SiTime (NASDAQ:SITM) Stock Price Down 5.4% – Here’s What Happened

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 were traded 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.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on SITM shares. Barclays increased 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. Stifel Nicolaus increased their target price on SiTime from $250.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Raymond James reaffirmed an “outperform” rating and issued a $250.00 price target (up previously from $215.00) on shares of SiTime in a research note on Thursday, February 6th. Finally, Needham & Company LLC increased their price objective on shares of SiTime from $225.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $232.00.

SiTime Stock Performance

The stock has a fifty day simple moving average of $184.02 and a two-hundred day simple moving average of $194.94. The stock has a market cap of $3.60 billion, a price-to-earnings ratio of -37.63 and a beta of 1.85.

Insider Activity at SiTime

In related news, insider Fariborz Assaderaghi sold 1,003 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $204.42, for a total transaction of $205,033.26. Following the completion of the transaction, the insider now directly owns 99,678 shares in the company, valued at $20,376,176.76. This represents a 1.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Lionel Bonnot sold 3,501 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $174.25, for a total transaction of $610,049.25. Following the completion of the sale, the insider now owns 87,940 shares in the company, valued at $15,323,545. This represents a 3.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,544 shares of company stock valued at $1,200,095 over the last ninety days. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Fourth Dimension Wealth LLC acquired a new stake in shares of SiTime during the 4th quarter valued at $25,000. 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 valued at $47,000 after purchasing an additional 67 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of SiTime during the fourth quarter worth about $58,000. Smartleaf Asset Management LLC grew its holdings in shares of SiTime by 278.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 280 shares of the company’s stock worth $60,000 after purchasing an additional 206 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new position in SiTime in the 4th quarter valued at approximately $81,000. 84.31% of the stock is currently 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.