SiTime (NASDAQ:SITM) Shares Gap Down – Should You Sell?

SiTime Co. (NASDAQ:SITM)’s share price gapped down prior to trading 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 changing hands.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on SITM shares. Needham & Company LLC increased their price objective on SiTime from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Stifel Nicolaus boosted their price objective on SiTime from $250.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Raymond James reaffirmed an “outperform” rating and issued a $250.00 target price (up from $215.00) on shares of SiTime in a report on Thursday, February 6th. Finally, Barclays increased their target price on shares of SiTime from $130.00 to $160.00 and gave the stock an “underweight” rating in a research note 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, SiTime presently has an average rating of “Moderate Buy” and a consensus price target of $232.00.

SiTime Price Performance

The firm’s 50-day moving average price is $202.20 and its 200 day moving average price is $192.45. The firm has a market cap of $3.78 billion, a P/E ratio of -39.32 and a beta of 1.85.

Insiders Place Their Bets

In related news, insider Piyush B. Sevalia sold 1,038 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $157.64, for a total transaction of $163,630.32. Following the completion of the transaction, the insider now owns 92,847 shares of the company’s stock, valued at approximately $14,636,401.08. The trade was a 1.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Fariborz Assaderaghi sold 1,000 shares of SiTime stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $249.42, for a total value of $249,420.00. Following the completion of the transaction, the insider now directly owns 101,683 shares in the company, valued at approximately $25,361,773.86. This represents a 0.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,108 shares of company stock worth $5,474,335. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SiTime

Several institutional investors and hedge funds have recently added to or reduced their stakes in SITM. Barclays PLC boosted its holdings in shares of SiTime by 80.7% in the 3rd quarter. Barclays PLC now owns 37,982 shares of the company’s stock worth $6,515,000 after acquiring an additional 16,964 shares in the last quarter. LMR Partners LLP lifted its position in shares of SiTime by 705.0% during the third quarter. LMR Partners LLP now owns 80,500 shares of the company’s stock worth $13,807,000 after purchasing an additional 70,500 shares in the last quarter. Baader Bank Aktiengesellschaft acquired a new stake in shares of SiTime in the fourth quarter valued at approximately $538,000. FMR LLC raised its position in SiTime by 1.1% in the 3rd quarter. FMR LLC now owns 3,469,843 shares of the company’s stock worth $595,113,000 after purchasing an additional 39,119 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new position in SiTime in the 3rd quarter valued at $166,000. 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.