Wasatch Advisors LP Has $10.05 Million Position in SiTime Corporation $SITM

Wasatch Advisors LP reduced its stake in shares of SiTime Corporation (NASDAQ:SITM) by 15.9% during the 1st quarter, HoldingsChannel reports. The fund owned 29,097 shares of the company’s stock after selling 5,515 shares during the period. Wasatch Advisors LP’s holdings in SiTime were worth $10,049,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Rakuten Securities Inc. grew its stake in SiTime by 188.5% in the fourth quarter. Rakuten Securities Inc. now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 49 shares in the last quarter. Optiver Holding B.V. grew its stake in shares of SiTime by 56.1% in the 3rd quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock valued at $27,000 after buying an additional 32 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of SiTime in the 4th quarter valued at approximately $33,000. Larson Financial Group LLC increased its holdings in SiTime by 3,200.0% in the third quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock worth $30,000 after buying an additional 96 shares during the last quarter. Finally, Danske Bank A S bought a new position in SiTime during the fourth quarter valued at approximately $35,000. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at SiTime

In other SiTime news, Director Raman Chitkara sold 2,000 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $727.38, for a total value of $1,454,760.00. Following the sale, the director directly owned 19,898 shares in the company, valued at $14,473,407.24. This trade represents a 9.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Rajesh Vashist sold 30,000 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $701.13, for a total transaction of $21,033,900.00. Following the transaction, the chief executive officer directly owned 402,898 shares of the company’s stock, valued at $282,483,874.74. This represents a 6.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 73,375 shares of company stock valued at $51,931,438 in the last three months. 1.40% of the stock is owned by insiders.

SiTime Stock Down 0.5%

SITM opened at $672.19 on Friday. The firm has a market capitalization of $17.75 billion, a P/E ratio of -665.53 and a beta of 2.94. The stock’s 50 day moving average price is $679.31 and its two-hundred day moving average price is $479.34. SiTime Corporation has a 12-month low of $186.49 and a 12-month high of $901.81.

SiTime (NASDAQ:SITM) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.30. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.The company had revenue of $113.57 million during the quarter, compared to analyst estimates of $103.51 million. During the same period in the previous year, the company earned $0.26 earnings per share. The company’s quarterly revenue was up 88.3% compared to the same quarter last year. As a group, analysts anticipate that SiTime Corporation will post 3.23 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have commented on SITM shares. Needham & Company LLC boosted their target price 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. Roth Mkm reaffirmed a “buy” rating and issued a $900.00 price objective on shares of SiTime in a research note on Thursday, May 7th. Barclays raised SiTime from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $400.00 to $850.00 in a research report on Thursday, May 7th. Stifel Nicolaus boosted their target price on SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, SiTime currently has an average rating of “Moderate Buy” and a consensus 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.