SiTime Co. (NASDAQ:SITM) Insider Fariborz Assaderaghi Sells 1,099 Shares of Stock

Posted by Defense World Staff on Jun 7th, 2023

SiTime Co. (NASDAQ:SITM – Get Rating) insider Fariborz Assaderaghi sold 1,099 shares of the company’s stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $101.30, for a total transaction of $111,328.70. Following the transaction, the insider now owns 109,462 shares of the company’s stock, valued at approximately $11,088,500.60. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Fariborz Assaderaghi also recently made the following trade(s):

On Tuesday, May 2nd, Fariborz Assaderaghi sold 1,312 shares of SiTime stock. The stock was sold at an average price of $106.54, for a total value of $139,780.48.

SiTime Trading Up 2.7 %

Shares of NASDAQ SITM opened at $106.00 on Wednesday. The company has a 50-day simple moving average of $108.59 and a 200-day simple moving average of $112.76. SiTime Co. has a 12 month low of $73.10 and a 12 month high of $229.50.

SiTime (NASDAQ:SITM – Get Rating) last announced its quarterly earnings data on Wednesday, May 3rd. The company reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.10). SiTime had a net margin of 0.25% and a return on equity of 0.09%. The business had revenue of $38.34 million during the quarter, compared to analysts’ expectations of $38.00 million. As a group, analysts expect that SiTime Co. will post -2.92 EPS for the current year.

Hedge Funds Weigh In On SiTime

Several large investors have recently added to or reduced their stakes in SITM. Raymond James Financial Services Advisors Inc. increased its position in SiTime by 87.8% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 6,084 shares of the company’s stock worth $1,508,000 after purchasing an additional 2,844 shares during the last quarter. US Bancorp DE grew its position in SiTime by 94.4% during the first quarter. US Bancorp DE now owns 933 shares of the company’s stock valued at $231,000 after acquiring an additional 453 shares during the period. Private Advisor Group LLC purchased a new stake in SiTime during the first quarter valued at about $290,000. PNC Financial Services Group Inc. grew its position in SiTime by 191.2% during the first quarter. PNC Financial Services Group Inc. now owns 1,095 shares of the company’s stock valued at $270,000 after acquiring an additional 719 shares during the period. Finally, Bank of Montreal Can grew its position in SiTime by 2,115.2% during the first quarter. Bank of Montreal Can now owns 23,370 shares of the company’s stock valued at $6,100,000 after acquiring an additional 22,315 shares during the period. 74.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on SITM shares. Stifel Nicolaus decreased their target price on shares of SiTime from $140.00 to $126.00 in a research report on Thursday, May 4th. Needham & Company LLC downgraded shares of SiTime from a “buy” rating to a “hold” rating in a research report on Thursday, May 4th. TheStreet cut SiTime from a “c” rating to a “d+” rating in a research report on Wednesday, May 3rd. Finally, Barclays cut SiTime from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $135.00 to $88.00 in a research report on Friday, May 5th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $129.83.

About SiTime

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SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. Its solutions have applications in various markets, including communications and enterprise, automotive, industrial, Internet of Things, mobile, consumer, and aerospace and defense.