Cibc World Market Inc. Purchases 3,254 Shares of SiTime Corporation $SITM

Cibc World Market Inc. boosted its position in SiTime Corporation (NASDAQ:SITM) by 43.4% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 10,751 shares of the company’s stock after purchasing an additional 3,254 shares during the period. Cibc World Market Inc.’s holdings in SiTime were worth $3,797,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Rakuten Securities Inc. grew its position in SiTime by 188.5% in the 4th quarter. Rakuten Securities Inc. now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 49 shares in the last quarter. Optiver Holding B.V. grew its position in SiTime by 56.1% in the 3rd quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock worth $27,000 after purchasing an additional 32 shares in the last quarter. Hantz Financial Services Inc. grew its position in SiTime by 190.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock worth $27,000 after purchasing an additional 59 shares in the last quarter. Larson Financial Group LLC grew its position in SiTime by 3,200.0% in the 3rd quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock worth $30,000 after purchasing an additional 96 shares in the last quarter. Finally, Danske Bank A S bought a new stake in SiTime in the 4th quarter worth about $35,000. 84.31% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other SiTime news, insider Fariborz Assaderaghi sold 1,000 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $702.90, for a total value of $702,900.00. Following the sale, the insider directly owned 78,936 shares in the company, valued at $55,484,114.40. This represents a 1.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Torsten Kreindl sold 710 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $720.00, for a total transaction of $511,200.00. Following the completion of the sale, the director owned 13,141 shares in the company, valued at $9,461,520. This represents a 5.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 52,624 shares of company stock worth $35,942,053. Company insiders own 1.40% of the company’s stock.

SiTime Trading Up 6.2%

Shares of SITM stock opened at $664.28 on Tuesday. The stock has a market capitalization of $17.54 billion, a P/E ratio of -657.70 and a beta of 2.94. The firm’s 50 day moving average is $589.30 and its 200 day moving average is $440.76. SiTime Corporation has a 12 month low of $186.49 and a 12 month high of $901.81.

SiTime (NASDAQ:SITM) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.30. The company had revenue of $113.57 million for 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%. SiTime’s revenue was up 88.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.26 EPS. On average, equities analysts predict that SiTime Corporation will post 3.23 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on SITM. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a research report on Tuesday, April 21st. Stifel Nicolaus upped their price objective on shares of SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Needham & Company LLC upped their price objective on shares of SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Zacks Research raised shares of SiTime from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. Finally, Wall Street Zen upgraded shares of SiTime from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price 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.