SiTime (NASDAQ:SITM) Downgraded to “Strong Sell” at Zacks Investment Research

SiTime (NASDAQ:SITMGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Friday, Zacks.com reports.

According to Zacks, “SiTime Corporation offers MEMS-based silicon timing system solutions, through a wholly-owned subsidiary of MegaChips Corporation. SiTime Corporation is based in SANTA CLARA, Calif. “

Several other research firms have also weighed in on SITM. TheStreet lowered shares of SiTime from a “c-” rating to a “d” rating in a research note on Wednesday, April 27th. Needham & Company LLC reduced their price objective on shares of SiTime from $330.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, February 3rd. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $301.83.

SITM opened at $172.73 on Friday. The stock has a market capitalization of $3.63 billion, a PE ratio of 89.50, a PEG ratio of 5.86 and a beta of 1.51. SiTime has a 1-year low of $75.81 and a 1-year high of $341.77. The firm has a 50-day moving average price of $200.87 and a two-hundred day moving average price of $231.02.

SiTime (NASDAQ:SITMGet Rating) last posted its quarterly earnings data on Wednesday, May 4th. The company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.18. SiTime had a net margin of 16.56% and a return on equity of 8.76%. The firm had revenue of $70.25 million during the quarter, compared to analysts’ expectations of $65.00 million. During the same quarter last year, the company posted ($0.20) EPS. The company’s quarterly revenue was up 97.7% compared to the same quarter last year. On average, sell-side analysts expect that SiTime will post 1.66 EPS for the current fiscal year.

In other SiTime news, insider Fariborz Assaderaghi sold 2,804 shares of the company’s stock in a transaction on Tuesday, February 22nd. The shares were sold at an average price of $181.72, for a total value of $509,542.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Rajesh Vashist sold 5,000 shares of the business’s stock in a transaction dated Wednesday, April 20th. The shares were sold at an average price of $180.89, for a total transaction of $904,450.00. Following the completion of the sale, the chief executive officer now directly owns 613,300 shares of the company’s stock, valued at approximately $110,939,837. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 46,014 shares of company stock worth $8,728,801. 0.80% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in SITM. BlackRock Inc. boosted its position in shares of SiTime by 95.8% in the fourth quarter. BlackRock Inc. now owns 1,683,752 shares of the company’s stock valued at $492,563,000 after acquiring an additional 823,952 shares during the period. Wasatch Advisors Inc. boosted its position in shares of SiTime by 450.5% in the third quarter. Wasatch Advisors Inc. now owns 356,004 shares of the company’s stock valued at $72,685,000 after acquiring an additional 291,334 shares during the period. Invesco Ltd. boosted its position in shares of SiTime by 207.6% in the fourth quarter. Invesco Ltd. now owns 390,012 shares of the company’s stock valued at $114,094,000 after acquiring an additional 263,220 shares during the period. Lord Abbett & CO. LLC bought a new stake in shares of SiTime in the third quarter valued at about $43,762,000. Finally, State Street Corp boosted its position in shares of SiTime by 53.2% in the fourth quarter. State Street Corp now owns 600,074 shares of the company’s stock valued at $175,546,000 after acquiring an additional 208,402 shares during the period. 62.79% of the stock is owned by institutional investors.

About SiTime (Get Rating)

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.

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