SiTime (NASDAQ:SITM) Shares Down 6.2% - Here's What Happened

SiTime Co. (NASDAQ:SITM - Get Free Report) shares dropped 6.2% during trading on Friday . The stock traded as low as $172.00 and last traded at $167.05. Approximately 31,671 shares were traded during trading, a decline of 86% from the average daily volume of 219,160 shares. The stock had previously closed at $178.08.

Wall Street Analysts Forecast Growth

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

SiTime Stock Up 0.8 %

The stock has a 50-day moving average price of $200.89 and a 200 day moving average price of $192.55. The firm has a market capitalization of $3.57 billion, a price-to-earnings ratio of -36.70 and a beta of 1.85.

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Insider Buying and Selling

In related news, insider Piyush B. Sevalia sold 1,038 shares of the business's stock in a transaction on 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 $14,636,401.08. The trade was a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Rajesh Vashist sold 12,000 shares of the firm's stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $259.25, for a total value of $3,111,000.00. Following the transaction, the chief executive officer now directly owns 24,781 shares in the company, valued at approximately $6,424,474.25. The trade was a 32.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,108 shares of company stock worth $5,224,915 over the last 90 days. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On SiTime

Several large investors have recently modified their holdings of the company. Mutual of America Capital Management LLC raised its position in SiTime by 1.7% in the 4th quarter. Mutual of America Capital Management LLC now owns 2,866 shares of the company's stock valued at $615,000 after purchasing an additional 48 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in shares of SiTime by 0.5% in the fourth quarter. State of Alaska Department of Revenue now owns 10,755 shares of the company's stock valued at $2,307,000 after buying an additional 57 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of SiTime by 44.7% during the fourth quarter. Blue Trust Inc. now owns 217 shares of the company's stock worth $47,000 after buying an additional 67 shares during the period. Summit Investment Advisors Inc. grew its holdings in shares of SiTime by 4.5% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,945 shares of the company's stock worth $417,000 after buying an additional 83 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its stake in SiTime by 0.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 14,714 shares of the company's stock valued at $2,524,000 after acquiring an additional 94 shares during the last quarter. 84.31% of the stock is owned by institutional investors and hedge funds.

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.