Kornitzer Capital Management Inc. KS Purchases 1,246 Shares of SiTime Corporation $SITM

Kornitzer Capital Management Inc. KS grew its position in shares of SiTime Corporation (NASDAQ:SITM) by 7.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,217 shares of the company’s stock after purchasing an additional 1,246 shares during the period. Kornitzer Capital Management Inc. KS owned 0.06% of SiTime worth $11,226,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Pictet Asset Management Holding SA raised its position in shares of SiTime by 6.5% in the third quarter. Pictet Asset Management Holding SA now owns 3,621 shares of the company’s stock valued at $2,361,000 after buying an additional 221 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in shares of SiTime during the third quarter valued at approximately $781,000. Commonwealth Equity Services LLC lifted its stake in shares of SiTime by 113.3% during the third quarter. Commonwealth Equity Services LLC now owns 7,063 shares of the company’s stock valued at $4,605,000 after buying an additional 3,752 shares during the period. Oregon Public Employees Retirement Fund boosted its position in SiTime by 4.7% during the third quarter. Oregon Public Employees Retirement Fund now owns 4,797 shares of the company’s stock worth $3,128,000 after acquiring an additional 215 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. acquired a new stake in SiTime during the third quarter worth approximately $885,000. 84.31% of the stock is owned by institutional investors and hedge funds.

SiTime News Roundup

Here are the key news stories impacting SiTime this week:

• Positive Sentiment: Seaport Global upgraded SiTime to Buy from Neutral and set a $425 price target, helping lift sentiment after the stock’s post-earnings pullback. SiTime shares surge as Seaport upgrades to Buy
• Positive Sentiment: Third-quarter results beat expectations: SiTime reported adjusted EPS of $4.01 versus the cited $3.62 consensus and revenue of $298.67 million versus $292.65 million. Revenue rose 257.4% year over year, with AI infrastructure demand and the Renesas timing acquisition contributing to growth. SiTime Q3 earnings surpass estimates
• Positive Sentiment: Needham initiated coverage with a Buy rating and a $600 price target, adding another bullish analyst view. Needham analyst recommendations
• Positive Sentiment: Management highlighted AI-driven growth and expanding optical-networking opportunities, while reporting a 70.7% gross margin. Q3 call highlights AI demand and supply constraints
• Neutral Sentiment: UBS maintained its Buy rating but cut its price target to $650 from $750, tempering the analyst outlook even as the rating remained positive. UBS analyst recommendations
• Negative Sentiment: Wafer supply constraints are expected to persist through 2027, potentially limiting SiTime’s ability to meet demand and convert its growth opportunities into sales. Q3 call highlights AI demand and supply constraints

Insider Activity at SiTime

In other SiTime news, insider Fariborz Assaderaghi sold 1,374 shares of the stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $701.05, for a total transaction of $963,242.70. Following the transaction, the insider owned 66,861 shares of the company’s stock, valued at $46,872,904.05. This trade represents a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Katherine Schuelke sold 500 shares of SiTime stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $698.05, for a total transaction of $349,025.00. Following the completion of the transaction, the director owned 12,010 shares in the company, valued at approximately $8,383,580.50. This trade represents a 4.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 14,874 shares of company stock worth $9,298,908. Company insiders own 1.40% of the company’s stock.

SiTime Trading Up 17.4%

Shares of SITM stock opened at $416.92 on Friday. The firm has a market cap of $12.54 billion, a P/E ratio of 443.53 and a beta of 2.88. SiTime Corporation has a 1-year low of $243.68 and a 1-year high of $901.81. The company has a debt-to-equity ratio of 0.38, a current ratio of 5.56 and a quick ratio of 18.50. The firm’s 50-day simple moving average is $562.21 and its 200-day simple moving average is $546.27.

Shares of SiTime are set to split before the market opens on Monday, December 7th. The 3-1 split was recently announced. The newly minted shares will be payable to shareholders after the closing bell on Sunday, December 6th.

SiTime (NASDAQ:SITM) last released its earnings results on Wednesday, November 4th. The company reported $4.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.62 by $0.39. SiTime had a net margin of 3.87% and a return on equity of 9.07%. The firm had revenue of $298.67 million during the quarter, compared to the consensus estimate of $292.65 million. During the same period in the previous year, the firm earned $0.87 earnings per share. SiTime’s revenue was up 257.4% compared to the same quarter last year. As a group, equities analysts forecast that SiTime Corporation will post 6.37 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have commented on SITM shares. Benchmark started coverage on shares of SiTime in a research note on Wednesday, August 19th. They issued a “buy” rating and a $850.00 target price for the company. UBS Group reduced their price target on SiTime from $750.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday. Roth Capital initiated coverage on SiTime in a research note on Friday. They set a “buy” rating on the stock. Wall Street Zen cut SiTime from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Barclays assumed coverage on SiTime in a research report on Friday. They issued a “buy” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $687.00.

SiTime Company Profile

SiTime Corporation develops silicon-based timing solutions using microelectromechanical systems (MEMS) technology. Its products include MEMS resonators, oscillators and clock generators, which provide timing signals used to synchronize electronic systems.

The company’s components serve applications across communications, data centers, automotive, industrial, aerospace and defense, and consumer electronics. SiTime sells its products to customers and partners worldwide.

Founded in 2005, SiTime became part of Japan’s MegaChips in 2014 and later became a publicly traded company.