. increased its holdings in shares of SiTime by 11.0% in the fourth quarter. Invesco Ltd. now owns 983,175 shares of the company’s stock valued at $210,921,000 after buying an additional 97,062 shares in the last quarter. Hood River Capital Management LLC raised its position in shares of SiTime by 27.0% during the fourth quarter. Hood River Capital Management LLC now owns 421,960 shares of the company’s stock worth $90,523,000 after purchasing an additional 89,632 shares during the period. Emerald Advisers LLC purchased a new stake in shares of SiTime during the fourth quarter valued at $18,673,000. Capital World Investors acquired a new position in shares of SiTime in the 4th quarter valued at $17,654,000. Finally, Driehaus Capital Management LLC increased its stake in SiTime by 24.2% in the 4th quarter. Driehaus Capital Management LLC now owns 385,325 shares of the company’s stock worth $82,664,000 after purchasing an additional 75,192 shares in the last quarter. 84.31% of the stock is currently owned by institutional investors.

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.