SiTime (NASDAQ:SITM) Trading 5.6% Higher

Shares of SiTime Co. (NASDAQ:SITM - Get Free Report) shot up 5.6% on Wednesday . The stock traded as high as $140.14 and last traded at $140.14. 74,189 shares were traded during mid-day trading, a decline of 65% from the average session volume of 211,084 shares. The stock had previously closed at $132.71.

Analyst Upgrades and Downgrades

SITM has been the topic of several recent research reports. Stifel Nicolaus increased 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 downgraded shares of 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 reaffirmed a "buy" rating and set a $130.00 target price on shares of SiTime in a research report on Tuesday, June 25th.

SiTime Price Performance

The stock's 50-day moving average is $139.20 and its 200 day moving average is $116.09. The company has a market cap of $3.29 billion, a PE ratio of -34.47 and a beta of 1.82.

SiTime (NASDAQ:SITM - Get Free Report) last released 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. SiTime had a negative net margin of 60.46% and a negative return on equity of 10.53%. The company had revenue of $43.90 million during the quarter, compared to analysts' expectations of $41.01 million. During the same period last year, the business earned ($1.17) EPS. SiTime's revenue for the quarter was up 58.5% on a year-over-year basis. On average, analysts expect that SiTime Co. will post -3.03 EPS for the current year.

Insider Activity

In other news, insider Fariborz Assaderaghi sold 1,083 shares of the firm's stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $121.61, for a total value of $131,703.63. Following the completion of the transaction, the insider now directly owns 104,186 shares in the company, valued at $12,670,059.46. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other SiTime news, CEO Rajesh Vashist sold 20,000 shares of the stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $125.44, for a total transaction of $2,508,800.00. Following the sale, the chief executive officer now directly owns 455,367 shares of the company's stock, valued at approximately $57,121,236.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Fariborz Assaderaghi sold 1,083 shares of the business's stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $121.61, for a total value of $131,703.63. Following the completion of the transaction, the insider now directly owns 104,186 shares of the company's stock, valued at approximately $12,670,059.46. The disclosure for this sale can be found here. Insiders have sold 49,178 shares of company stock valued at $6,501,368 over the last ninety days. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SITM. Algert Global LLC purchased a new position in SiTime in the second quarter valued at $2,380,000. Driehaus Capital Management LLC acquired a new stake in shares of SiTime during the 2nd quarter valued at about $16,831,000. The Manufacturers Life Insurance Company increased its stake in shares of SiTime by 9.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,200 shares of the company's stock valued at $1,269,000 after purchasing an additional 898 shares in the last quarter. Deerfield Management Company L.P. Series C acquired a new position in SiTime in the 2nd quarter worth about $819,000. Finally, Marshall Wace LLP boosted its position in SiTime by 381.4% during the second quarter. Marshall Wace LLP now owns 60,650 shares of the company's stock worth $7,544,000 after purchasing an additional 48,051 shares in the last quarter. 84.31% of the stock is owned by institutional investors and hedge funds.

About SiTime

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.