Eventide Asset Management LLC Cuts Position in SiTime Corporation $SITM

Eventide Asset Management LLC decreased its position in SiTime Corporation (NASDAQ:SITM) by 7.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 154,296 shares of the company’s stock after selling 11,918 shares during the quarter. Eventide Asset Management LLC owned 0.59% of SiTime worth $32,877,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SITM. Game Plan Financial Advisors LLC acquired a new stake in shares of SiTime in the 2nd quarter valued at $25,000. Advisors Asset Management Inc. increased its holdings in SiTime by 33.6% in the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock valued at $54,000 after buying an additional 88 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in SiTime by 183.0% in the second quarter. Nisa Investment Advisors LLC now owns 600 shares of the company’s stock valued at $128,000 after buying an additional 388 shares in the last quarter. CWM LLC raised its stake in SiTime by 36.2% in the second quarter. CWM LLC now owns 617 shares of the company’s stock valued at $131,000 after buying an additional 164 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in SiTime during the 2nd quarter worth about $196,000. Institutional investors and hedge funds own 84.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on SITM shares. UBS Group increased their price objective on SiTime from $355.00 to $375.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Barclays upped their price target on SiTime from $220.00 to $260.00 and gave the company an “underweight” rating in a report on Thursday, November 6th. Loop Capital initiated coverage on shares of SiTime in a report on Friday, November 21st. They set a “buy” rating and a $350.00 price objective on the stock. Needham & Company LLC upped their target price on shares of SiTime from $250.00 to $360.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a research report on Wednesday, October 8th. Six analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, SiTime currently has an average rating of “Moderate Buy” and an average price target of $332.14.

SiTime Trading Down 6.1%

SITM stock opened at $362.05 on Friday. The company has a market capitalization of $9.45 billion, a P/E ratio of -122.31 and a beta of 2.55. The business has a 50 day simple moving average of $300.15 and a 200-day simple moving average of $253.54. SiTime Corporation has a twelve month low of $105.40 and a twelve month high of $387.52.

SiTime (NASDAQ:SITM) last announced its earnings results on Wednesday, November 5th. The company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. The business had revenue of $83.57 million for the quarter, compared to analysts’ expectations of $78.08 million. SiTime had a negative net margin of 25.18% and a negative return on equity of 5.69%. The company’s quarterly revenue was up 44.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.40 EPS. Research analysts predict that SiTime Corporation will post -2.44 EPS for the current fiscal year.

Insider Buying and Selling at SiTime

In related news, EVP Elizabeth A. Howe sold 5,099 shares of the business’s stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $319.00, for a total value of $1,626,581.00. Following the transaction, the executive vice president owned 59,070 shares in the company, valued at $18,843,330. The trade was a 7.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Fariborz Assaderaghi sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $291.58, for a total value of $437,370.00. Following the sale, the insider directly owned 84,815 shares of the company’s stock, valued at approximately $24,730,357.70. This represents a 1.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 28,500 shares of company stock valued at $8,853,310 over the last ninety days. 2.10% of the stock is currently owned by corporate insiders.

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.