Norges Bank Buys New Stake in SiTime Corporation $SITM

Norges Bank acquired a new position in shares of SiTime Corporation (NASDAQ:SITM) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 237,767 shares of the company’s stock, valued at approximately $83,977,000. Norges Bank owned 0.91% of SiTime at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the stock. Eurizon Capital SGR S.p.A. purchased a new stake in shares of SiTime during the fourth quarter worth $121,000. Geode Capital Management LLC increased its position in shares of SiTime by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 539,425 shares of the company’s stock worth $190,550,000 after acquiring an additional 15,850 shares during the period. Hantz Financial Services Inc. increased its position in shares of SiTime by 118.9% during the fourth quarter. Hantz Financial Services Inc. now owns 197 shares of the company’s stock worth $70,000 after acquiring an additional 107 shares during the period. Darden Wealth Group Inc grew its stake in shares of SiTime by 12.8% during the fourth quarter. Darden Wealth Group Inc now owns 880 shares of the company’s stock worth $311,000 after purchasing an additional 100 shares in the last quarter. Finally, Lisanti Capital Growth LLC grew its stake in shares of SiTime by 17.7% during the fourth quarter. Lisanti Capital Growth LLC now owns 22,854 shares of the company’s stock worth $8,072,000 after purchasing an additional 3,440 shares in the last quarter. Hedge funds and other institutional investors own 84.31% of the company’s stock.

Insider Transactions at SiTime

In other SiTime news, Director Akira Takata sold 1,500 shares of SiTime stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $860.86, for a total value of $1,291,290.00. Following the transaction, the director owned 12,234 shares in the company, valued at $10,531,761.24. This trade represents a 10.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Torsten Kreindl sold 710 shares of SiTime stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $720.00, for a total transaction of $511,200.00. Following the completion of the transaction, the director owned 13,141 shares in the company, valued at approximately $9,461,520. This trade represents a 5.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 52,624 shares of company stock worth $35,942,053 in the last three months. 1.40% of the stock is currently owned by company insiders.

SiTime Trading Down 11.5%

SITM stock opened at $625.68 on Friday. The firm has a 50 day moving average of $582.71 and a 200-day moving average of $436.70. SiTime Corporation has a 12-month low of $186.49 and a 12-month high of $901.81. The company has a market cap of $16.52 billion, a price-to-earnings ratio of -619.49 and a beta of 2.94.

SiTime (NASDAQ:SITM) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.30. The business had revenue of $113.57 million during the quarter, compared to analysts’ expectations of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The company’s revenue was up 88.3% on a year-over-year basis. During the same period last year, the company posted $0.26 EPS. Sell-side analysts forecast that SiTime Corporation will post 3.23 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Zacks Research upgraded shares of SiTime from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 15th. The Goldman Sachs Group reiterated a “buy” rating and set a $800.00 target price on shares of SiTime in a research note on Thursday, May 7th. UBS Group boosted their target price on shares of SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a research note on Tuesday, April 21st. Finally, Stifel Nicolaus upped their price objective on shares of SiTime from $450.00 to $500.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, SiTime has a consensus rating of “Moderate Buy” and an average price target of $661.88.

SiTime Company Profile

SiTime Corporation is a fabless semiconductor company specializing in silicon timing solutions that leverage micro-electromechanical systems (MEMS) technology as an alternative to traditional quartz crystals. Its portfolio of programmable oscillators, resonators, clock generators, jitter attenuators and network synchronizers addresses precision timekeeping requirements across a wide range of electronic systems. By integrating MEMS resonators with advanced mixed-signal control circuitry, SiTime’s products offer enhanced reliability, resistance to shock and vibration, and a smaller footprint compared with conventional quartz devices.

The company’s timing devices serve diverse end markets, including telecommunications infrastructure, data center and enterprise networking, consumer electronics, automotive systems, industrial automation, and aerospace and defense applications.