SiTime (NASDAQ:SITM) Trading Down 5.4% - What's Next?

Shares of SiTime Co. (NASDAQ:SITM - Get Free Report) dropped 5.4% during mid-day trading on Thursday . The company traded as low as $168.80 and last traded at $168.50. Approximately 61,939 shares changed 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.

Analyst Upgrades and Downgrades

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

SiTime Price Performance

The company has a 50 day moving average of $184.02 and a 200-day moving average of $195.75. The company has a market capitalization of $3.61 billion, a P/E ratio of -37.75 and a beta of 1.85.

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Insider Transactions at SiTime

In other news, insider Piyush B. Sevalia sold 1,038 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $157.64, for a total transaction of $163,630.32. Following the sale, the insider now owns 92,847 shares in the company, valued at $14,636,401.08. This represents a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Fariborz Assaderaghi sold 1,003 shares of SiTime stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $204.42, for a total value of $205,033.26. Following the completion of the sale, the insider now directly owns 99,678 shares of the company's stock, valued at approximately $20,376,176.76. The trade was a 1.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,544 shares of company stock valued at $1,200,095. Corporate insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On SiTime

Hedge funds have recently modified their holdings of the company. Fourth Dimension Wealth LLC bought a new position in shares of SiTime during the 4th quarter valued at about $25,000. Blue Trust Inc. boosted its stake in SiTime by 44.7% during the fourth quarter. Blue Trust Inc. now owns 217 shares of the company's stock valued at $47,000 after buying an additional 67 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new position in SiTime during the 4th quarter valued at approximately $58,000. Smartleaf Asset Management LLC increased its stake in SiTime by 278.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 280 shares of the company's stock worth $60,000 after acquiring an additional 206 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new stake in SiTime in the 4th quarter worth approximately $81,000. 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.