SiTime (NASDAQ:SITM) Shares Gap Down – What’s Next?

SiTime Co. (NASDAQ:SITM)’s share price gapped down before the market opened on Monday . The stock had previously closed at $174.84, but opened at $165.01. SiTime shares last traded at $164.68, with a volume of 65,143 shares.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on SITM shares. Needham & Company LLC upped their target price on SiTime from $225.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. Stifel Nicolaus upped their price objective on shares of SiTime from $250.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. Raymond James reiterated an “outperform” rating and set a $250.00 target price (up from $215.00) on shares of SiTime in a research report on Thursday, February 6th. Finally, Barclays raised their price objective on shares of SiTime from $130.00 to $160.00 and gave the company an “underweight” rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $232.00.

SiTime Stock Performance

The company has a market cap of $3.69 billion, a P/E ratio of -38.62 and a beta of 1.85. The stock has a 50-day moving average of $199.73 and a two-hundred day moving average of $192.63.

Insider Transactions at SiTime

In related news, Director Raman Chitkara sold 500 shares of SiTime stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $265.00, for a total value of $132,500.00. Following the transaction, the director now owns 20,719 shares in the company, valued at $5,490,535. This trade represents a 2.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Rajesh Vashist sold 12,000 shares of the business’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $259.25, for a total transaction of $3,111,000.00. Following the completion of the sale, the chief executive officer now directly owns 24,781 shares of the company’s stock, valued at $6,424,474.25. This represents a 32.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 22,108 shares of company stock worth $5,224,915. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SiTime

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Fourth Dimension Wealth LLC purchased a new stake in shares of SiTime during the fourth quarter worth about $25,000. Blue Trust Inc. boosted its holdings in SiTime by 44.7% in the fourth quarter. Blue Trust Inc. now owns 217 shares of the company’s stock valued at $47,000 after acquiring an additional 67 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in SiTime in the 4th quarter worth $58,000. Smartleaf Asset Management LLC lifted its position in shares of 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 purchasing an additional 206 shares during the period. Finally, Lazard Asset Management LLC bought a new position in shares of SiTime in the 4th quarter worth approximately $81,000. 84.31% of the stock is currently owned by institutional investors.

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.